MediGene’s Acquisition of a License on OraceaTM Gives the Signal for Sales Organization Buildup
• Final step on the way to a fully integrated biotech-company
• Acquisition of European marketing rights of OraceaTM, a dermatology product from CollaGenex, a US based specialty pharmaceutical company
• Sale of Polyphenon® E Ointment and OraceaTM in some selected European countries planned
• Start of product sales expected for the second half of 2007
Martinsried/Munich, December 20, 2006. MediGene AG (Frankfurt, Prime Standard: MDG) announced today that the company has begun building a proprietary drug sales force. The company plans to market its product Polyphenon® E Ointment* and other dermatological drug by itself in some selected European countries. The acquisition of the European marketing rights to OraceaTM* from the US specialty pharma company CollaGenex will provide the basis for this. This drug for the treatment of the skin disease rosacea is currently in an advanced stage of the approval procedure for the European market, and has already been launched in the USA. Just like MediGene’s Polyphenon® E Ointment*, OraceaTM* is primarily prescribed by dermatologists. This permits commercialization of both products together. For a start, MediGene will focus on a small number of markets with high commercial potential. For the other European countries, MediGene intends to conclude marketing partnerships for both products. MediGene is also planning further product portfolio extensions to enhance drug sales.
CollaGenex Inc. is entitled to an immediate milestone payment by MediGene of approximately 4 million Euros for OraceaTM*, to royalties on the sales of the drug, and to milestone payments when specified sales targets are reached. Up to now marketing authorization application for the drug has been submitted in ten European countries. MediGene expects European market launch of OraceaTM* in the last six months of 2007. The drug was developed by the US company CollaGenex and was launched on the US market this year, yielding very promising initial turnover. In the major European countries, MediGene is aiming at annual peak sales for OraceaTM* and Polyphenon® E* of more than 50 million Euros.
Dr. Peter Heinrich, Chief Executive Officer of MediGene AG, comments: “The highest value creation for drugs is achieved by sales and marketing. For this reason we worked for a long time towards the buildup of our own sales organization, one of our main strategic goals. We are now implementing the final step in our strategy of integrating all core divisions of present-day drug development within our company, from research to development and commercialization of drugs. Drug commercialization through our own sales force will enable us to increase the profit from our products, thus enhancing our attractiveness as a licensee for additional products.”
Alexander Dexne, Chief Financial Officer of MediGene AG, comments: „From the sales point of view, OraceaTM* and Polyphenon® E Ointment* complement one another ideally. The newly licensed product creates the synergies required to permit efficient drug sales for MediGene. The two drugs, Polyphenon® E Ointment* and OraceaTM*, provide a solid basis for a broad portfolio of drugs ready for the market"
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. MediGene is a trademark of MediGene AG, AtrigelTM® is a registered trademark of QLT USA, Inc., Eligard® is a trademark of Sanofi-Synthelabo Inc.. Periostat® and Restoraderm® are registered trademarks and IMPACS™, SansRosa™ and Oracea™ are trademarks of CollaGenex Pharmaceuticals, Inc. Novacort™ and Alcortin™ are trademarks of Primus Pharmaceuticals, Inc. Pandel® is a registered trademark of Taisho Pharmaceuticals.
* preliminary name
- 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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