Bio-Technology General Corp. Announces Launch In Europe Of Osteoarthritis Product
Updated: Mon, Aug 06 10:20 AM EDT
ISELIN, N.J. (BUSINESS WIRE) - Bio-Technology General Corp. (NASDAQ:BTGC) today announced the launch in Europe of its proprietary high molecular weight sodium hyaluronate (HA) product for the treatment of pain associated with osteoarthritis of the knee, by BTG's licensee, DePuy Orthopaedics Inc., a Johnson & Johnson company, under the name Arthrease(TM).
The product, which was developed and is manufactured by BTG, will initially be marketed in Europe where BTG received marketing approval in November 2000 from mdc, a European medical device certification body. Arthrease is a treatment of three weekly injections of HA into the knee joint for the relief of pain in osteoarthritis. Arthrease has a molecular weight and viscoelastic properties similar to healthy synovial fluid.
In a strategic licensing agreement entered into last year, BTG granted DePuy exclusive marketing rights to Arthrease in all countries worldwide excluding Israel and Japan. Under the agreement, DePuy will now distribute Arthrease in Europe and, in addition, will seek regulatory approvals and commercialize Arthrease in the United States and other countries of the licensed territory. The current worldwide market for viscoelastic products for osteoarthritis is approximately $400 million, and is expected to grow as the aging population increases.
Sim Fass, Chairman and CEO of Bio-Technology General Corp., stated: "This now brings to eight the number of products from our pipeline to be commercialized. We look forward to a successful European introduction by DePuy, which is one of the world's leading orthopedic companies, and to their penetration of the worldwide market as regulatory approvals are received and additional launches take place."
Bio-Technology General Corp., a leading biopharmaceutical company, develops, manufactures and markets genetically engineered and other products for human health care. BTG's products are marketed worldwide. Products sold in the United States are Oxandrin(R) (oxandrolone, USP), marketed by BTG and by the Ross Products Division of Abbott Laboratories under a co-marketing agreement, Delatestryl(R) (testosterone enanthate), marketed by BTG, Mircette(TM) (oral contraceptive), marketed by Organon, Inc., and BioLon(TM) (sodium hyaluronate), marketed by Akorn, Inc. Products sold internationally are Bio-Tropin(TM) (recombinant human growth hormone), BioLon(TM) (sodium hyaluronate), Bio-Hep-B(TM) (hepatitis B vaccine), and Silkis(R) (vitamin D derivative). BTG's news releases and other information are available on the Company's website at www.btgc.com.
Statements in this news release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements" as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, changes and delays in product development plans and schedules, customer acceptance of new products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. |
