Started commercial chitin production
Navamedic will not make internal use of its chitin production from the start. In March 2006 a letter of intent (LOI) was signed with Lytone Enterprise Inc. in Taiwan, for the sale of the first full year' chitin production. The LOI has a value of approximately NOK 7 million based on the USD/NOK rate at the time of signature.
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 are sold through a network of sales, marketing and distribution partners. For more information, please see www.navamedic.com