PROSORBA Column Receives Canadian Regulatory Approval; Breakthrough Treatment -- First Available Non-Drug Alternative in Canada; Launch Planned For Second Quarter 2000
Business Wire - March 08, 2000 12:03
SAN DIEGO--(BW HealthWire)--March 8, 2000--Cypress Bioscience Inc. (Nasdaq:CYPB) today announced that Medexus Inc. of Toronto Canada has received approval from the Therapeutic Products Program (TTP) to market the PROSORBA column in Canada.
Medexus will be Cypress' marketing and distribution partner for the PROSORBA column in Canada. "The PROSORBA column Canadian approval represents a significant advance in the Canadian Rheumatoid Arthritis market place. Drugs are no longer the only option for rheumatoid arthritis patients with active disease. Now physicians and patients have the PROSORBA column, a therapeutic device, as a new option for treating rheumatoid arthritis," said Bruce Clark, Ph.D. president, and chief scientific officer, Medexus Inc. "The Canadian approval of this device is a tremendous milestone for patients still suffering with rheumatoid arthritis that have not responded to currently available therapies." Medexus anticipates that they will launch the PROSORBA Column into the Canadian market, during the second quarter of 2000.
Medexus is the exclusive distributor of the PROSORBA column in Canada under the terms of Cypress' agreement with Fresenius. Medexus will pay Cypress the lesser of a pre-determined percentage of net sales, or a transfer price for the PROSORBA column sold in Canada.
About Cypress Bioscience Inc.
Cypress Bioscience Inc. develops and markets the PROSORBA column and therapeutics for the treatment of certain types of immune disorders and is engaged in the development of novel therapeutic agents for the treatment of blood platelet disorders. In March 1999, the company entered into an agreement that granted Fresenius AG and Fresenius Hemotechnology Inc. an exclusive license to manufacture and distribute the PROSORBA column in the U.S., Europe and certain other territories.
In April 1999, Cypress and Fresenius launched sale of the PROSORBA column for the treatment of moderate to severe rheumatoid arthritis in the U.S. The PROSORBA column was previously cleared by the FDA in 1987 for use in Idiopathic Thrombocytopenic Purpura (ITP), an immune bleeding disorder. In addition, Cypress is developing Cyplex(TM) (Infusible Platelet Membranes), which is positioned to become an alternative for traditional platelet infusions. For more information about the PROSORBA column and Cypress, please visit the company's Web site at www.cypressbio.com.
About Medexus Inc.
Medexus Inc., headquartered in Toronto, Ontario is a privately held Canadian developer, marketer and distributor of innovative healthcare products. The company is initially focused on rheumatology products and can be contacted toll-free at 877/MEDEXUS.
Except for historical information contained herein, this news release contains forward-looking statements regarding Cypress Bioscience Inc. that involve risks and uncertainties, including, but not limited to the company and Medexus' and the company's and Fresenius' ability to market successfully the PROSORBA column for use as a treatment for rheumatoid arthritis; whether the company will be successful in collaborating with Medexus or Fresenius; whether the final survey data related to the clinical use of the Prosorba Column as a treatment for rheumatoid arthritis will confirm the preliminary data; and the company's ability to develop and receive regulatory clearance for Cyplex(TM) on a timely basis, if at all, as well as other risks detailed from time to time in the company's SEC reports, including its Annual Report on Form 10-K for the year ended Dec. 31, 1998 and its most recent Quarterly Report on Form 10-Q.
CONTACT: Cypress Bioscience Inc.
Carl Bobkoski, or R. Michael Gendreau, or Manda Hall,
858/452-2323
or
The Oxford Group
Mark Corbae, 760/918-0593
marketwatch.newsalert.com
Sounds good, but I am not familar with the Canadian scrutiny on drugs.
Jack |
