Immediate cash inflow of 8 million Euros
Total volume of up to 32 million Euros via
milestone payments
First step on our way to focusing the company
on the areas of oncology and immunology
MediGene AG
(Frankfurt, Prime
Standard: MDG)
has sold the European rights of the
dermatological product Oracea® for the treatment
of rosacea to Galderma Laboratories, Inc, the
U.S. holding company of Galderma Pharma
S.A., a global specialty pharmaceutical
company focused on dermatology. MediGene AG will
receive successive milestone payments totalling
up to 32 million Euros. By signing the contract,
Galderma commits to making an immediate payment
of 8 million Euros to MediGene AG. MediGene had
acquired the European rights to the drug from
the US company CollaGenex, Inc. in 2006.
Depending on market launch and sales revenues
achieved by Galderma with Oracea®, MediGene will
receive successive milestone payments totalling
up to 24 million Euros. The sale of the rights
to Galderma represents a major step in the
implementation of MediGene's strategy of
focusing on the areas of oncology and
immunology.
In April 2008, the European
regulatory authority EMEA recommended granting
of marketing authorization for this drug. On the
basis of convincing clinical data with EndoTAG(TM)-1
for the treatment of pancreatic cancer, MediGene
decided to focus the company's business area
significantly. All research and development
activities as well as the planned sales and
marketing activities of the company will be
focused on the two areas oncology and
immunology.
Dr. Frank Mathias, Chief
Operating Officer of MediGene AG, comments: "The
sale of the dermatological product Oracea® is a
very important step towards focusing our
company. We achieve a significantly higher price
for this product than that was paid when
acquiring it. The sales revenues achieved with
Oracea® will help us pushing our promising
development projects."
About Oracea®:
Oracea® is the first orally administered,
systemically delivered drug that has
received approval from the U.S. Food and Drug
Administration for the treatment of the
inflammatory lesions (pimples and red bumps) of
rosacea in adult patients.
About Rosacea:
Rosacea is a chronic, inflammatory, progressive
skin condition affecting primarily adults
between the ages of 30 and 60. Often called
"adult acne," rosacea is not acne at all, but a
disorder that produces redness, small pimples
and broken blood vessels on the face.
About Galderma:
Galderma, created in 1981 as a joint venture
between Nestle and L'Oreal, is a fully
integrated specialty pharmaceutical company
dedicated exclusively to the field of
dermatology. The Company is present in 65
countries with over 1000 medical sales
representatives and is committed to improving
the health of skin with an extensive line of
products to treat a range of dermatological
conditions including: acne, rosacea, fungal nail
infections, psoriasis & steroid-responsive
dermatoses, pigmentary disorders, skin cancers
and medical solutions for skin senescence. With
a main research and development center in Sophia
Antipolis, France, Galderma has one of the
largest R&D facilities devoted exclusively to
dermatology. Leading dermatology brands include
Differin®, MetroGel® /Rozex®, Oracea®, Clobex®,
Tri-Luma®, Loceryl® and Cetaphil®. Recently
launched products include Pliaglis®, a topical
anesthetic for dermatologic procedures in the
United States, Epiduo®, an innovative
combination product for the treatment of acne in
Europe and Argentina, and Dysport®, an
injectable muscle relaxant for use in aesthetic
medicine and dermatological indications in
Brazil and Argentina. The Company's
international website is
www.galderma.com
This
press release contains forward-looking
statements representing the opinion of MediGene
as of the date of this release. The actual
results achieved by MediGene may differ
significantly from the statements made herein.
MediGene is not bound to update any of these
forward-looking statements. MediGene® and
EndoTAG(TM)-1
are trademarks of
MediGene AG,
Oracea® is a registered
trademark of CollaGenex Pharmaceuticals, Inc.
Differin, MetroGel, Oracea, Rozex, Clobex, Tri-Luma,
Loceryl, Cetaphil and Epiduo are trademarks of
Galderma. Pliaglis is a trademark of Zars Pharma
Inc.Dysport is a trademark of Ipsen Ltd. These
trademarks may be owned or licensed in select
locations only.
MediGene AG
is a publicly quoted
(Frankfurt, Prime Standard: MDG) biotechnology
company located in Martinsried/Munich, Germany,
with subsidiaries in Oxford, UK and San Diego,
USA. MediGene is the first German biotech
company to have drugs on the market, which are
being distributed by partner companies. Another
drug candidate has just received official
recommendation for marketing authorization by
the EMEA. MediGene has several drug candidates
in clinical development. Moreover, the company
has projects in research and pre-clinical
development and possesses innovative platform
technologies. MediGene concentrates on
researching and developing novel drugs for the
treatment of cancer and autoimmune diseases.
Contact MediGene AG
Fax:++49 - 89 - 85 65 - 2920
Julia Hofmann / Dr. Georg
Dönges, Public Relations, Tel.: ++49 - 89 - 85
65 - 3317
Dr. Michael Nettersheim /
Dr. Georg Dönges, Investor Relations, Tel.: ++49
- 89 - 85 65 - 2946
Contact MediGene AG
E-mail:
investor@medigene.com
