Any pharmy/biotech experts out there, what do you make of this? TSE company, avg. volume of only about 60K, but the NR sounds really good. All comments most welcome.
FOR: LABOPHARM INC.
TSE SYMBOL: DDS
SEPTEMBER 20, 2001 - 05:59 EDT
Labopharm Signs Global Licensing Agreement With Aventis
Pharma
LAVAL, QUEBEC--
TO: News directors, assignment editors, journalists and
columnists: business and finance news
Labopharm Inc. announced today a definitive worldwide licensing
agreement with Aventis Pharma (Aventis), and another
pharmaceutical company whose name was not disclosed, to develop,
globally, new formulations for one of Aventis's core strategic
brands that incorporates Labopharm's controlled release
technology, Contramid(R). The brand had global annual sales for
the year 2000 in excess of US$650 million.
Under the terms of the agreement which will last for the life of
the patents, Labopharm will receive milestone payments following
the successful completion of clinical studies, and royalty
payments on product sales for the newly formulated products. With
the feasibility and formulation studies successfully completed and
initial technology transfer and manufacture of clinical supplies
near completion, the clinical studies are planned to begin within
the next three months. Aventis has also initiated the process of
full technology transfer to a global manufacturing unit in order
to prepare for production.
In addition, under this agreement, the parties have entered into a
further arrangement whereby Labopharm has granted exclusive
licenses to Aventis and the other pharmaceutical company to
utilize Labopharm technology in a defined therapeutic area. In
return, Labopharm has obtained the right to formulate further
development compounds for Aventis and the other pharmaceutical
company.
"Aventis is pleased to enter this collaborative agreement with
Labopharm and we look forward to the potential contribution to our
business that will hopefully emerge as a result of this project,"
said Thomas Hofstaetter, Aventis' Senior Vice-President, Corporate
Development.
"The completion of this agreement offers Labopharm the potential
for significant revenues in the foreseeable future," said James
Howard-Tripp, President and CEO of Labopharm. "Both Aventis and
ourselves are committed to developing these products as rapidly as
possible. Feasibility and formulation studies were successfully
completed on schedule, proving the viability and efficacy of our
controlled release technology, Contramid(R). Moreover, our
continued strategic partnership with Aventis may yield additional
opportunities for Labopharm," he added.
About Aventis
Aventis (NYSE: AVE), a world leader in pharmaceuticals and
agriculture, is dedicated to improving life through the discovery
and development of innovative products. In 2000, Aventis
generated group sales of Euros 22.3 billion and employed around
92,500 people in its Pharma and Agriculture businesses. Aventis
announced in November 2000 that it intends to focus on
pharmaceuticals and plans to divest its activities in agriculture.
Aventis was launched in December 1999 through the merger of
Hoechst AG of Germany and Rhone-Poulenc SA of France. Corporate
headquarters are in Strasbourg, France. For more information
about Aventis, please visit www.aventis.com.
/T/
About Labopharm
Labopharm Product Pipeline and Agreements:
In addition to the above mentioned licensing agreement with Aventis
and the other pharmaceutical company, key products in Labopharm's
pipeline include:
* A once-a-day formulation of Tramadol, a chronic pain drug which
generates worldwide sales of approximately US $1 billion;
* A second major Aventis Pharmaceuticals drug, which cannot be
identified for competitive reasons, with significant brand name
sales in a multi-billion dollar market;
* Xopenex(TM) (levalbuterol HCI), a solid, orally-dosed (tablet)
bronchodilator for the treatment of asthma and those who experience
chronic obstructive pulmonary disease (COPD), being jointly
developed with Sepracor Inc. of Massachusetts; and
* Oxybutynin, a urinary incontinence drug in Phase I co-development
with an international pharmaceutical company.
/T/
Labopharm is an international pharmaceutical company specializing
in the development of drugs that deploy an advanced
controlled-release technology. Contramid(R), Labopharm's
proprietary technology can be applied to a wide variety of drugs
in solid, oral dosage form, improving their administration and
performance. Labopharm's technology is used to develop products
that are either bio-equivalent to existing, branded products or to
create newly branded products with greater therapeutic benefits
made possible by an improved delivery profile. Labopharm is
listed on the Toronto Stock Exchange under the ticker symbol DDS.
For more information about Labopharm please visit
www.labopharm.com. |
