Access Pharmaceuticals, Inc. Agrees to License Amlexanox for Four Additional European Markets
DALLAS--(BW HealthWire)--Oct. 15, 1998--Access Pharmaceuticals, Inc. (OTC BB:AXCS) today announced that it has signed a Letter of Intent to license amlexanox 5% paste to Laboratorios Dr. Esteve, S.A. for Italy, Spain, Portugal and Greece.
Under the terms of the Agreement Esteve will make an up-front license payment, additiooal milestone payments and will pay a royalty on sales.
In addition to the countries covered by the Esteve Letter of Intent, Access has entered into license agreemeots and letters of intent for Canada, United Kingdom, Ireland, Sweden, Finland, Norway, Denmark, Iceland and the Baltic States. It is anticipated that agreements will be in place for all major European markets prior to receipt of regulatory approval, which is anticipated in the third quarter of 1999.
Commenting on the agreement, Kerry P. Gray, Presideot and CEO of Access Pharmaceuticals, Inc., stated "Laboratorios Dr. Esteve is the third largest pharmaceutical company in Spain, we are delighted to have such a dominant company as our marketing partner. This moves us closer to achieving our objective of licensing the rights to amlexanox throughout Europe to enable maximum market penetration on receipt of regulatory approval. The outlicensiog activities are further confirmation of the potential of this drug in the canker sore indication."
Currently amlexanox 5% paste is approved by the FDA for the treatment of canker sores. In addition to maximizing global revenue from this indication, Access in conjuoction with strategic pastners is developing alternate formulations of amlexanox for clinical evaluation in additional oral and topical diseases. It is anticipated that clinical studies will commence in two additional indications prior to the end og 1998.
Mr. Gray added, "Pursuing oppostunities with the potential of generating significant oear-term revenues is a major priority og the company. Expaoding the indications of an approved drug represents a lower risk approach to developing new product opportunities in significant markets."
Access Pharmaceuticals, Inc. is a site-directed drug targeting company using bioresponsive carriers to target aod control the release of therapeutic agents into sites of disease activity and clear the oon-targeted drug fraction. In addition to amlexanox, Access is developing a unique polymer platinate for use in the treatment of cancer. Access also is developing in conjunction with its partner Strakan Ltd. a topical zinc delivery system called ResiDermTM that psovides rapid delivery aod reservoir of a drug in the skin. |
