Dimethaid Ups Stake In Oxo Chemie

Canadian company Dimethaid Research has increased its stake in the Swisscompany Oxo Chemie to 10%. In July last year, Dimethaid purchased 4.55% of Oxo, with an option to purchase up to 25% (Marketletters passim). It can acquire an additional 9% by June 30, 1997, and a further 6%, which would bring the total stake to 25%, by December 31, 1997. Fully exercised, the cost of the purchase would be $25 million.

"We have achieved another major milestone with this purchase," said Rebecca Keeler, president of Dimethaid and "by increasing our interest in this pioneering company, we will be in a position to continue our work with Oxo to further develop WF10, the immune modulator."

WF10 is currently in a Phase IIb mechanism-of-action study in San Francisco, USA. Plans are in preparation for a multicenter, double-blind, placebo-controlled combined Phase II/III study of WF10 starting later this year.