Martinsried/Munich, January 25, 2011. The biotech company MediGene AG (Frankfurt, Prime Standard) announced today that its existing partnership with Meditrina Pharmaceuticals Ltd., Greece, for the commercialization of Veregen® Ointment has been expanded to include Romania and Bulgaria. The previous agreement had been concluded for the commercialization of Veregen® in Greece and Cyprus. According to the new agreement, Meditrina will (via its subsidiary Solartium) promote and distribute the drug for the treatment of genital warts in both Romania and Bulgaria. In sum, MediGene is entitled to successive payments of up to EUR 1.2 million for the four countries (previously agreed: EUR 900,000), depending on the achievement of set milestones. Furthermore, MediGene will supply Meditrina with drug product and obtain royalties on the sales revenue generated with Veregen® in the form of a double-digit percentage share.
MediGene has already entered into several marketing partnerships for Veregen®, for example with Nycomed, Inc. for the USA, with Abbott for Germany, Austria, and Switzerland, with Laboratoires Expanscience for France, with Juste S.A.Q.F. for Spain and Portugal and with a number of other partners across Europe and Asia. MediGene is planning to continue this global licensing strategy.
Veregen® is currently available on the US, German, and Austrian markets. A second wave of marketing applications within the European mutual recognition procedure is planned, with Germany serving as the reference state in this process.
Veregen®: Veregen® (formerly Polyphenon E® Ointment) for the topical treatment of external genital warts is a concentrate of catechins with a complex defined composition, extracted from green tea leaves. MediGene acquired the basic rights to the active ingredient in Veregen® from the Canadian company Epitome Pharmaceuticals, Inc. in 1999, and was solely responsible for the drug's successful preclinical and clinical development, as well as the approval process. Moreover, the patent protection has been further upgraded by a number of proprietary inventions. Sinecatechines 15 % ointment (Veregen®) is also now recommended as a treatment option by the US Department of Health and Human Services Center for Disease Control and Prevention in the Sexually Transmitted Diseases Treatment Guidelines 2010 for the treatment of genital warts.
Meditrina: Meditrina Pharmaceuticals Ltd., founded in 2005, is a privately held, growing pharmaceutical company which focuses on in-licensing, marketing, and sales of pharmaceutical products. Among others, the company specializes in the fields of gynecology, dermatology, and oncology. For further information about Meditrina please visit www.meditrina.gr.
Solartium: Solartium Group srl, established in 2007 by Italian investors, is headquartered in Bucharest, Romania and is coordinating activities in Romania, Bulgaria and Moldova. In January 2011, Meditrina became its major shareholder. Solartium is managed by local professionals with proven skills and competences built in several years of experience in multinational pharma companies. Solartium focuses on gynecology, dermatology and pediatrics. For further information about Solartium please visit www.solartium.ro.
This press release contains forward-looking statements representing the opinion of MediGene as of the date of this release. The actual results achieved by MediGene may differ significantly from the forward-looking statements made herein. MediGene is not bound to update any of these forward-looking statements. MediGene® and Veregen® are registered trademarks of MediGene AG. Polyphenon E® is a trademark of Mitsui Norin Co., Ltd. These trademarks may be owned or licensed in select locations only.
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MediGene AG is a publicly listed (Frankfurt: MDG, prime standard) biotechnology company headquartered in Martinsried/Munich, Germany. MediGene is the first German biotech company to have drugs on the market which are distributed by partner companies. It has several drug candidates in clinical development and possesses innovative platform technologies. MediGene focuses on clinical research and development of novel drugs with focus on oncology.
Contact MediGene AG
Julia Hofmann, Kerstin Langlotz
Investor & Public Relations
Tel.: ++49 - 89 - 85 65 - 33 01
Fax: ++49 - 89 - 85 65 - 29 20