DGAP-News: PAION GRANTS LICENCE FOR TURKEY TO ADD TO R-PHARM TERRITORY
(firmenpresse) - DGAP-News: PAION AG / Key word(s): Contract
PAION GRANTS LICENCE FOR TURKEY TO ADD TO R-PHARM TERRITORY
26.11.2013 / 14:56
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PAION GRANTS LICENCE FOR TURKEY TO ADD TO R-PHARM TERRITORY
- R-Pharm to extend Russian/CIS territory by adding Turkey
- EUR 1.0 million upfront payment
- EUR 3.0 million in future milestone payments
- Low double digit royalties
- Limited clinical bridging work in Turkey needed
- Expected launch of Remimazolam in Turkey 2016
Aachen (Germany), 26 November 2013 - PAION AG (ISIN DE000A0B65S3; Frankfurt
Stock Exchange General Standard: PA8) and R-Pharm, Russia, today announced
that they have extended their license agreement for Remimazolam to include
Turkey. TR-Pharm, based in Istanbul, is an affiliate of Moscow based
Remimazolam licensee R-Pharm, which entered into an exclusive licence
agreement for Russia (CIS) on October 30, 2013. TR-Pharm will manage the
development and marketing approval process in Turkey.
PAION will receive an upfront payment in the amount of EUR 1.0 million,
potential regulatory and commercial milestone payments of up to EUR 3.0
million and low double digit royalties on net sales in the Territory.
TR-Pharm intends to market Remimazolam in all indications with the lead
indication anaesthesia and plans to start a bridging study in anaesthesia
as soon as possible with an expected launch of Remimazolam in 2016.
Dr. Wolfgang Söhngen, Chief Executive Officer of PAION AG, stated: ' The
young and entrepreneurial (T)R-Pharm team with their excellent analysis and
positioning of Remimazolam for their exciting market has convinced us, that
they will be an excellent partner. The agreement has been reached in record
time and the ONO Phase III data two weeks ago came in timely. Covering
major Asian markets already and now regions which are parts of the
strongest economies of EurAsia is a major step in our 'String of Pearls'
strategy and sets a further benchmark for other regions.'
'The high expertise of PAION together with our clinical, regulatory and
commercial capabilities and strong demand for efficient and safe
anaesthetic in the Turkish market - create the momentum to bring this
innovative drug to patients', said Vasily G. Ignatiev, CEO of R-Pharm.
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About Remimazolam
Remimazolam is an innovative short-acting general anaesthetic/sedative. Due
to its short duration of action and good controllability, it has a
preferable efficacy and safety profile relative to other currently marketed
anaesthesia compounds. The rapid offset of Remimazolam's effect is due to
its metabolism by tissue esterase enzymes that are widely distributed
throughout the body.
Remimazolam has potential in three indications:
- Procedural sedation
- General anaesthesia
- ICU sedation
Remimazolam is available for licensing outside Japan, China, Russia (CIS)
and Turkey, as well as South Korea, where the compound is partnered with
Ono Pharmaceutical, Yichang Humanwell, R-Pharm and Hana Pharm.
About PAION
PAION AG is a publicly-listed biotech company headquartered in Aachen,
Germany with a second site in Cambridge, UK. The company has a track record
in developing hospital-based treatments for which there is substantial
unmet medical need. PAION AG is transforming its business model from a pure
development company to a specialty pharmaceutical company with a focus on
anaesthesia products to take advantage of the unique profile of its main
compound, Remimazolam.
About R-Pharm, TR-Pharm
R-Pharm is a Russian private pharmaceutical company with focus on hospital/
specialty care, founded in 2001. Turnover in 2012 was over 1.8 bn USD.
R-Pharm has over 2800 employees and covers the entire territory of Russia
and CIS. The company is involved in research and development,
manufacturing, marketing, sales and distribution of innovative
pharmaceutical and biotech products.
TR-Pharm is R-Pharm's affiliated company headquartered in Istanbul, Turkey
aiming to launch innovative products with a vision of constructing a
biotech production facility in line with the incentive plan announced by
the Turkish Government.
http://r-pharm.com/en/
Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner(at)paion.com
www.paion.com
Eugenia Kasyanenko
PR-manager
R-Pharm
10, Testovskaya st., 123317, Moscow
Russian Federation
Phone: +7 (495) 956 79 37
E-Mail: kasyanenko(at)rpharm.ru
http://r-pharm.com/en/
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
End of Corporate News
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info(at)paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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241745 26.11.2013
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