MONTREAL, Aug. 30, 2013 /PRNewswire/ - Okana Ventures Inc. [OTCBB: OKNV] is pleased to announce the acquisition of the North American product
rights for FACTIVE® (Gemifloxacin Mesylate) tablets from Merus Labs International [TSX: MSL; NASDAQ: MSLI] for approximately US$3.4 million. FACTIVE® is an FDA-approved quinolone
with 5-day oral dosing indicated for the treatment of both acute
bacterial exacerbation of chronic bronchitis and mild to moderate
Pursuant to definitive agreements, Okana acquired the license to the
FACTIVE® trademark and patent, inventory on hand, various contingent
liabilities, and certain related intellectual property and other
information and materials required to market the brand in the North
American market. The purchase price is comprised of a cash payment of
US$2.2 million paid on closing, a non-contingent deferred cash payment
of US$800,000 to be paid in quarterly instalments over the next 15
months, and 3 million shares of OKNV.
"We are very pleased to be able to acquire the North American rights to
FACTIVE®. Along with our recently acquired products Spectracef® and its
authorized generic Cefditoren Pivoxil, our sales force now has a
powerful anti-infective franchise portfolio of products. We look
forward to having our US sales force increase revenues by effectively
and diligently marketing these products to health care providers," said
Richard Azani, President and CEO of Okana Ventures Inc.
In addition, Okana is also pleased to announce that the Financial
Industry Regulatory Authority (FINRA) has approved the company's
request to change its name from Okana Ventures Inc. to Vansen Pharma
Inc. with an effective date of August 30, 2013. For 20 business days
Vansen will trade under the symbol "OKNVD". At the commencement of
trading on September 30, 2013 the company's symbol will change to VNSN.
About Vansen Pharma Inc.
Vansen Pharma Inc. is a specialty pharmaceutical company focused on
broad therapeutic areas which are still anticipated to grow and present
an opportunity for major expansion. Vansen will expand its commercial
presence by adding complimentary products through in-licensing,
co-promotion and acquisitions, resulting in a comprehensive product
portfolio. With its US based sales force, Vansen can better serve the
increasing healthcare needs of patients and enhance growth.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the acquisition
and licensing of pharmaceutical products. The Company utilizes its
expertise in pharmaceutical markets and its access to capital to
acquire and license niche branded products. Merus further enhances the
sale and distribution of these products by the introduction of a
focused marketing and promotion plan.
Certain statements contained in this press release may constitute
"forward-looking statements" within the meaning of Section 21E (i) (1)
of the United States Securities Exchange Act of 1934. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Vansen's actual results
to be materially different from any future results expressed or implied
by these statements. Such factors include the following: general
economic and business conditions, changes in demand for Vansen's
products, changes in competition, the ability of Vansen to integrate
acquisitions or complete future acquisitions, interest rate
fluctuations, currency exchange rate fluctuations, dependence upon and
availability of qualified personnel and changes in government
regulation. In light of these and other uncertainties, the
forward-looking statements included in this press release should not be
regarded as a representation by Vansen that Vansen's plans and
objectives will be achieved. These forward-looking statements speak
only as of the date of this press release, and we undertake no
obligation to update or revise the statements.
SOURCE Vansen Pharma Inc.