"Similar to that of Latin America, the tramadol product market in Mexico is experiencing rapid growth," said James R. Howard-Tripp, President and Chief Executive Officer, Labopharm Inc. "Having already received regulatory approval for Mexico, we will work with GSK to launch our product as rapidly as possible in that country."
Under the terms of the agreement, Labopharm will supply GSK with product and GSK will distribute the product throughout the licensed territory. In addition to specified milestone payments, Labopharm will receive a percentage of once-daily tramadol net sales in Mexico, resulting in an effective royalty rate commensurate with those of the Company's U.S. and European partnerships.
Tramadol products are currently available in Mexico only in immediate- release (four- to six-times daily) formulations and twice-daily formulations.
About Labopharm Inc.
Labopharm Inc. (TSX: DDS, NASDAQ:DDSS) is an international, specialty pharmaceutical company focused on the development of drugs incorporating Contramid®, the Company's proprietary advanced controlled-release technology. Labopharm's lead product, a once-daily formulation of the analgesic tramadol, is marketed in Germany and has received regulatory approval in 21 other European countries. In the U.S., the Company's NDA for once-daily tramadol is under review at the FDA and the Company has secured a licensing and distribution agreement with Purdue Pharma, a premier marketer of long-acting pain medications. The Company's pipeline includes a combination of proprietary and partnered programs with products both in clinical trials and in preclinical development. For more information, please visit www.labopharm.com.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward- looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors, including the successful and timely completion of clinical studies, the uncertainties related to the regulatory process and the commercialization of the drug thereafter. Investors should consult the Corporation's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Corporation disclaims any obligation to update these forward-looking statements.
Source: Labopharm Inc.
