Navamedic ASA: Ends partnership with Aspen Pharma in 2017

7/5/2016 2:12:00 PM

Oslo, 5 July 2016 - Navamedic ASA (OSE: NAVA), the Norwegian medtech and pharmaceutical products company, today announced that its partnership agreement with pharmaceutical manufacturer Aspen Pharmacare Holdings ("Aspen") for distribution of products in the Nordics, will not be renewed from mid-May 2017. The partnership termination is in line with Navamedic's 13 June 2016 announcement on the strategic partnership with TopRidge Pharma Limited.

"As announced in our stock exchange notification on the strategic partnership with TopRidge Pharma, we had low expectations on a renewal of our partnership with Aspen for distribution of their products in the Nordics. Aspen will build their own organization and market and sell the products in their own name moving forward, while Navamedic will focus on developing its promising strategic partnership and long term distribution agreement with TopRidge Pharma, as well as the development and commercialisation of Sippi. We also continue to evaluate further expansion of our product and partnership portfolio," says Tom Rönnlund, Chief Executive Officer of Navamedic.

Navamedic has distributed Aspen products in the Nordic and Benelux markets since 2010. The current contract expires mid-May 2017.

"As the Aspen partnership agreement comes to an end in May next year, we are looking ahead and leveraging our business model for long term operational and financial growth focusing on new partnerships, new products and new markets," says Rönnlund.

For further information, please contact:

Tom Rönnlund, CEO, Navamedic. Telephone +46 727 320 321.

About Navamedic

Navamedic ASA is a Norwegian medtech and pharmaceutical products company, delivering products to patients, hospitals and pharmacies in the Nordic and Benelux markets. The Group's Medtech business has developed, and is currently introducing, the next generation of digital urine meter, Sippi®. Navamedic's Pharma and Healthcare business is a distributor of products supplied by a number of pharmaceutical manufacturers. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).