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Patch Investment confirms landmark results date for cystic fibrosis trials 8/29/05
VANCOUVER, Aug 29, 2005 /PRNewswire-FirstCall via COMTEX/ -- Patch International Inc. (PTII: OTCBB) is extremely pleased to report that it has been informed by the management of its pharmaceutical investment, Pharmaxis (ASX: PXS), that the results from the cystic fibrosis trials will be completed and announced on Tuesday, August 30, 2005.
David Stadnyk, President of PTII said, "Tomorrow's results from the cystic fibrosis trials are truly a key milestone for the continued accelerated development of our pharmaceutical investment. If the results are positive the company will be past the remaining key hurdle to attracting US investment capital and funding. Both the short-term and long-term impact to PTII's bottom line could see a multi-million dollar investment increase. As the investment increases this allows the company to pursue larger oil and gas interests domestically and internationally.We are excited and optimistic about these bell-weather results that will allow our investment to take a giant step forward in the globalization and internationalization of our pharmaceutical investment's business".
Successful results from the cystic fibrosis trials would come on the heals of receiving approval to list on the NASDAQ National Market and recent achievements that include:
- Successful completion of Bronchitol Phase II study for Bronchiectasis - Successful completion of Aridol Phase III study for asthma testing - Acceptance by the US FDA of Aridol as an Investigational New Drug (IND) - Launching of marketing applications for Aridol in Australia and in Europe - An Ausindustry's Pharmaceutical's Partnerships Program (P3) grant - Orphan drug status granted in the USA for Bronchitol in Bronchiectasis and cystic fibrosis
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