UPPSALA, Sweden, June 26 /PRNewswire/ --
- Oasmia Pharmaceutical has Expanded the Agreement With Orion Corporation, Finland. Orion's Exclusive Marketing and Sales Rights for Paclical(R) Vet Now Includes all European Countries. Altogether the Agreement now Amounts to About 10 Million Euro.
Orion will pay an additional 8 million Euro consisting of a 3.25 million signing-fee and milestone payments based on the development and registration of the product. Oasmia will also receive considerable royalties on all sales in the region. The previous agreement only concerned the Nordic countries and a few countries in Europe with a total of 2 million Euro.
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"After thorough consideration, we have decided that Orion Animal Health is the ideal partner for Oasmia and Paclical(R) Vet. We share the same views on development, potential, market and vision for the product. Orion has a strong confidence in our platform and product portfolio. This agreement enables us to focus on the development of our other Animal Health pharmaceuticals and Orion to focus on the market introduction," says Julian Aleksov, CEO of Oasmia.
The first Phase III study on Paclical(R) Vet has just been completed and the interim results have exceeded all expectations. A second international Phase III study is initiated and will constitute the basis for the US and world-wide registration of Paclical(R) Vet. When registered, Paclical(R) Vet will be the first cytostatic in the world registered for veterinary medicine.
Today, there are 140 million dogs only in the EU and the US. The market, calculated as the number of dogs over six years old in the EU and the US of which 40 % will suffer from cancer, totals 1.5 billion USD. Europe accounts for about 35 % of the total world market.
Oasmia Pharmaceutical AB develops second and third generation cancer drugs based on nanotechnology for human and veterinary use. The broad portfolio is focused on oncology and contains several promising products in clinical and pre-clinical phase. Oasmia cooperates with leading universities and other biotech companies to discover and optimize substances with a favourable safety profile and better efficacy. The company was founded in 1998 and is based in Uppsala, Sweden.
More information is available at http://www.oasmia.com or http://www.ngm.se
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