FOURTH QUARTER RESULTS 2006
The highlight in the quarter was the final approval of Glucomed/Flexove by the EU Commission on 14 December. According to EU guidelines, national marketing authorisations are expected to be received by the end of the first quarter 2007. Subsequent to obtaining national marketing authorisations, Navamedic expects to launch the product in Denmark in February and in further countries from the second quarter 2007 onwards. In the fourth quarter 2006, Navamedic secured a marketing and distribution agreement with PacificPharm for Korea, and in January 2007 a similar agreement was signed with Grünenthal GmbH for Austria. Including the new agreements, Navamedic has established a network of 12 partners covering 23 countries. Please find enclosed the full interim report for the fourth quarter 2006.
About Navamedic ASA:
Navamedic is a Norwegian speciality pharmaceutical company focusing on the development and production of glucosamine HCl (hydrochloride) based medicines. Glucosamine is a generic active ingredient which relieves pain and improves function in patients with mild to moderate osteoarthritis. The product has a favourable safety profile. Osteoarthritis is a chronic disease which affects a large and growing share of the world`s population. Navamedic aims to become a leading company in the glucosamine industry, with a competitive advantage in proprietary production technology. Navamedic`s product Glucomed®/Flexove(TM) has been approved across 25 EU/EEA states by European Medicines Agency (EMEA), as the first and only glucosamine based medicine against osteoarthritis. The company`s products will be sold through a network of sales, marketing and distribution partners.