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Navamedic sells chitin operation - Focus on core strategy

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(Lysaker, Norway, 23 April 2008) Navamedic sells ChitiNor AS to Seagarden AS for NOK 2.3 million in shares. The decision is in line with the company's strategy to move from a glucosamine pure-play to a specialty pharma company with a broad product portfolio. While the sale reduces the group's long-term debt by NOK 2 million, it also reduces the overall cost level and frees up management capacity to focus on the company's core business.



Navamedic retains the ownership of its proprietary glucosamine production method. Should it see it financially beneficial, Navamedic may utilize this technology to reduce raw material costs.




The former Chairman of the Board in Navamedic, Thorleif Thormodsen, is a minority share holder and a board member in Seagarden AS.




Navamedic is a fast-growing specialty pharma company. Glucomed, its glucosamine product, is currently commercialized internationally for the treatment of osteoarthritis. In 2006, Glucomed was the first glucosamine product approved by the European authorities for marketing as a drug in all EU countries. Navamedic's portfolio also includes more than 45 products from over 20 foreign companies, which it currently markets mainly in the Nordic region. Navamedic aspires to grow through increased geographic presence as well as through both acquisitions and in-licensing of products within selected therapeutic indications.



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














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