MARKHAM, ON, Sept. 28 - AlphaRx Inc. (OTC BB: ALRX), a specialty pharmaceut
ical company dedicated to developing the next generation of therapeuti
c products for inflammato
ry and infectious disease, today announced the retirement of approximat
ely $1.22 million of liabilitie
s.
Pursuant to a unanimous resolution of the Board of Directors, certain unsecured loans made to the Company by its directors, officers and third party investors, including earned and unpaid salaries and fees owed to employees and directors have been converted into shares of common stock of the Company. A total of 24,382,813 shares were issued for this conversion
.
The Company believes that the retirement of this debt is beneficial to it's financial condition and continued growth.
About AlphaRx Inc. AlphaRx is a specialty pharmaceut
ical company utilizing proprietar
y site-speci
fic nanopartic
ulate drug delivery systems to develop novel formulatio
ns of drugs that are insoluble or poorly soluble in water or have yet to be administra
ble to the human body with an acceptable delivery method. The Company also discovers and develops novel, small-mole
cule drugs for the treatment of inflammato
ry diseases and neurodegen
erative diseases.
Forward Looking Statements: This release contains forward-lo
oking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertaint
ies that may individual
ly or mutually impact the matters herein described, including but not limited to product developmen
t and acceptance
, manufactur
ing, competitio
n, regulatory and/or other factors, which are outside the control of the companies.
For more information, please contact:
AGORACOM Investor Relations Corp.
Web: http://www.agoracom.com
E-mail: ALRX@Agoracom.com
