LaMonte Forthun
Monmouth Junction, NJ (USA)
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Xechem
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Startup
Location:
Monmouth Junction
Industry:
Pharmaceuticals
Year Founded:
1990
Number Employees:
50-100 people
Description:
Xechem International is in Bankruptcy Court and has been for 15 months. Xechem Nigeria, a former subsidiary of Xechem International, has been taken into receivership by the banks in Nigeria. Xechem had a license to manufacture and market a traditional medicine (plant-based) for the treatment of Sickle Cell Disease, but had the license revoked by the Nigerian Federal Government agency that owes the rights to the product. I've spent the last year + working with the various parties in Nigeria to get Xechem Nigeria and the license back, as well as have a plan of reorganization in with the US Bankruptcy Court to acquire Xechem International. I had worked with the gentleman that I will hire as the sales manager in Nigeria and we already have pre-sales of product through distributors equivalent to the best sales year Xechem had (100 million Naira or roughly $667,000). I have also made contacts with Sickle Cell Foundations and other organizations around the world to promote the product. The debt is high ($30 million), but the potential is incredibly high. The organization that has the license to the Sickle Cell product has agreed to work with me and allow me to sell other products that they product (they are a pharmaceutical research and development group that works with strictly traditional medicines), ensuring the company more products in the future.