THIRD QUARTER RESULTS 2006
(Lysaker, Norway, 25 October, 2006). Highlights in the quarter included the approval of Glucomed/Flexove by the EU committee for medicinal products for human use (CHMP) on 21 September. A formal approval by the EU Commission is expected by the first quarter 2007, and, subsequent to obtaining national marketing authorisations, Navamedic expects to begin launching the product in new markets from the second quarter 2007. In the third quarter 2006, Navamedic secured a broad marketing and distribution agreement with Grünenthal GmbH for seven countries, including Russia, and a similar agreement with an undisclosed partner in France. Including the new agreements, Navamedic has established a network of 11 partners covering 21 countries. Revenue in the third quarter was NOK 0,27 million (NOK 0,29 million), reflecting the launch of Glucomed/Flexove in Iceland in September. Sales in Sweden are still subdued by unclarified generic substitution issues in Sweden, which is an issue restricted to the Swedish market. Please find enclosed the full interim report for the third quarter 2006.
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(TM) 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