Dimethaid and Solvay finalize agreement to market arthritis drug in Canada
Topical Pennsaid(R) proven safe and effective in clinical studies
TORONTO, Jan. 4 /CNW/ - Dimethaid Research Inc. (TSX:DMX) and Solvay
Pharma Inc. have entered into an amended agreement to market and sell the
prescription arthritis medication Pennsaid(R) in Canada, effective
immediately. Based on this agreement, Solvay has withdrawn its previously
announced notice of termination.
The topically applied Pennsaid lotion has been proven to offer effective
relief of pain and stiffness of osteoarthritis of the knee while offering a
better overall safety profile than comparable oral medications. Three phase
three clinical trials published in the Journal of Rheumatology(1), the
Canadian Medical Association Journal(2) and the Archives of Internal
Medicine(3) in recent months continue to drive awareness in the medical
community of this medication which offers hope to those looking for a safe
alternative to NSAID and COX-2 therapies.
Under the terms of the new agreement, Solvay will assume primary
responsibility for Pennsaid sales and promotion in Canada. Dimethaid will
continue to participate in Canadian marketing initiatives and will retain full
responsibility for Canadian distribution and customer service, as well as
managing international marketing, distribution, licensing and business
development.
Solvay has assigned a team of sales representatives to promote Pennsaid
as a "first product detail" and Dimethaid will contribute 50 per cent of
Solvay's sales and marketing costs. The 10-year agreement allows for regular
analysis of performance, revenue sharing and promotional spending.
"Our renewed relationship will help increase awareness of Pennsaid among
Canadian health care professionals and patients," said Dr. Henrich Guntermann,
Dimethaid's president and CEO. "Given the increasing need for a safe,
effective treatment for arthritis pain, we are confident Pennsaid will only
continue to capture a greater share of the Canadian market."
"Given Pennsaid's unique properties and the continual demand for new
osteoarthritis treatments, we are very excited about our renewed partnership
with Dimethaid," said Dr. Laurence J. Downey, president and CEO, Solvay Pharma
Inc. |
