Dimethaid pricing of Pennsaid in Canada proves OK
Dimethaid Research Inc (TSX:DMX)
Shares Issued 122,079,487
Last Close 5/24/2005 $0.26
Wednesday May 25 2005 - News Release
Ms. Jodi Peake reports
DIMETHAID RECEIVES FAVOURABLE PMPRB RULING - CANADIAN PENNSAID(R) PRICING APPROVED
Dimethaid Research Inc. has received a ruling from the Patented Medicine Prices Review Board (PMPRB) on the previously disclosed review of Pennsaid pricing in Canada. Under the review, the PMPRB has determined that the price of Pennsaid at the time of introduction in Canada was within PMPRB guidelines. On the basis of this determination, the previously estimated potential liability of $5.3-million will now not exceed $172,000. Dimethaid has submitted further evidence to the PMPRB in an effort to eliminate the $172,000 potential liability.
In March, 2005, Dimethaid management and its consultant, Brogan Inc., met with the PMPRB. Shortly thereafter, Dimethaid provided the PMPRB with information not available at the time of the company's original submission. Based on this additional data, the PMPRB concluded that Pennsaid pricing was within guidelines. The company is pleased with the speed of resolution of this matter.
The PMPRB monitors and controls prices of patented drug products marketed in Canada. A pricing review is performed on the basis of drugs in the same therapeutic class available in Canada and to pricing of the same product in other jurisdictions.
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