Received Marketing Authorization in UK
-We are very pleased to be the first and only company to have obtained a marketing authorization for a glucosamine product in the very important UK market, says Navamedic's CEO Øyvind W. Brekke. -The receipt of the MA means that the company is on track in terms of launch date, he continues. Product launch, under the brand name Alateris, is expected in the second half of 2007, as outlined in the Q1 report.
On receipt of the MA, Navamedic will receive the remaining GBP 300,000 in up-front payments from its marketing and distribution partner William Ransom & Son plc. The disbursement of the up-front payment is expected in Q3 2007. Navamedic has already received GBP 300,000 in up-front payment during Q2, following the signature of the agreement in March 2007.
Including UK, Navamedic now has received Marketing Authorization for 14 countries: UK, France (draft), Spain, Germany, Sweden, Denmark, Iceland, Norway, Poland, Portugal, Austria, Slovakia, Czech Republic, and The Netherlands
Including UK, Navamedic has signed agreements for total up-front payments of NOK 15 million.
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