VITAFLO SCANDINAVIA HAVE SIGNED A LICENSING AGREEMENT FOR THE DISTRIBUTION AND SALE OF URACYST® IN DENMARK, FINLAND, ICELAND, NORWAY AND SWEDEN
Stellar is a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for selected health care markets. Uracyst® is Stellar's proprietary urology product used in the treatment of interstitial cystitis.
With the approved CE mark for Uracyst® already in place for the European market, product launches in the Nordic area are expected during Q1 2009. Vitaflo will have the exclusive license for the product in the Nordic area. The agreement has an initial five year term and may be renewed for an additional three year term with the mutual agreement of both parties.
Mrs. Tina Madsen, Managing Director of Vitaflo Scandinavia AB, remarked "Uracyst® represents an excellent niche opportunity and we are excited to add the product to our portfolio. Vitaflo has a proven distribution network in place and the expertise and personnel resources to successfully launch Uracyst®.
Peter Riehl, Stellar's President and Chief Executive Officer, stated, "We are pleased to enter into this relationship with Vitaflo, a company who has a growing presence and reputation in women's health, in these markets. This agreement reflects our overall growth strategy to license our proprietary products into the global market place and we look forward to building a successful long-term working relationship with Vitaflo."
Interstitial Cystitis is an inflammatory disease of the bladder wall. Typical symptoms are; frequent urination (up to 60 times per day), chronic pain in pelvis, vulva and urethra, pain in abdomen during urination and sex. It can also cause acute urination followed by pain, pressure and spasms. Between 60,000 and 110,000 patients are yearly treated with the indication interstitial cystitis in the Nordic area.
On the inside of the bladder there is a lining of epithelium covered by glycosaminoglycan (GAG) protecting the bladder from elements in the urine. In patients suffering from Interstitial Cystitis, this GAG lining is damaged and causes irritation or more or less painful inflammations in the deeper layer of the tissue.
Uracyst®, a sodium chondroitin sulfate solution, supplements and replaces deficiencies of glycosaminoglycan (GAG) in the bladder. Uracyst® is injected in the patient's bladder and is active for 30 minutes. The treatment is repeated in a period of 4-6 weeks and leads to symptoms relief and restoration of the GAG lining.
Vitaflo Scandinavia AB, a fully owned subsidiary of Navamedic ASA, is of the fastest growing specialty pharmaceutical sales and marketing companies in the Nordic area working in 10 therapy areas.
Vitaflo promotes branded and generic prescription medicines, food for specific medical needs as well as OTC products. Vitaflo has its own marketing presence in Denmark, Finland, Iceland, Sweden, Norway and Holland and will have its products marketed through distributors in another 10 territories during 2009.
About Stellar Pharmaceuticals Inc:
Stellar is a Canadian pharmaceutical company involved in the development and marketing of high quality, cost-effective, polysaccharide based therapeutic products used in the treatment of osteoarthritis and certain types of cystitis. The Company currently is marketing direct in Canada and in countries around the world through out-license agreements, its two products NeoVisc®, for the treatment of osteoarthritis; and Uracyst®, its patented technology for treatment of interstitial cystitis.
The licensing deal was brokered by the international pharmaceutical business development consulting firm Bosfor Bioscience Partners. Dr. Selcuk Ozceada, the Managing Director of Bosfor in Istanbul, commented: "Bosfor is delighted with this deal between Stellar Pharmaceuticals and Vitaflo Scandinavia AB. This is the third deal brokered by Bosfor on Uracyst and follows quickly on the heels of agreements brokered with Galen Pharmaceuticals for the UK and Irish territories and with Eczacibasi Pharmaceuticals Marketing in Turkey. The deal further confirms Stellar's strategy for choosing distributors with local expertise rather than going for one pan-territory deal. Vitaflo is a specialty pharmaceutical company with focus on Women's Health area and should do very well in marketing Uracyst throughout the Nordic Area.
For further information, please contact:
Roland Sandström, Executive Chairman, Vitaflo Scandinavia AB
E-mail: roland [dot] sandstrom [at] vitaflo [dot] net
Office: +46 31 335 11 90
Tina Sandström, Managing Director, Vitaflo Scandinavia AB
E-mail: tina [dot] sandstrom [at] vitaflo [dot] net
Office: +45 48 22 18 38
Peter Riehl, President and CEO, Stellar Pharmaceuticals Inc.
Office: +(800) 639-0643 or (519) 434-154
Arnold Tenney, Stellar Pharmaceuticals Inc.
Office: +(416) 587-3200
Bernt-Olav Røttingsnes, CEO/IRO Navamedic ASA
E-mail: bor [at] navamedic [dot] com
Office: +47 67 11 25 44
Mobile: +47 91 34 70 21