Moberg Derma and Meda AB Extend License Agreement for SEK $37 Million
Moberg Derma AB (publ.)(STO:MOB.ST - News) and Meda have entered into an additional license agreement for Nalox™ - Moberg Derma’s patented product for the treatment of discolored and damaged nails caused by nail fungus (onychomycosis) or nail psoriasis. The agreement extends Meda's rights to market and sell Nalox™ to Russia, Turkey and several countries in Eastern Europe. Moberg Derma assumes production and supply responsibility.
Meda launched Nalox™ in Scandinavia in late 2010. Rapidly after the launch Nalox™ became market leader and has in 2011 strengthened its leading position in Scandinavia. In September, an agreement was signed that gave Meda exclusive rights to market and sell Nalox™ in several major markets in Europe, including Germany, France, Spain and the UK. Launch is scheduled to start during the first half of 2012.
The new agreement encompasses several major countries, including Russia, Turkey and Poland, totaling approximately 300 million inhabitants. In total, Meda’s rights to Nalox™ comprise a total of 22 countries, representing some 550 million inhabitants.
As compensation for the exclusivity rights, Meda has agreed to pay a total of SEK 18 million, with SEK 7.5 million at signing of the contract and the remaining SEK 11.5 million in future milestone payments. In addition, compensation will be paid for delivered products.
“Our partnership with Meda OTC has been a great success and we are delighted that Meda expands its commitment to Nalox™ to additional markets. Since we now have established partnerships for Nalox™ in most large markets, we have a solid base to reach our financial goal of positive cash flow and operating profit in 2013. The upfront payment of this agreement also contributes to that we will deliver a positive result for the current quarter”, says Peter Wolpert, President and CEO of Moberg Derma.
About this information Moberg Derma discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on at 14:00 pm (CET) on November 30th, 2011.
About Moberg Derma
Moberg Derma AB (publ), based in Stockholm, develops patented topical pharmaceuticals for the treatment of common disorders through the use of innovative drug delivery. The company’s products are based on proven compounds, which reduce time to market, development costs and risk. Moberg Derma’s first product Nalox™/Emtrix® - for nail disorders - became the Nordic market leader directly after launch in autumn 2010 and international launch is ongoing. The portfolio includes approved and launched products to projects in the preclinical and clinical phase. The company began operations at the Karolinska Institute in Stockholm in 2006. The share of Moberg Derma is quoted on the Small Cap list of the NASDAQ OMX Nordic Exchange Stockholm. For further information, please visit: www.mobergderma.se
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Contact:
Peter Wolpert, President and CEO
Telephone: +46 8 522 307 00
Mobile: +46 735 71 35
E-mail: peter.wolpert@mobergderma.se
or
Magnus Persson, IR
Mobile: +46 73-355 26 01
E-mail: magnus.persson@mobergderma.se.