Last updated on April 16, 2014 at 1:21 EDT

Welichem and Stiefel, a GSK company, complete the acquisition by Stiefel of the novel anti-inflammatory agent, WBI-1001

July 31, 2012

VANCOUVER, July 31, 2012 /CNW/ – Welichem Biotech Inc. (“Welichem” or
the “Company” TSX.V: WBI) announces that Welichem and Stiefel, a GSK
company, have completed the acquisition by Stiefel of the exclusive
development and commercialization rights to the novel anti-inflammatory
agent, WBI-1001, pursuant to the previously announced asset purchase
agreement.  The shareholders of Welichem approved the agreement with
Stiefel at a special meeting of the Company held on July 5, 2012.

About Welichem Biotech Inc.

Welichem Biotech Inc. is a publicly-traded biotechnology company
developing therapeutic drugs in the fields of autoimmune diseases and
cancers.  For a more complete business and financial profile of the
Company, interested parties are encouraged to visit the Company’s
website, www.welichem.com.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release. This press release contains forward-looking statements that
include our belief as to the potential of our products. Certain risks
and uncertainties such as our ability to successfully commercialize the
products could cause the Company’s actual results to differ materially
from those in the forward-looking statements.

SOURCE Welichem Biotech Inc.

Source: PR Newswire