John, it may be Lilly.
Immunomedics Partners with Eli Lilly for Product Distribution in Europe; LeukoScan(R)
Product to be Distributed First by Lilly
MORRIS PLAINS, N.J., Dec. 1 /PRNewswire/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today announced that its subsidiary located in Hillegom,
The Netherlands, "Immunomedics Europe," has entered into a packaging and distribution agreement for the Company's infectious disease imaging agent, LeukoScan. Under the agreement, Eli Lilly (NYSE: LLY) in Germany will distribute LeukoScan and potentially other products from Immunomedics throughout the European countries where they are approved for sale. The terms of the agreement were not disclosed.
According to Philippe Barzin, General Manager of Immunomedics Europe,
"Lilly's regional distribution center in Germany is one of the most advanced of its kind in the world, which we believe will allow us to better serve our customers."
Mr. David Broecker, site director of the Eli Lilly European distribution center, commented, "We are delighted to gain this relationship with Immunomedics, since it is consistent with our own business strategy to expand product distribution activities in Europe. Immunomedics' LeukoScan, which fulfills an important market need, is the first product to begin this process."
LeukoScan Uses May Be Increased
LeukoScan is a diagnostic imaging product that was approved in the
European Union in February, 1997, for use in the diagnosis of osteomyelitis (bone infection), a disease representing one of the major challenges facing diagnostic medicine today in Europe. The product consists of a minute quantity of an antibody fragment made against human granulocytes, which are the white blood cells accumulating at the sites of infection. After attaching
the common diagnostic isotope, technetium-99m, by a direct, 1-step,
proprietary labeling process, nuclear medicine physicians can image sites of infection within 1-4 hours, using conventional nuclear cameras. The product is being studied for other indications, it was also stated by Mr. Barzin. "For example," he commented, "we are interested to determine if LeukoScan can detect the presence and severity of inflammatory bowel disease, which is another major disease type, possibly afflicting one million people each year in Europe."
Immunomedics' Chairman, Dr. David M. Goldenberg, said, "We are delighted with the progress being made by our European subsidiary in building a business in Europe. Immunomedics Europe was established less than two years ago to support the promotion of its first two products, CEA-Scan(R) (a diagnostic imaging agent for recurrent or metastatic colorectal cancer) and LeukoScan. A sales force has already been developed by us in Germany, where sales of LeukoScan in the first half-year of launch have been gratifying, and will
serve as a model for expansion into the United Kingdom, Italy, Spain, and the
Benelux."
Immunomedics Europe Expands Staff
Mr. Barzin also announced that the Company's rich pipeline of products in clinical trials and its intention to expand European operations justifies that "two other departments will be added, one being clinical research and the other finance and administration. These changes should strengthen our image with our customers and the regulatory authorities in Europe," Mr. Barzin stated. He added, "We hope through this important development to contribute effectively to the growth and eventual profitability of Immunomedics
worldwide."
CONTACT: Cynthia Sullivan, Executive Director of Immunomedics,
973-605-8200 ext. 109 |
