AsiaNet Daily Summary - Press Releases For Thursday, May 23, 2002

PHILADELPHIA: New data presented today at the 155th Annual Meeting of the American Psychiatric Association shows the combination of Olanzapine and Olanzapine/Fluoxetine may provide answers in the treatment of patients with bipolar depression. Pharmaceutical product developer, Lilly, said it is working on a new medicine that is a mixture of olanzapine and fluoxetine, with intentions to submit a new drug Application to the US Food and Drug Administration.

SEATTLE: Compass Aerospace Corporation, said today it had been awarded a new contract from the Boeing company for orders valued in excess of $3 million over 5 years. A press release said Compass received the contract with the worldwide aerospace leader due to its "proven ability to manage large programs, initiate lean initiatives and continuously implement continuous cost improvement plan concepts."

LEVERKUSEN: Bayer today announced it's intentions to trim operating costs by EUR $400mn, in an attempt to "realign the cost structure of its pharmaceuticals operations." Bayer said the latest cuts would include staff reductions, affecting approximately 1300 of its worldwide Pharmaceutical staff.

TORONTO: International financial services organisation, Sun Life Financial, today announced it will acquire a 30 per cent ($860 million) interest in C.I. Fund Management, in exchange for Mutual Fund subsidiaries. A media release said under the agreement Sun Life Financial will receive approximately 74million common shares of CI.

SEOUL: Malaysian Prime Minister, Dr Mahathir Mohamad, witnessed the signing of a “Sales Memorandum of Understanding (MoU) for the supply of water-soluble Eurycoma Longifolia (Tongkat Ali) extract worth RM122 million to Korea, a media release said. Malaysia Venture Capital Management Bhd said “the agreement will see a five year supply of the Tongkat Ali extract to the Korean food and beverage manufacturing company.E

HONG KONG: Vigers, Hong Kong, an international property consultancy, today dismissed analysts and developers view of improved residential prices for the mass residential market. Mr. Albert Chan, Managing Director at Vigers, Hong Kong, said his company sees prices “continuing to fall due to a continuous fall in wage level and on-going deflation.

MARKETING CAMPAIGN...

SANTA ANA: Customer Relationship Management software company, Arbitrel, today announced a partnership with SalesLogix in an attempt to further marketing capabilities for the mid-market. David Bean, vice president of SalesLogix Partner Programs, Interact Commerce, said "Arbitrel's eCampaign is an excellent product for SalesLogix customers wanting to extend their marketing capabilities and e-mail campaigns."

CAMBRIDGE: Researchers at Millennium Pharmaceuticals, announced preliminary findings on investigational drug, MLN341, against several solid tumor types. "MLN341 may be a promising therapy for a variety of cancers because its unique mechanism of action, inhibition of the proteasome, affects multiple molecular pathways important to the survival of many different tumor types," said Michael Kauffman, vice president of medicine, Millennium Pharmaceuticals.

AUCKLAND: The red book, which contains a wealth of information on the value of motor vehicles, is now available through the subscriber’s Internet browser. A media release said “all the information contained in the previous version is still there new prices, used prices (wholesale and retail) etc for vehicles back to 1986.

MONTREAL: Toon Boom technologies have launched their latest innovation, the V2 release of Toon Boom studio. A media release explained that V2 is an upgrade of an earlier product, offering the "ultimate solution in 2D animation for the web," see www.toonboom.com for further details

HONG KONG: Integrated telecommunications provider, City Telecom, said today “profits attributable to shareholders, grew to HK$43 million over a six-month period. A media release said the results represented a 600% increase in profit from the corresponding six-month period.

(AsiaNet is a consortium of leading news agencies distributing unedited,translated press releases for worldwide clients. Contact: www.asianetnews.net for full-text versions).

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