Stiefel, a GSK company, enters into an agreement with Welichem Biotech, Inc. to acquire a novel topical agent for psoriasis and

    




 VANCOUVER, May 30, 2012 /CNW/ - Stiefel, a GSK company, and Welichem  Biotech Inc., have entered into  an agreement for the acquisition by  Stiefel of exclusive development and commercialization rights to the  novel anti-inflammatory agent, WBI-1001, in all territories in the  world outside of China, Taiwan, Macao and Hong Kong.  WBI-1001 is  currently in Phase II clinical development for the treatment of  psoriasis and atopic dermatitis. 

 Welichem will receive an initial payment of CAD$35 million and is  eligible to receive additional payments upon achievement of certain  clinical development milestones and upon commercialization in certain  countries following marketing approval from the corresponding  regulatory agencies. The transaction is subject to approval by the  shareholders of Welichem. 

 Under terms of the agreement, Stiefel has also received a conditional  right to acquire further exclusive rights to develop and commercialize  WBI-1001 in China, Taiwan, Macao and Hong Kong, collectively, at a  future date upon satisfaction of certain conditions and upon making an  additional payment of CAD$15 million. 

 "Based on clinical results to date, we believe that WBI-1001 has the  potential to be a first-line topical therapy for psoriasis and atopic  dermatitis" said Dr. Liren Tang, President and CEO of Welichem, "As a  leader in dermatology products, Stiefel has the clinical development  and commercialization capabilities to bring this novel product to these  patients around the world." 

 About WBI-1001: WBI-1001 is a novel, non-steroidal, topical anti-inflammatory new  chemical entity (NCE) agent that has demonstrated efficacy and safety  in Ph1 and Ph2 clinical trials for the treatment of mild to moderate  psoriasis and moderate to severe atopic dermatitis (AD) for up to 12  weeks as a single therapy. 

 About Welichem Biotech Inc. 

 Welichem Biotech Inc. is a publicly-traded biotechnology company  developing therapeutic drugs in the fields of autoimmune diseases and  cancers.  For a more complete business and financial profile of the  Company, interested parties are encouraged to visit the Company's  website, www.welichem.com. 

 The TSX Venture Exchange has not reviewed and does not accept  responsibility for the adequacy or accuracy of the content of this news  release. This press release contains forward-looking statements that  include our belief as to the potential of our products. Certain risks  and uncertainties such as our ability to successfully commercialize the  products could cause the Company's actual results to differ materially  from those in the forward-looking statements. 

Welichem Biotech Inc.


CONTACT:  Liren Tang, President and Chief Executive Officer. Tel.: [phone], Email: [e-mail] 


    

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