BRISBANE, Australia, Sept. 28 /PRNewswire-FirstCall/ -- Alchemia Limited wishes to advise that it has today agreed in principle with Abraxis Pharmaceutical Products (APP) to terminate its Research and Development Collaboration Agreement, effective 90 days from today.
APP has agreed to return to Alchemia the heparin material in its possession and provide other project related data. Alchemia has agreed to repay the $US1.25million convertible loan from APP, made in respect of process development.
The termination is subject to the execution of a suitable legal release document.
Alchemia CEO, Dr Tracie Ramsdale said the termination of the APP agreement now allowed Alchemia to proceed with the US Regulatory filing (ANDA) in its own right and to seek an alternative marketing partner for the North American market.
“It is anticipated that the ANDA could be filed by the end of second quarter 2007. The cost for this filing is relatively minor and Alchemia will proceed with this in its own right to expedite the time to market”, said Dr Ramsdale.
Alchemia is confident of securing a new marketing partner on attractive terms, said Dr Ramsdale. “The project is now at the low risk stage following the highly successful completion of the pilot scale manufacture at Dow earlier this year”.
Dr Ramsdale said the company is fully committed to the Synthetic Heparin program (a generic version of Arixtra(R)) and the market potential of its product.
Arixtra(R) sales in the US have demonstrated an average quarterly growth of 20% over the last year. US sales for the first half of the 2006 calendar year (US$31m) were equivalent to sales for the full 2005 calendar year (US$36m).
Further information: Dr Tracie Ramsdale Chief Executive Officer Alchemia Limited Tel: +61 7 3340 0200 Released through and media enquiries: Ms Stephanie Paul Managing Director Phillips Group Tel: +61 7 3230 5000 Mobile: +61418 753 062 NOTE: * Sales data for Arixtra(R) obtained from IMS Health.
Alchemia Limited
CONTACT: Dr Tracie Ramsdale, Chief Executive Officer of Alchemia Limited,+61-7-3340-0200; or Ms Stephanie Paul, Managing Director of Phillips Group,+61-7-3230-5000, Mobile: +61-418-753-062
