Dimethaid announces Caribbean distribution
agreement with A.S. Bryden & Sons (Barbados) Ltd.
for PENNSAID(R) Topical Solution
biz.yahoo.com
- Update on European Union Mutual Recognition Procedure -
TORONTO, July 4 /PRNewswire/ - Dimethaid Research Inc. (TSE: DMX - news) announced
today that Dimethaid International Inc., its wholly owned subsidiary based in Barbados, has
signed a distribution agreement with A.S. Bryden & Sons (Barbados) Ltd. for PENNSAID®
Topical Solution.
Under the agreement, A.S. Bryden has been awarded marketing and distribution rights to
PENNSAID® in the Caribbean, which cover Barbados, Jamaica, Trinidad & Tobago,
Grenada, St. Lucia, Antigua, St. Vincent, Dominica, Montserrat, Tortola, St. Kitts and Guyana.
The total population of the covered agreement is approximately 5.5 million. A.S. Bryden will be
responsible for all costs associated with the marketing, distribution and sale of PENNSAID®,
with Dimethaid International being entitled to a significant share of all sales revenues.
``The agreement with A.S. Bryden for the Caribbean continues our commercialization plan for
PENNSAID® Topical Solution,'' said Rebecca Keeler, President and CEO of Dimethaid.
``This agreement ensures that PENNSAID® will be marketed in the Caribbean by one of the
top pharmaceutical distributors in the area. A.S. Bryden also markets a number of products for
such companies as AstraZeneca, Baxter International, Pharmacia, Taro Pharmaceutical,
Stiefel Laboratories and Sanofi-Synthelabo.''
A.S. Bryden & Sons (Barbados) Ltd. was founded in Barbados in 1898 by Arthur Sydney
Bryden. In the past 100 years the company has grown to approximately $48M US in sales,
with a staff of over 300. The company's product range covers food, liquor, pharmaceuticals,
hardware, and household items. In addition to the core business the company has subsidiaries
that retail and wholesale stationery and computer equipment.
Separately, Dimethaid has been informed by the United Kingdom Medicines Control Agency,
the Company's Reference Member State (RMS), that because of dossier processing delays by
the Concerned Member States (CMS), the 60-day review period of the EU Mutual
Recognition Procedure (MRP) officially commenced on July 4, 2001. According to the MRP
regulations, this review period should have begun shortly after the filing of the UK's
Assessment Report on May 9, 2001. As a result, decisions from the 13 CMS are expected to
be forthcoming by the end of summer. The delay in EU approvals has no bearing on the
Company's negotiations with potential distribution partner(s) in the CMS and the Company
continues to work towards their completion prior to further EU approvals.
Dimethaid Research Inc. is a pharmaceutical company engaged in the development and commercialization of innovative
therapeutic products that offer the potential to minimize the unwanted systemic effects of drug therapy on the body. Dimethaid's
proprietary drug delivery technology utilizes the cell's tubule system to deliver drugs cell-to-cell. As a result, patients are able to
treat localized conditions, such as osteoarthritis, while limiting the body's absorption of, and associated risks from, the medication.
This technology has been applied first to produce PENNSAID® Topical Solution. The Company's business development strategy
is to leverage its proprietary transdermal delivery technology into additional commercial products. For additional information on the
Company, please visit www.dimethaid.com.
This release may contain forward-looking statements. Such statements involve known and unknown risks, uncertainties and other
factors outside of management's control that could cause actual results to differ materially from those expressed in the
forward-looking statements. A discussion of such risk factors is included in the Company's AIF filed with the OSC and includes,
without limitation, risks regarding product development, clinical trials, dependence on third parties for development and licensing
arrangements, and risks involving regulatory approval of products, and licenses and patents. The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SOURCE: Dimethaid Research Inc. |
