Neutron Signs Letter of Intent to Acquire up to 67% Interest in Development Stage Bio-Pharmaceutical Company
March 10 2004 - 12:57PM
PR Newswire (US)
Neutron Signs Letter of Intent to Acquire up to 67% Interest in
Development Stage Bio-Pharmaceutical Company Products Include
Treatment for Female Sexual Arousal Disorder (FSAD) WHITE ROCK, BC,
March 10 /PRNewswire-FirstCall/ -- Highlights: ----------- - Signs
Letter of Intent to acquire up to a 67% interest in a development
stage bio-pharmaceutical company focused on the treatment of Female
Sexual Arousal Disorder (FSAD). - Endeavors to become one of the
first companies to gain FDA approval and deliver a product for the
treatment of FSAD. Neutron Enterprises, Inc.(NASDAQBB: NTRN),
through its wholly owned subsidiary University Medical Enterprises
Inc., announced today it had signed a Letter of Intent to acquire
up to a 67% interest in a privately held development stage
bio-pharmaceutical drug company with a lead product for the
treatment of Female Sexual Arousal Disorder (FSAD). The Company is
developing additional therapies for wound healing, arthritis,
anti-aging, and human wellness. Terms of the transaction were not
disclosed. Russell J. Hoffman, Chairman, President and Chief
Executive Officer, stated "our goal is to become one of the first
companies to gain approval from the United States Food and Drug
Administration for a prescription pharmaceutical treatment for
Female Sexual Arousal Disorder. To our knowledge, no company has
yet received such FDA approval, a market currently estimated at
over $2 billion potential annual sales. The American Medical
Association has stated that 47 million women in North America
suffer from some form of FSAD. The Company to be acquired will seek
accelerated approval status from the FDA, which if granted, may
allow us to enter licensing and marketing negotiations later in
2004, with the possibility of commercial availability by mid-late
2005. We believe other pharmaceutical companies are attempting to
bring to market various treatments for FSAD. These companies
include Pfizer Inc., NexMed and Biosante Pharmaceuticals Inc."
Hoffman went on to say "The Company's founder has over 17 prior
patents issued with the scientific team having over 100 years
combined experience in the pharmaceutical industry." About Neutron
Enterprises Inc.: Neutron Enterprises Inc. is a publicly traded
venture capital and private equity buyout firm that seeks to
continuously acquire technology and businesses through three
distinct divisions. University Medical Enterprises Inc. accelerates
emerging medical applications and therapeutic molecules in the
areas of oncology and cardiology. Nano Sphere Technologies Inc.
endeavors to become one of the largest incubators of revolutionary
nano technologies and materials for the fibre optic, semiconductor,
energy, military, chemical, medical, and other industrial markets.
Life Sciences Private Equity Inc. endeavors to acquire established
and stable prescription and over the counter pharmaceutical
products, human health and services businesses and cosmeceuticals,
nutraceuticals, and diagnostic products. This press release does
not constitute an offer to sell or a recommendation to purchase any
securities. This press release may contain forward-looking
statements, including the company's beliefs about its business
prospects and future results of operations. These statements
involve risks and uncertainties. Among the important additional
factors that could cause actual results to differ materially from
those forward-looking statements are risks associated with the
overall economic environment,the successful execution of the
company's plan of operation, changes in the company's anticipated
earnings, continuation of current contracts, changes in drug
approval and other applicable regulations, and other factors
detailed in the company's filings with the Securities and Exchange
Commission, including its most recent Form 10-QSB Quarterly
Reports. In addition, the factors underlying company forecasts are
dynamic and subject to change and therefore those forecasts speak
only as of the date they are given. The company does not undertake
to update them; however, it may choose from time to time to update
them and if it should do so, it will disseminate the updates to the
investing public. DATASOURCE: Neutron Enterprises Inc. CONTACT:
call Russell Hoffman, at (914) 924-0365
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