MediGene’s first Drug* launched in Italy
• Projected market launches in major European countries completed
• MediGene receives mile stone payment for market launch in Italy
Martinsried/Munich, 18. December 2006 The biotech company MediGene AG (Frankfurt, Prime Standard: MDG) announces that its first drug* is now available in Italy. Italy is the last one of the major European markets, in which the drug was to be introduced. At the outset of the marketing of the drug, MediGene will receive a milestone payment from its marketing partner Astellas Pharma Europe. In addition, MediGene receives royalties on the sales.
Dr. Peter Heinrich, CEO of MediGene AG, comments: “By starting the marketing process in Italy, the intended launch of the one-month and three-months dosages has now been completed in the major European markets. The receipt of the milestone payment from Astellas Pharma will ensure that MediGene AG reaches its annual forecast for 2006 of revenues of approximately 30 million EUR and a net loss of less than 10 million EUR.”
MediGene acquired the license for pan-European commercialization of the drug from the US company Atrix Laboratories (today’s QLT USA, Inc.) in April 2001, and first of all successfully took the drug through the approval procedure for Germany and Switzerland. In May 2004, the drug was launched in Germany by MediGene’s partner Yamanouchi Pharmaceutical Co. Ltd., today’s Astellas Pharma. In December 2004, the mutual recognition procedure (MRP) for the one-month and three-months products was successfully completed in 23 additional European countries. In the second half of last year, Astellas Pharma started the launch of the drug on the individual markets.
This press release contains forward-looking statements that involve risks and uncertainties. The forward-looking statements contained herein represent the judgment of MediGene as of the date of this release. These forward-looking statements are no guarantees for future performance, and the forward-looking events discussed in this press release may not occur. MediGene disclaims any intent or obligation to update any of these forward-looking statements.
MediGeneTM is a trademarks of MediGene AG, Atrigel® is a registered trademark of QLT USA, Inc.
* For legal reasons, product name and indication are not mentioned on the internet (German Law on Drug Advertising)
- Ends -
MediGene AG is a publicly quoted (Frankfurt: Prime Standard: MDG) biotechnology company located in
Martinsried/Munich, Germany, with subsidiaries in Oxford, UK and San Diego, USA. MediGene is the first German biotech company with a drug on the market. A second drug, Polyphenon® E Ointment, has been approved by the FDA.
In addition, several drug candidates are currently in clinical development. MediGene also possesses innovative platform technologies. The company’s core competence lies in research and development of novel approaches in anti cancer therapies. Thus MediGene focuses on indications of high medical need and great economic opportunities.
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- Public Relations
- MediGene AG
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