U.S. Ex-Im Bank Approves Comprehensive Guarantee for UPS Capital Loan of $9.38million to fund establishment of Xechem Pharmaceutical Plant in Nigeria
Miami, Florida, Oct. 25 - /EWire/ -- The Export Import Bank of the United States has approved Comprehensive Guarantee to cover U.S. Loan of $9.38million to fund establishment of Xechem Pharmaceutical Plant in Abuja, Nigeria, estimated to cost $12.45million. UPS Capital Business Credit of Hartford, Connecticut is the U.S. Lender providing related Loan for the Project, while Access Bank, Plc. and Diamond Bank, Plc., are to provide Nigerian Bank Guarantees in support of the Project Loan. The Xechem Pharmaceutical Project Loan has been successfully packaged by Financialbridge and will be utilized to purchase U.S. manufactured Plants and Machinery to be supplied by leading Pharmaceutical Equipment Vendors and EPC Contractors including Fisher Scientific, APT and NITRA Corp, etc.
The Xechem Pharmaceutical Plant in Nigeria will manufacture and commercialize NICOSAN™, a phyto-pharmaceutical used for the treatment of Sickle Cell Disease (SCD), a genetic blood disorder caused by the abnormality in the hemoglobin molecule, affecting approximately 4 million Nigerians and another 6 to 8 million sufferers in the rest of Africa and 16 million worldwide. While the only known cure for SCD is Bone Marrow Transplant, which replaces defective red blood cells with donor healthy cells, NICOSAN™ taken once daily is the first drug to offer patients safe and effective treatment for the prophylactic management of SCD. The U.S. Department of Health and Human Services, Office of Orphan Products Development - Food and Drug Administration (FDA), granted the company Orphan Drug designation for NICOSAN™. The Nigerian National Agency for Food and Drug Administration and Control (NAFDAC) has also approved NICOSAN™ for commercialization.
The Xechem Pharmaceutical Plant will also produce other products for the treatment of Malaria, HIV/AIDS and related complications.
NICOSAN™ was formally launched in Abuja on July 6, 2006 by President Olusegun Obasanjo of Nigeria. In his remarks made at the launching ceremony, President Obasanjo commended Xechem and its chairman, Dr. Ramesh Pandey, for their success in researching and developing this important drug to market and for validating the Government of Nigeria's efforts to commercialize locally developed technologies. Dr. Pandey headed the Research Team, Scientific Advisory Board, Sickle Cell Research, Efficacy and Awareness Advisory Board, composed of Scientists, Doctors, Pharmacologists, etc., that researched, clinically tested and developed NICOSAN™.
About Xechem Nigeria:
Xechem Pharmaceuticals Nigeria Limited (Xechem Nigeria) is registered in Nigeria as a subsidiary of Xechem International, Inc., with headquarters located at New Brunswick Technology Center, 100 Jersey Avenue, New Brunswick, New Jersey, USA. Xechem Pharmaceuticals Nigeria Ltd is situated at Sheda Science and Technology Complex, Gwagwalada, Federal Capital Territory, Abuja, Nigeria. NICOSAN™ /HEMOXIN™ (formerly NIPRISAN), is the first drug developed by Xechem under an exclusive worldwide license produced in Nigeria for treatment of Sickle Cell Disease and was acquired from the National Institute for Pharmaceutical Research and Development (NIPRD) in July, 2002. NICOSAN™ is a mixture of extracts from four tropical plants some of which are cultivated and others only available in the wild in Africa.
Contact Xechem at http://www.xechemnigeria.com
For more information:
Vincent Zubero Financialbridge, Inc. 305-596-1005 firstname.lastname@example.org