Rebus Corp. has agreed with Nova Chem Ltd. of Halifax, NovaScotia, (Nova Chem Canada) to acquire 5 percent of the sharesof newly formed Nova Chem Inc. (Nova Chem US), which will belocated in Princeton, N.J.

Nova Chem Canada has developed processes for makingbiomedical grade chitin, chitosan and derivatives, including apatented high purity derivative of chitosan called N,O-carboxymethyl chitosan (NOCC). Nova Chem Canada will becomea wholly owned subsidiary of Nova Chem US. Rebus of Calgary,Alberta, which invests in biomedical and health caretransactions, is currently working with Nova Chem US and NovaChem Canada to raise additional equity financing for the newcorporation.

(c) 1997 American Health Consultants. All rights reserved.

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