EXHIBIT 99
Head Office & Laboratory:
755 Center Street, Unit 5
Lewiston NY 14092
Tel.: 716-754-2002
Fax: 716-754-2043
Business Office:
800 Sheppard Avenue West
Commercial Unit 1
Toronto ON M3H 6B4
Tel.: 416-633-7047
Fax: 416-633-2363
PRESS RELEASE
Stephanie Carrington (Investors)
646-536-7017
Greg Tiberend (Media)
646-536-7005
The Ruth Group
LAM Pharmaceutical Reports Year End Results
Lewiston, N.Y., April 1, 2003 - LAM Pharmaceutical, Corp. (OTC BB: LAMP;
Frankfurt: LAM; Berlin: LAM), a biomedical company focused on the development
and commercialization of novel wound healing and transdermal drug delivery
systems, announced today financial results for the year ending December 31,
2002.
Net sales for the twelve-month period ending December 31, 2002 were $40,160
following the commencement of sales of L.A.M. IPM Wound Gel(TM) on August 14,
2002. The net loss for 2002 was $6.3 million, or $0.26 per share, compared to a
net loss of $8.4 million, or $0.53 per share, for 2001. At December 31, 2002,
cash and cash equivalents totaled $210,214 as compared to $11,284 at December
31, 2001.
Joseph T. Slechta, President & CEO of LAM Pharmaceutical, stated, "During the
fourth quarter, L.A.M. IPM Wound Gel(TM) was offered in the form of a sample and
at special introductory pricing as an incentive to patients. The introductory
pricing will continue into 2003. We are on track with the execution of our
strategy outlined last year, which is designed to lead to a sustained sales ramp
up."
"We are continuing to build out our sales force. Since the beginning of January,
LAM has retained Pharm Force as a specialty sales force and signed a sales
representative agreement with SRI, Inc. Both of these organizations are well
suited to address our target markets, notably wound care, home health care,
skilled nursing care and podiatry. We are confident that the combination of
defined markets and the ongoing expansion of our sales channels will result in
steadily increasing sales throughout 2003," concluded Mr. Slechta.
On February 4, 2003, the Company signed a binding Letter of Intent to acquire
selected assets of Actium Pharmaceuticals, Inc., a Delaware corporation. Upon
further due diligence, both parties agreed not to move forward with the
transaction.
About LAM Pharmaceutical, Corp.
L.A.M. Pharmaceutical, Corp., WWW.LAMPHARM.COM, is a biomedical company with
laboratories in Lewiston, New York, and a business office in Toronto. LAM
focuses on the development and commercialization of novel wound healing and
transdermal drug delivery systems that offer patients, among other benefits,
safer and more effective treatment for a variety of serious diseases. The
technology is based on an original L.A.M. Ionic Polymer Matrix(TM) technology
(L.A.M. IPM(TM)), a proprietary and patented combination (a total of 14 U.S.
issued and approved patents) of electrically charged and non-charged molecules
with wound-healing properties. L.A.M. IPM(TM) technology is also appropriate for
use with well-established drugs, allowing for the sustained delivery of greater
amounts to the target areas than is otherwise possible by oral means, thus
prolonging therapeutic activity.
Statements in this press release regarding our business, which are not
historical facts, are "forward-looking statements" that involve risks and
uncertainties which could cause the Company's actual results and financial
condition to differ materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, but are not limited to
uncertainties relating to the need for additional funds and corporate partners,
product liability, dependence on third parties for manufacturing and marketing,
the early stage of products being marketed or under development, patent risk and
competition.
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L.A.M. Ionic Polymer Matrix(TM), L.A.M. IPM(TM) and IPM Wound Gel(TM) are
trademarks of L.A.M. Pharmaceutical, Corp. L.A.M. IPM Wound Gel(TM) is protected
by one or more of the following patents: 5,897,880; 6,120,804; 6,007,843;
6,063,405.
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