Change of trading Symbol
On October 7, 2011, the ‘Q’ was
removed from the trading symbol of XKEMQ.PK changing it to XKEM.PK. The
"Q" designation is used to indicate reorganization under the Bankruptcy
Code. On August 24, 2011, all right, title, and interest to any and all
assets of Xechem International, Inc. (the “Company”) and Xechem, Inc.
where sold at auction, including any and all right, title and interest
to Xechem (India) Pvt. Limited and Xechem Pharmaceuticals Nigeria
Limited. For further information, see case no. 08-30512 in the United
States Bankruptcy Court, Northern District of Illinois (Eastern
Division).
Xechem International, Inc. and Ministry of Health, Federal Republic of Nigeria.
In July 2002 the Company formed Xechem Pharmaceuticals Nigeria Limited
("Xechem Nigeria"). On July 18, 2002, the Company signed an exclusive
worldwide license agreement (the “Agreement”) with the National
Institute of Pharmaceutical Research and Development (Federal Ministry
of Health) the Federal Republic of Nigeria, for the manufacture,
marketing, distribution and sales of NIPRISAN(TM), a botanical (the
“Botanical”) for the treatment of Sickle Cell Disease. The Minister of
Health, A.B.C. Nwosu, signed the Agreement in his capacity as Minister
of Health of Nigeria.
The Agreement stated there were “…related patents and foreign
counterpart patents thereof, and totaling forty-six (46) patents world
wide….”, and the Licensor warranted that “… LICENSED PATENTS are, each
and every one, valid and enforceable in their respective jurisdictions,
and that LICENSOR has maintained and shall maintain the validity and
enforceability of the said PATENT RIGHTS for the term of this
AGREEMENT.”
Documents filed during the Bankruptcy proceedings of the Company
disclosed licensed patents had been abandoned, and were no longer valid
and enforceable, before the Agreement was signed on July
18, 2002, and therefore there were not “forty-six (46) patents
world-wide” , as the Agreement stated, when the Agreement was signed on
July 18, 2002. The Company paid licensing fees and royalty payments to
the National Institute of Pharmaceutical Research and Development, and
the Company invested substantial sums of money in the development of the
Botanical, all under written representations contained in the Agreement
signed by The Minister of Health, A.B.C. Nwosu, in his capacity as
Minister of Health of Nigeria.
Xechem International, Inc. and Xechem, Inc. Complete Chapter 7, all assets were sold at auction on August 24, 2011.
