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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: vds4 who wrote (5776)1/7/2002 7:55:58 AM
From: Al Collard  Read Replies (1) of 11802
 
PBP-t...in the news:

NP says Biovail hands Procyon $4-million upfront

Mon 7 Jan 2002

Also Biovail Corp (2) (BVF)
The National Post reports in its Saturday, Jan. 5, edition that Biovail has
acquired United States marketing rights for a patented cream called
Fibrostat from Procyon Biopharma. The Post's Robert Gibbens writes that
Procyon gets $4-million cash upfront in return for non-convertible
preferred shares, a $5-million licensing fee when the product gets U.S.
regulatory approval and hits the market by early 2005, plus "double digit"
royalties on future sales. The deal includes milestone payments by Biovail.
The cash will bring Procyon's liquid resources to about $12-million. With a
colorectal cancer diagnostic product due for commercialization in 2003 and
Fibrostat later, royalty revenue should start flowing in by 2004 or 2005.
Procyon chief executive officer Hans Mader says he is talking to several
major drug companies about marketing the product in Europe and Asia. He
says: "The North American market potential is $250-million and $600-million
worldwide. Patents awarded cover use of the product and active ingredients
and it has no direct competitor. It should prove to be high-margin."
Biovail bought the Canadian rights for Fibrostat last year for $2.5-million
and future royalties.
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