Wednesday June 3, 10:15 am Eastern Time
Company Press Release
Zimmer and Anika Therapeutics Announce Agreement to Expand Distribution
of ORTHOVISC Into Europe and Latin America
Innovative, Natural Osteoarthritis Treatment Also Launched in Canada
WARSAW, Ind.--(BW HealthWire)--June 3, 1998--Zimmer, Inc., a wholly
owned subsidiary of Bristol-Myers Squibb (NYSE:BMS - news) and Anika
Therapeutics, Inc. (NASDAQ:ANIK - news) today announced that they have
amended their agreement for sales, marketing and distribution of
ORTHOVISC(R) sodium hyaluronate to include European countries,
Scandinavia and Latin America.
Under terms of the amendment to the exclusive, multi-year agreement, the
potential licensing payments to Anika from Zimmer will total up to $3.5
million, contingent upon achievement of certain milestones, including an
initial upfront payment of $1.5 million. As part of the amended
agreement, Zimmer will commit significant additional sales and marketing
resources to support ORTHOVISC commercialization.
The world leader in knee and hip replacements, Zimmer signed a
multi-year agreement with Anika in November 1997 to distribute ORTHOVISC
in the United States, Canada and a number of Asian markets.
''We are excited about bringing this therapeutic product to the European
and Latin American markets and about the opportunity to further its
commercialization around the world,'' said Ray Elliott, Zimmer
president. ''ORTHOVISC is a natural extension of the products we
currently provide to physicians to help them improve the quality of life
for their patients. ORTHOVISC offers physicians another treatment option
for relieving pain and improving function.''
Noted J. Melville Engle, Anika president and chief executive officer,
''We have been extremely pleased with the results of our collaboration
with Zimmer to date and see opportunities in expanding the relationship
to cover these additional markets. Zimmer is the world leader in knee
and hip replacement products, and has the world's largest dedicated
sales force working with orthopaedic surgeons and related specialists.
Extending our collaboration to cover Europe and Latin America means
ORTHOVISC will have a cohesive, global representation.''
ORTHOVISC is an ultra-pure, high molecular weight, naturally derived HA
product, designed to restore the elasticity and viscosity of the
synovial fluid in joints. The product is injected into the knee joint
space three times over a two-week period intending to provide
viscosupplementation and pain relief.
Osteoarthritis is a prevalent degenerative joint disease characterized
by chronic, debilitating symptoms such as joint pain, stiffness and loss
of mobility. In the U.S. and Canada, nearly twenty million people
reportedly suffer from this disease.
The companies also announced that Zimmer has launched the innovative
treatment for osteoarthritis of the knee in Canada, where osteoarthritis
affects over 12% of the population.
Two major Canadian medical centers are now conducting additional
follow-up studies with ORTHOVISC. Dr. John Wade of the University of
British Columbia is leading a multi-center study in Canada, and Dr.
Sandy Kirkley is conducting a study at the Fowler Kennedy Sport Medicine
Clinic at the University of Western Ontario in London, Ontario. A
multi-center trial is also underway in the United States.
In addition to being for sale in Canada, ORTHOVISC has received
Communatee European (CE) marking, permitting sale of the product
throughout the European Union. The product is currently approved as an
investigational device in the United States and its pre-market approval
application has been accepted for review by the U.S. Food and Drug
Administration. In February 1998, the agency informed Anika that the
application would not require panel review.
Zimmer is the world leader in the design, manufacture and distribution
of orthopaedic implants and related equipment and supplies. The company
provides a broad range of joint replacement, fracture management and
patient care products. Founded in 1927, Zimmer became a member of the
Bristol-Myers Squibb family of companies in 1972.
Anika Therapeutics, Inc. develops, manufactures and commercializes
therapeutic products and devices intended to promote the protection and
healing of bone, cartilage and soft tissue. These products are based on
hyaluronic acid (HA), a naturally occurring, biocompatible polymer found
throughout the body.
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Visit Zimmer on the Worldwide Web at zimmer.com
Visit Anika on the Worldwide Web at anikatherapeutics.com
Visit Bristol-Myers Squibb on the Worldwide Web at bms.com
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Exchange Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The Company's actual
results could differ materially from those set forth in the
forward-looking statements. Certain factors that might create such a
difference include the ability of the Company to obtain regulatory
approval of ORTHOVISC, the inability of Zimmer to successfully market
the product in the geographic areas covered by the Company's agreements
with Zimmer and those factors set forth under the heading ''Risk
Factors'' in the Company's 10-KSB filed with the Securities and Exchange
Commission on March 31, 1998.
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Contact:
Anika Therapeutics, Inc.
Sean Moran, C.F.O., (781) 932-6616, ext 102
or
Pondel Parsons & Wilkinson
Susan Klein, (508) 358-4315
Rob Whetstone, (310) 207-9300
or
Zimmer, Inc.
Brad Bishop, (219) 372-4291 |
