Oslo, 9 May 2019 – Navamedic ASA (OSE: NAVA) today announced it is expanding distribution of the angina prevention medicine, Imdur®, to Greece, bringing the distribution to a total of 14 markets across Europe.
“It is a pleasure to announce that Navamedic is expanding its distribution of Imdur to Greece from the end of April. Imdur is part of a strategic partnership with TopRidge Pharma Limited, under which the product has become Navamedic’s largest single brand. Although the generic competition has increased over the last years, the product is highly important for our customers and for Navamedic. The Greek market is expected to contribute to annual sales exceeding NOK eight million,” says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic.
Imdur® (isosorbide mononitrate), a prescription pharmaceutical used for prevention of angina pectoris due to heart disease, was first launched in Europe in 1985. Navamedic commenced distribution of the product as part of a strategic partnership and long-term distribution agreement with TopRidge Pharma Limited in 2016.
“Market expansion for existing products is key to Navamedic's growth strategy, in addition to launching new products in our territories. With the launch of Imdur in the Greek market, we have extended our marketing and distribution platform with the capability to add future products in this interesting market," Gamborg Andreassen concludes.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
Toril Ås, CFO, Navamedic
Mobile: +47 95 70 10 71
Navamedic ASA, established in 2002, provides a state-of-the-art market access platform for delivering pharmaceutical products to patients, hospitals and pharmacies in the Nordics. The company is also introducing Sippi®, a new system for digital urine measurement, to the global markets. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA).