RICHMOND HILL, ON, Dec. 5 /PRNewswire/ - Norgine, the leading European specialty pharmaceutical company, has today announced that it has granted Medical Futures the exclusive rights to market MOVIPREP(R) in Canada.
MOVIPREP is a novel patent-protected product developed by Norgine for bowel cleansing prior to colonoscopy and other situations where a clean bowel is required. The product is marketed by Norgine in Europe and in the USA by its partner Salix Pharmaceuticals.
In return for the rights granted to it, Medical Futures will make an upfront payment to Norgine as well as further milestones and royalty payments on sales. The precise details of the deal have not been disclosed.
"This agreement with Norgine underlines Medical Futures' commitment to the prevention and treatment of gastrointestinal diseases," said Par Nijhawan, Medical Futures, Chief Medical Officer.
Commenting on the agreement Peter Stein, Norgine's CEO, said "We are delighted to be working with Medical Futures in Canada. They are a relatively young company but have established a strong presence in the gastroenterology market."
Medical Futures Inc. is a privately held pharmaceutical company specializing in the gastrointestinal therapeutic area. Medical Futures is dedicated to improving quality of life and provides safe, effective and affordable medicines to Canadians. These medicines include:
FLORASTOR(TM): The world's number one probiotic treatment for diarrhea. Florastor(TM) has proven efficacy in the prevention and treatment of all types of diarrhea: Pediatric Diarrhea, Antibiotic Associated Diarrhea, Clostridium Difficile and Travellers' Diarrhea.
IBEROGAST(TM): The leading product for Irritable Bowel Syndrome and Functional Dyspepsia for over forty years in Europe and is now available in North America.
PROFERRIN(TM): A unique heme iron supplement that has higher absorption and lower side effects.
PEGALAX(TM): osmotic laxative with electrolytes for the treatment of chronic constipation.
SANVAR(R): somatostatin analogue for the treatment of esophageal variceal bleeding.
Norgine is an independent, successful European specialty pharmaceutical company that has been established for over 100 years and has a presence in all the major European markets. In 2007 Norgine's sales were (euro)220 million, the 21st consecutive year of double-digit growth. The company employs over 1,000 people of whom around 400 are in sales and marketing.
Norgine's current focus is pharmaceutical products that address significant unmet clinical need in areas such as gastroenterology, hepatology and pain management. The company currently markets a range of products in its key therapeutic areas e.g. MOVICOL(R) for the treatment of chronic constipation and faecal impaction, MOVIPREP(R) a new generation bowel cleansing preparation, KLEAN-PREP(R) for bowel preparation prior to colonoscopy, and ORAMORPH(R) for the treatment of moderate to severe pain associated with cancer.
Norgine has an active Research and Development effort and currently has products at various stages of clinical development. In addition to its site at Hengoed, Norgine also has a manufacturing site at Dreux in France.
Norgine's website is www.norgine.com
Paul Pay, Vice-President, Corporate & Business Development, Norgine
Tel: +44 (0)1895 453710
Email: [email protected]
SOURCE Medical Futures Inc.
