MORRISVILLE, NC--(Marketwire - January 16, 2013) -
Vestiq Pharmaceuticals, an emerging Specialty Pharmaceutical Company, formally announces its launch of products that began commercialization in December of 2012. Vestiq is strategically formed through a consolidation of existing U.S. and international pharmaceutical entities and industry partnerships. The Company's headquarters are located near Research Triangle Park, N.C., and the company's website is www.vestiqpharma.com
"Our business model is to create a high growth pharmaceutical company through strategic acquisitions," said Martin "Marty" G. Baum, President and CEO, Vestiq Pharmaceuticals. "Our mission is to bring innovative, effective and safe therapeutic solutions to healthcare providers and patients, to improve the quality of human life. We're proud that unlike so many newer companies, we have our vision for the future set and began acting upon it from day one."
Vestiq has acquired the stock of Praelia Pharmaceuticals, Inc. to serve as its branded pharmaceutical entity.
"Praelia is very excited about merging our company with Vestiq," said Steve Lutz, CEO, Praelia Pharmaceuticals. "We felt the two companies complemented each other perfectly. Together we are positioned for tremendous success moving forward."
Vestiq launches with completed partnerships with Vanguard Pharma, Inc. to act as its contract sales organization, resulting in an immediate national sales force, and Synopia Rx, Inc., which serves as its managed care contracting organization.
ORAVIG and Zuplenz Acquisitions
Vestiq has acquired two recently approved NDA's ORAVIG miconazole 50mg buccal tablets from BioAlliance, Inc. and Zuplenz (ondansetron) oral soluble film from MonoSol Rx, Inc.
ORAVIG is indicated for the local treatment of oropharyngeal candidiasis (OPC) in adults.
"It is a great satisfaction for BioAlliance to have ORAVIG, our first product developed and registered in US, launched on the US market by our partner Vestiq. With a strong focus on the oncology supportive arena and driven by highly experience professionals, Vestiq is our partner of choice to make ORAVIG rapidly accessible to professionals and patients to treat their oral candidiasis," said Judith Greciet, CEO, BioAlliance Pharma.
Vestiq has also entered into a co-promotion agreement with Women's Choice Pharmaceuticals for Zuplenz (ondansetron) oral soluble film, in order to increase its national sales presence. Zuplenz is indicated for the prevention of postoperative, highly and moderately emetogenic cancer chemotherapy-induced, and radiotherapy-induced nausea and vomiting.
"We are impressed by Vestiq's commitment to supportive care and we are excited to have Vestiq as our partner for Zuplenz," said Mark Schobel, CEO, MonoSol RX.
"We are extremely excited to enter into this agreement with a quality partner such as Vestiq," said Joe Ducharme, President and CEO of Women's Choice Pharmaceuticals. "We believe Zuplenz fills an important niche in the anti-emetic market by offering a convenient and easy-to-administer option for patients who have trouble swallowing tablets. This opportunity is an excellent fit with WCP's current product portfolio, and we are excited for our sales force to help deliver a new option to the physicians and patients we serve."
Vestiq intends, through additional acquisitions, to focus on additional oncology supportive care products, women's health, and pain management.
SynopiaRx and Vanguard Pharma Tapped for Expertise
Vestiq has partnered with SynopiaRx, who will administer managed care and third parties for the company.
"SynopiaRx is delighted to have the opportunity to partner with Vestiq," said Steve Stefano, Managing Partner SynopiaRx. "We believe the appropriate strategy and positioning of their medicines within the Payer Markets will be an important factor in optimizing their commercial success."
Vestiq has also completed an agreement with Vanguard Pharma, to act as their contract sales organization. Through these agreements, Vestiq immediately has sales representatives and account managers on a nationwide basis.
"We are tremendously excited about our new partnership with Vestiq," said Kevin Danylchuck, President and General Manager, Vanguard Pharma. "With this agreement, Vanguard has the opportunity to field a highly experienced national team of speciality sales representatives yet provide Vestiq/Praelia with the flexibility and value that is integral to our business model."
About Vestiq Pharma and Praelia Pharmaceuticals
Vestiq Pharma serves as the business development arm of Vestiq Holdings, its parent company (www.vestiqpharma.com). Praelia Pharmaceuticals is the branded pharmaceutical company that will market its products. Vestiq is positioned in a market gap between traditional specialty pharma companies and contract sales organizations. Traditional specialty pharma typically purchases older assets then tries to bring new life to them through dosage changes, opening new channels, and various changes in marketing.
CSO's tend to use product development houses or other pharma companies to be a fee for service sales model. Vestiq will focus on procuring products in focused therapeutic areas that will be leveraged through existing marketing and sales resources. The Company plans to acquire or license new or existing assets in creative ways to help the development houses stay developers, while allowing Vestiq to be its commercial partner. Vestiq assumes the sales and marketing risk, while sharing in the upside of royalties. The Company applies its expertise in product distribution, reimbursement, sales and marketing, and targeted health care prescribers using management's proven strategies to maximize profitability.