Navamedic: Commences distribution of Imdur® in Europe
Oslo, 22 September 2016 - Navamedic ASA (Navamedic), the Norwegian medtech and pharmaceutical products company, today announced it has commenced distribution of angina prevention medicine, Imdur® (isosorbide mononitrate), in the Nordic markets. The initiation of the distribution is the first step in the long-term strategic partnership with TopRidge Pharma Limited (TopRidge Pharma).
"We are pleased to announce that we now have commenced distribution of Imdur in the Nordic markets, seeing the long-term strategic partnership with TopRidge Pharma take form. As communicated earlier, additional North European markets will follow before year-end. The product distribution agreement represents a significant annual revenue potential for Navamedic, and we are excited to also explore new opportunities within the partnership with TopRidge Pharma moving forward" says Tom Rönnlund, Chief Executive Officer of Navamedic.
Imdur®, (isosorbide mononitrate) is a prescription pharmaceutical used for prevention of angina pectoris due to heart disease, was first launched in Europe in 1985. The product distribution by Navamedic marks the commercial start of the strategic and long-term agreement with TopRidge Pharma, which represents annual expected revenues of NOK 70-100 million.
For further information, please contact:
Tom Rönnlund, CEO, Navamedic. Telephone +46 727 320 321.
About Navamedic:
Navamedic ASA is a Norwegian medtech and pharmaceutical products company, delivering products to patients, hospitals and pharmacies in the Nordic and Benelux markets. The Group's Medtech business has developed and is currently introducing the next generation of digital urine meter Sippi®. Navamedic's Pharma and Healthcare business is a distributor of products supplied by a number of pharmaceutical manufacturers. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).
About TopRidge Pharma Limited:
TopRidge Pharma Limited is a subsidiary of Shanghai-listed Tibet Rhodiola Pharmaceutical Holding Co, which is principally engaged in the production and distribution of pharmaceuticals. The Company operates its businesses through the wholesaling of pharmaceuticals and others, as well as the distribution of proprietary drug products. The Company operates its businesses primarily in Southwest China, Beijing, Shanghai, Guangdong province and other regions of China.
About Imdur:
Imdur is an oral extended-release formulation of isosorbide mononitrate (ISMN), indicated for the prevention of angina pectoris due to coronary artery disease. ISMN is an organic nitrate and the major biologically active metabolite of isosorbide dinitrate (ISDN). It is a vasodilator with effects on both arteries and veins. Imdur was developed by AstraZeneca and first launched in Europe in 1985. Since its first launch, it has been marketed in over 40 countries.