Access Pharmaceuticals, Inc. Announces Signing of Agreement for Canada for Marketing Rights for Amlexanox
DALLAS--(BW HealthWire)--Aug. 20, 1998--Access Pharmaceuticals, Inc. (OTC BB:AXCS) today announced that it has signed a binding Letter of Intent with Paladin Labs, Inc. ("Paladin") to license for the Canadian market amlexanox 5% paste for the treatment of canker sores.
Amlexanox is marketed in the United States by Block Drug Company under the trademark Aphthasol and a European registration dossier has been submitted to the United Kingdom Medicine Control Agency by the licensee Strakan Ltd.
Paladin will immediately commence the registration process for amlexanox 5% paste in Canada and bear all costs associated with the filing and prosecution of the product license application including user fees. In addition, Paladin will pay additional milestones based on cumulative sales revenue and will pay a royalty on sales.
Paladin, a majority owned subsidiary of Pharmascience, specializes in the marketing and distribution of innovative pharmaceuticals for the Canadian market. Pharmascience is a rapidly expanding company having experienced compound sales growth of 41% since its founding in 1983, and currently ranks in the top 20 pharmaceutical companies in Canada. Paladin has a national sales force calling on key physicians in niche therapeutic areas which positions Paladin to maximize this product opportunity.
Commenting on the agreement, Kerry Gray, President and CEO of Access Pharmaceuticals, stated, "We are pleased that we will form this alliance with Paladin, a company which has demonstrated its ability to maximize product opportunities in the Canadian market. With Paladin immediately commencing the registration process this represents another important step in recognizing the global potential for this product."
Jonathan Goodman, President of Paladin, stated, "This product will be an important addition to our company. Paladin was built by successfully representing foreign pharmaceutical companies in the Canadian market. We are confident that Access Pharmaceuticals will be well served by our proven ability to market and sell innovative pharmaceuticals in Canada." |
