Marketing and distribution agreement in Austria
-Grünenthal sees the cooperation with Navamedic on their product Glucomed/Flexove as a great opportunity. It fits well with our focus on development and marketing of analgesics and with our aim to become the preferred pain partner for the medical community. Grünenthal is the only research-based company with products in all steps of the WHO analgesic ladder and leading company in non-narcotic opioid treatment in Austria. Glucomed/Flexove will help us in expanding our position, says Dr Dirk Krause, General Manager of Grünenthal Austria GmbH.
Navamedic's application for product approval in the EU/EAA was approved by the EU committee for Medicinal Products for Human Use (CHMP) in their September 2006 meeting and by the EU Commission in December 2006, and Navamedic is now awaiting local Marketing Authorizations.
- Grünenthal is a perfect partner for our product, given their position in pain therapy. We are pleased to extend the co-operation with Grünenthal beyond the Heads of Agreement signed for 7 countries in Central and Eastern Europe in September 2006. Glucomed/Flexove will be the first pharmaceutical glucosamine product on the market in Austria and we believe that Grünenthal will be able to promote the product in a stong and profitable manner for both companies, says CEO Øyvind W. Brekke in Navamedic.
The final agreement is expected to be formally signed before 31.03.2007.
For further information, please contact:
Dr Dirk Krause, General Manager, Grünenthal Austria GmbH
Tel +43(2236)379550-31
Fax +43(2236)379550-44
Mob +43 (664) 8169372
E-Mail:dirk.krause@grunenthal.com
Øyvind W. Brekke, CEO Navamedic ASA
E-mail: oyvind.brekke@navamedic.com
Office: +47 67 11 25 40
Mobile: +47 91 19 81 64
Bernt-Olav Røttingsnes, CFO/IRO Navamedic ASA
E-mail: bor@navamedic.com
Office: +47 67 11 25 44
Mobile: +47 91 34 70 21
About Grünenthal:
Grünenthal researches ,develops and produces high therapeutic value medicines and markets them throughout the world. Grünenthal is an expert in drugs for pain therapy and gynaecology and a leader in the field of intelligent, user-friendly drug delivery technologies. Grünenthal is an independent, family-owned company with a long history of international cooperations. The company was founded in 1946 and has its headquarters in Germany. Grünenthal supplies their markets from seven production sites around the world and have affiliates in 26 countries. Grünenthal employs about 1,800 people in Germany and about 4,800 world-wide. Sales in 2005 amounted to approximately EUR 780 million. For more information, please see: www.grunenthal.com
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. For more information, please see www.navamedic.com