RMTI,
Rockwell Medical Technologies, Inc. Signs Agreement with Genpharm, Inc. for Concentrate Distribution in Canada
Tuesday January 31, 8:17 am ET
WIXOM, Mich., Jan. 31 /PRNewswire-FirstCall/ -- Rockwell Medical Technologies, Inc. (Nasdaq: RMTI - News), a leading, innovative dialysis products manufacturer serving the healthcare industry, reported today that it has signed an exclusive distribution agreement with Genpharm, Inc., of Toronto, Canada.
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The Distribution Agreement calls for Genpharm to purchase Rockwell's Dri- Sate® Dry Acid Concentrate Mixing System along with RenalPure® Powder Bicarbonate, as well as SteriLyte® Liquid Bicarbonate and RenalPure® Liquid Acid Concentrate. Rockwell will manufacture its dialysis concentrate products for Genpharm's Renal Care Products Division located in Toronto, Canada. Genpharm will market and distribute Rockwell's product in Canada under the Rockwell label following regulatory approval. Both Rockwell and Genpharm estimate the Canadian dialysis market for concentrate to be approximately U.S. $24 million annually.
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell stated, "We are very pleased to have Genpharm as our distributor in Canada. Their aggressive marketing practices and strong relationships with many of the large dialysis providers make them an ideal partner to service the 20,000-plus dialysis patients in Canada. Due to the fact that there are only two major concentrate manufacturers in Canada both supplying mostly liquids, coupled with Genpharm's ability to offer Rockwell's dry concentrates along with their substantial product offering, we believe we can capture significant market share in Canada. This distribution agreement enables Rockwell to enter the Canadian dialysis market without the expense of purchasing and operating an additional manufacturing plant as well as the infrastructure that goes along with it."
Mr. Denis Carrier, Director of Genpharm Renal Care said, "We are excited about our new partnership with Rockwell Medical Technologies, as it allows us to continue in our mandate to bring the Canadian dialysis community the most innovative medical technologies and pharmaceuticals in the world today. Adding Rockwell's products to our portfolio provides us not only with greater breadth, but also with greater distinction, which is extremely important in the competitive Canadian market. With that in mind, we are confident that our new association will begin to produce positive results in the near term."
Genpharm Renal Care, an operating division of Genpharm Inc., is engaged in the marketing and distribution of technologically advanced devices and novel, proprietary pharmaceuticals for the treatment of End Stage Renal Disease. With a nationwide sales and support team, and through exclusive associations with several leading manufacturers of dialysis products, Genpharm Renal Care is a Canadian market leader with a comprehensive product offering and a strong customer oriented focus. More information about Genpharm Renal Care may be found at genpharm.ca, or by contacting Denis Carrier at 1-877-540-7377, ext. 320.
Rockwell Medical Technologies, Inc. is an innovative leader in manufacturing, marketing and delivering high-quality dialysis solutions, powders and ancillary products that improve the quality of care for dialysis patients. Dialysis is a process that duplicates kidney function for those patients whose kidneys have failed to work properly and suffer from chronic kidney failure, a condition also known as end stage renal disease (ESRD). There are an estimated 350,000 dialysis patients in the United States and the incidence of ESRD has increased approximately 6% on average each year over the last decade. Rockwell's products are used to cleanse the ESRD patient's blood and replace nutrients in the bloodstream. Rockwell offers the proprietary Dri-Sate® Dry Acid Concentrate Mixing System, RenalPure® Liquid Acid Concentrate, SteriLyte® Liquid Bicarbonate Concentrate, RenalPure® Powder Bicarbonate Concentrate, Blood Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items. Visit Rockwell's website at rockwellmed.com for more information.
Certain statements in this press release with respect to the estimated size of the Canadian dialysis market and prospective sales constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's expectations and are based upon currently available information. Management of Rockwell believes the expectations reflected in the forward- looking statements made in this press release are based upon reasonable assumptions. However, certain factors could occur that might cause actual results to vary. These include, but are not limited to, delay or failure to receive regulatory approval in Canada, general economic conditions, economic conditions in the hemodialysis industry, competitive factors and other factors discussed in Rockwell's reports filed with the Securities and Exchange Commission. The forward-looking statements should be considered in light of these risks and uncertainties.
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Source: Rockwell Medical Technologies, Inc. |
