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

Published on Tuesday, 31 July 2012 16:09 Written by TradersHuddle Staff

VANCOUVER, July 31, 2012 /CNW/ - Welichem Biotech Inc. ("Welichem" or the "Company" TSX.V: WBI) 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.

SOURCE Welichem Biotech Inc.