Stellar Pharmaceuticals Inc. Signs Licensing Agreement for Distribution and Sale of NeoVisc(R) in Eastern Europe
14 Novembro 2007 - 10:30AM
Marketwired
LONDON, ONTARIO (TSX VENTURE: SLX)(OTCBB: SLXCF), a Canadian
pharmaceutical developer and marketer of high quality,
cost-effective products for select health care markets, today
reported signing a licensing agreement with Torrex Chiesi Pharma
GmbH ("Torrex Chiesi"), based in Vienna, Austria in respect of the
distribution and sale of NeoVisc�, a product used for the treatment
of osteoarthritis, in Eastern Europe. The territory covers a number
of countries, including Austria, Czech Republic, Slovakia, Croatia,
Serbia, Montenegro, Macedonia, Bosnia, Herzegovina, Poland,
Hungary, Russia and the Commonwealth of Independent States
("CIS").
Torrex Chiesi has agreed to obtain all necessary regulatory
approvals at its sole cost and will pay Stellar an upfront
milestone payment plus a specified transfer price in exchange for
the rights to an exclusive license for this territory. This
agreement has an initial five year term and may be renewed for an
additional three year term with the mutual agreement of both
parties.
Peter Riehl, Stellar's President and Chief Executive Officer,
stated, "This agreement reflects our strategy to license our
proprietary products into the global marketplace and we look
forward to building a long-term working relationship with Torrex
Chiesi. Torrex Chiesi has the sales force reach and expertise to
market and sell NeoVisc� effectively in these vast markets. The
population base for this territory exceeds 370 million and it is a
very exciting market for Stellar to reach." With the approved CE
mark for NeoVisc already in place for the European market, revenue
from this agreement is expected to commence in early 2008.
Torrex Chiesi Pharma GmbH, based in Vienna, Austria, (a division
of Chiesi Farmaceutici S.p.A., a privately held European
pharmaceutical corporation, headquartered in Parma, Italy) is a
company involved in the marketing and distribution of medical and
hospital supplies in Central and Eastern European countries as well
as in the CIS countries. Torrex Chiesi is well placed within the
medical community and enjoys excellent relationships with doctors,
hospitals and medical clinics. Dr. Wolfgang Harrer, Managing
Director of Torrex Chiesi, remarked, "NeoVisc� represents an
excellent niche opportunity and we are excited to add the product
to our portfolio. Torrex Chiesi has a proven distribution network
in place and the expertise and personnel resources to successfully
launch NeoVisc�."
Continued Advancement in Implementing International Sales
Partnering
Mr. Riehl continued, "The out-licensing of these products is an
important component of Stellar's overall growth strategy. The
countries of Eastern Europe will join the following list of
countries and regions in which NeoVisc is currently licensed: Latin
America, Mexico, the Caribbean, Romania, Malaysia, Singapore,
Brunei, Lebanon, Jordan, Kuwait and Turkey. Out-licensing
agreements are also in place for Uracyst, Stellar's proprietary
therapy for the treatment of Interstitial Cystitis, in the United
States, Germany, Austria, the Netherlands, Scandinavia, the United
Kingdom, France, Israel and China."
About NeoVisc�
NeoVisc is a 2 mL pre-filled syringe of sterile 1.0% sodium
hyaluronate solution used for the temporary replacement of synovial
fluid in osteoarthritic joints. NeoVisc is packaged, sold and
marketed as a three injection therapy that has been shown to
provide symptomatic relief of the pain of osteoarthritis for an
average of 6-12 months. The product is administered in three weekly
injections directly into the affected joint.
About Stellar Pharmaceuticals Inc.
Stellar has developed and is marketing direct in Canada and in
countries around the world through out-license agreements two
products based on its core polysaccharide technology: NeoVisc�, for
the treatment of osteoarthritis; and Uracyst� and the Uracyst� Test
Kit, its patented technology for the diagnosis and treatment of
interstitial cystitis (IC), an inflammatory disease of the urinary
bladder wall. Stellar also has in-licensing agreements for NMP22�
BladderChek�, a proteomics-based diagnostic test for the diagnosis
and monitoring of bladder cancer.
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Actual results may differ materially
from those indicated by these forward-looking statements as a
result of risks and uncertainties impacting the Company's business
including increased competition; the ability of the Company to
expand its operations, to attract and retain qualified
professionals, technological obsolescence; general economic
conditions; and other risks detailed from time to time in the
Company's filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Stellar Pharmaceuticals Inc. Peter Riehl President
& CEO 1-800-639-0643 or (519) 434-1540 Stellar Pharmaceuticals
Inc. Arnold Tenney (416) 587-3200 Seventh Circle Consulting, LLC
Christine Petraglia (646) 354-8886 European Licensee Contact:
Torrex Chiesi Pharma GmbH Dr. Wolfgang Harrer, Managing Director
+43 / 1 / 407 39 19 - 14 Torrex Chiesi Pharma GmbH Andrea Ettl +43
/ 1 / 407 39 19 - 14 Email: a.ettl@torrex-chiesi.com
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