SOURCE: Radient Pharmaceuticals Corporation

April 12, 2010 08:05 ET

Radient Pharmaceuticals Monetizing China-Based Jade Pharmaceutical Division

TUSTIN, CA--(Marketwire - April 12, 2010) -  US-based pharmaceutical company Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) 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 www.Radient-Pharma.com. For Investor Relations information contact Ms. Kristine Szarkowitz at kszarkowitz@Radient-Pharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals Corporation is an integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, and premium skin care products.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Contact Information

  • AMDL Contact:
    Kristine Szarkowitz
    Director-Investor Relations
    Email Contact
    (Tel: ) 206.310.5323