Navamedic ASA and William Ransom sign agreement for the United Kingdom
William Ransom & Son plc (Ransom) was the pioneer and is the leading player in the £50 million market for nutraceutical glucosamine products in UK. Navamedic and Ransom look forward to introducing the first pharmaceutical glucosamine product in the UK market.
-UK will be an important market for us, and we are happy to have secured such a strong partner. Our partner is the UK market leader in nutraceutical glucosamine, has in-depth knowledge of the market, and is recognized for their focus on high-quality products. Together we will establish the pharmaceutical segment of the market, and we believe we can take a significant part of this interesting market together with Ransom, says CEO Øyvind Brekke of Navamedic. -With this agreement, we have made marketing and distribution agreements in all the EU/EEA markets we have identified as the most important so far, in addition to selected agreements outside EU/EEA.
Under the agreement, Navamedic will receive an up-front payment of £ 600,000, of which £ 300,000 becomes due and payable upon signature, and the remaining £ 300,000 becomes due and payable when Navamedic receives Marketing Authorization in the UK. In Navamedic's accounts, the up-front payment will be stated as income over the life time of the agreement from the date of launch.
The ten- year agreement is exclusive. Ransom guarantees certain minimum purchase volumes in the first two years.
Navamedic will give more information regarding timing of launch of Glucomed/Flexove in Europe in the Q1-presentation on 25 April 2007.
For further information, please contact:
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 William Ransom & Son plc
Founded in 1846 and based in Hitchin, Hertfordshire, Ransom is the UK's oldest independent pharmaceutical company and one of the UK's leading natural healthcare companies. The company is the market-leading supplier of Glucosamine supplements following its acquisition of Health Perception in April 2004. The product range was further expanded in June 2005 when Ransom acquired Optima Healthcare to become the UK's, and one of Europe's, leading suppliers of retailed aloe vera products. Ransom is listed on the Alternative Investment Market in London. For more information, please see www.williamransom.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 has been approved across 25 EU/EEA states by European Medicines Agency (EMEA), as the first and only glucosamine based medicine to treat osteoarthritis. The company`s products are sold through a network of sales, marketing and distribution partners. For more information, please see www.navamedic.com