Product launch in Germany
In Germany, pharmaceutical glucosamine is classified as Over-The-Counter (OTC) without reimbursement.
Through Stada's launch of Mobilat Glucosamin, Navamedic expects to contribute to an increase of the relatively low penetration of pharmaceutical glucosamine in Germany by introducing an improved product at a very competitive price
The pharmaceutical glucosamine market in Germany is currently around EUR 16 million at wholesale level.
Most of the products sold from Navamedic to Stada prior to the launch were delivered and will be accounted for in Q3 2007.
Stada is among the leading generic pharmaceutical companies globally, and the company also has a significant portfolio of branded OTC products. For more information about Stada, please see: www.stada.de
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 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 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