, Feb. 26, 2014
/PRNewswire/ -- ULURU Inc.
(OTCQB: ULUR), today provided an update on its business activities.
The network of international exclusive marketing and distribution partners has been extended in Europe, the Middle East, Asia and the Caribbean. Countries covered by these agreements include Switzerland, Bulgaria, Romania, Saudi Arabia, Afghanistan, Singapore and the Dominican Republic. Discussions are ongoing to expand the international network to include over 90 additional markets. It is anticipated that over the next 30-45 days partners will be appointed in an additional 5-10 markets, including important European markets.
The marketing and distribution agreements are exclusive and as such require minimum annual purchases to maintain the exclusive license. The minimum annual purchase requirement in year 4 post product launch in the group of countries including Italy, Spain, Greece, Portugal, Austria, Czech Republic, Slovakia, Australia, New Zealand, South Africa and the prior Yugoslavia (7 countries) is approximately $17 million. Italy and Spain are in the top 10 global pharmaceutical markets.
Commenting on the global expansion activities, Helmut Kerschbaumer, Executive Director of Altrazeal AG, stated, "The expansion of our commercialization activities is far exceeding our expectations, not only in the timing of appointing exclusive marketing and distribution partners but also the extensive interest being shown by such a diverse group of countries. We are very pleased with the quality of our partners that will be marketing Altrazeal®. The outstanding clinical data, and importantly the demonstrated cost savings, have been instrumental in attracting partners and enabling the expansion of distribution to the developing world markets."
Altrazeal® is a scientifically engineered advanced wound dressing designed to incorporate the desired features and benefits of the ideal wound dressing. Altrazeal® competes in the advanced wound dressing market which, worldwide, is estimated to be $6.5 billion growing annually at 13%. Altrazeal® has demonstrated potential clinical and economic advantages in a number of chronic and acute wounds including diabetic foot ulcers, venous leg ulcers and geriatric wounds.
Kerry P. Gray, President and CEO of ULURU Inc., stated, "The progress that has been made in such a short period is quite remarkable and validates the clinical and economic data supporting Altrazeal®. We had never anticipated the extensive global opportunity, particularly the potential in the economically developing markets. We are working diligently with Altrazeal AG and Altrazeal Trading GmbH to supply Altrazeal® to the newly licensed territories."
Significant progress has also been made securing regulatory approvals in those markets that do not recognize the CE Mark approval. Additionally, in markets where reimbursement approval is required, the response to the Altrazeal® proposed pricing has been favourable, which reflects the overall economic benefits generated by the use of Altrazeal®, including the extended wear time.
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex® Aggregate technology and OraDisc transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.ULURUinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended. These statements are subject to numerous risks and uncertainties, including but not limited to the launch of Altrazeal® in the territory, the commercial potential of Altrazeal® and the strength and experience of our partner, the regulatory and reimbursement approval, the clinical and economic data supporting Altrazeal® and the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and other reports filed by us with the Securities and Exchange Commission.
Contact: Investor Relations
Kerry P. Gray
Torrey Hills Capital
President & CEO
Terry K. Wallberg
Vice President & CFO
SOURCE ULURU Inc.