Press Release Source: Radient Pharmaceuticals Corporation On Monday April 12, 2010, 8:05 am
TUSTIN, CA--(Marketwire - 04/12/10) - US-based pharmaceutical company Radient Pharmaceuticals Corporation (RPC) (AMEX:RPC - News) announced today it anticipates prospective purchasers or financiers will complete due diligence for RPC's China-based subsidiary Jade Pharmaceutical, Inc. ("JPI") by the end of May 2010.
RPC expects JPI will be contractually positioned to move forward with the completion of a sale or financing by the end of the third quarter 2010. RPC currently owns approximately 98% of JPI, which as part of RPC's deconsolidation process, is noted as a special asset on RPC's balance sheet and valued at approximately US$20 million as of September 30, 2009.
According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals Corporation, "We are extremely pleased to move down an orderly path to maximize the monetization of our China-based asset. This is in accordance with our original deconsolidation plan and is in the best interest of the company, our subsidiary and RPC shareholders."
For additional information on Radient Pharmaceuticals or JPI visit the Company's corporate website at
http://www.Radient-Pharma.com/. For Investor Relations information contact Ms. Kristine Szarkowitz at
kszarkowitz@Radient-Pharma.com or 1.206.310.5323.
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