Welichem shareholders approve asset purchase agreement with Stiefel, a GSK company

    




 VANCOUVER, July 5, 2012 /CNW/ - Welichem Biotech Inc.  announces that Welichem shareholders at a special  meeting of the Company held today have approved the previously  announced agreement with Stiefel, a GSK company for the acquisition by  Stiefel of exclusive development and commercialization rights to the  novel anti-inflammatory agent, WBI-1001.  The transaction remains  subject to final approval of the TSX Venture Exchange and is expected  to close by the end of July. 

 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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