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ProStrakan Group plc (PSK)

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Thursday 06 November, 2008

ProStrakan Group plc

Re Agreement

RNS Number : 5575H
ProStrakan Group plc
06 November 2008
 



Press Release


ProStrakan Group plc



ProStrakan Announces NewBridge Pharmaceuticals as Partner for Sancuso® in the Middle East & Africa


Galashiels, Scotland, 6 November 2008: ProStrakan Group plc, the international specialty pharmaceutical company, today announces that it has signed an exclusive licence and supply agreement with UAE-based NewBridge Pharmaceuticals for Sancuso®, ProStrakan's novel, patent protected transdermal patch for the prevention of chemotherapy-induced nausea and vomiting (CINV), for the Middle East and Africa.


Under the terms of the agreement, covering 59 countries across the Middle East and Africa, ProStrakan will receive undisclosed upfront and milestone payments, subject to the achievement of certain approvals and sales targets. NewBridge will be required to purchase Sancuso directly from ProStrakan at a pre-agreed price. In September 2008, ProStrakan received approval from the US Food and Drug Administration (FDA) for Sancuso and the product was launched in the US this week.


Sancuso is a transdermal patch that delivers granisetron, an established 5HT3 receptor antagonist, steadily into the bloodstream for up to seven days. Sancuso has been shown to be as efficacious as oral granisetron in preventing the side effects of nausea and vomiting in patients undergoing chemotherapy. Sancuso has the advantage of offering this protection through a single transdermal patch application, eradicating the need for repeated daily injections, thus reducing potential infection risk, or having to swallow multiple pills on a repeated daily basis.


Commenting on today's announcement, Dr Wilson Totten, ProStrakan's Chief Executive, said:


"While ProStrakan's core markets are Europe and the US, we continue to seek out opportunities to create a revenue stream from our products in territories that are non-core, yet likely to be lucrative, for us. Our partnership with NewBridge will potentially allow Sancuso to be made available for millions of cancer patients across the Middle East and Africa in order that they too may be relieved of the often distressing effects of chemotherapy-induced nausea and vomiting."


Dr. Garrett Vygantas, Interim Chief Executive Officer of NewBridge Pharmaceuticals, said:


"In partnering with ProStrakan for the Sancuso transdermal system, NewBridge Pharmaceuticals advances further to become one of the key providers of innovative pharmaceutical care to the oncology market in the Middle East and Africa. NewBridge's strategy of providing world-class sales and marketing support for our innovative products allows patients and physicians across the region access to best-in-class therapeutics, devices, medical education and support."



Ends

 


For more information on this announcement, please contact:


ProStrakan Corporate

+44 (0)1896 664000

Dr Wilson Totten, Chief Executive


Callum Spreng, Corporate Communications 




Financial Dynamics

+44 (0)20 7831 3113

David Yates / Ben Brewerton




Trout Group (for US investor enquiries)


Gitanjali Jain

+1 (646) 378-2949



NewBridge Pharmaceuticals


G. Garrett Vygantas, Chief Executive

+1 (415) 591-5483



Burrill & Company


Peter Winter

+1 (415) 591-5474




ProStrakan


ProStrakan Group plc is a rapidly growing specialty pharmaceutical company engaged in the development and commercialisation of prescription medicines for the treatment of unmet therapeutic needs in major markets. 


ProStrakan's head office is situated in Galashiels in Scotland. The company's development capabilities are centred on Galashiels and BedminsterNew JerseyUSA. Sales and marketing of ProStrakan's portfolio of products are handled by commercial subsidiaries in the UK, US, FranceGermanySpain and other EU countries. www.prostrakan.com



NewBridge Pharmaceuticals


NewBridge Pharmaceuticals (www.nbpharma.com) is a specialty pharmaceutical, biologics, and medical device company serving the Middle East, Africa, Turkey, and Caspian regions to address the unmet needs of diseases with high regional prevalence such as diabetes, obesity, oncology, cardiovascular diseases and other metabolic disorders. NewBridge in-licenses and commercializes FDA and EMEA approved therapeutics and devices. 


Headquartered in UAE with Business Development in the US, NewBridge was founded in 2007 by Burrill & Company, a San Francisco-based Life Science Venture Capital, Private Equity, Merchant Banking and Media firm. NewBridge Pharmaceuticals is uniquely positioned as the partner of choice for pharmaceutical, biotechnology and device companies seeking to capture value from their products in these high growth emerging markets.



  


 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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