Welichem and Stiefel, a GSK company, complete the acquisition by Stiefel of the novel anti-inflammatory agent, WBI-1001

    




 VANCOUVER, July 31, 2012 /CNW/ - Welichem Biotech Inc.  announces that Welichem and Stiefel, a GSK  company, have completed the acquisition by Stiefel of the exclusive  development and commercialization rights to the novel anti-inflammatory  agent, WBI-1001, pursuant to the previously announced asset purchase  agreement.  The shareholders of Welichem approved the agreement with  Stiefel at a special meeting of the Company held on July 5, 2012. 

 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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