Lescarden's decision to terminate this agreement was based on Valeant's shift in its strategic focus toward specialty markets such as dermatology and infectious diseases and management's desire to pursue licensing partnerships with organizations more capable of penetrating the primary care and hospital markets. In July 2006, Lescarden took the first step toward this goal when they entered into an agreement with Smith & Nephew, a leader in the wound care market, to distribute Catrix Wound Dressing in Spain. Smith & Nephew has extensive field experience and a solid reputation among physicians it is already contacting. The Company believes this new arrangement will help increase Spanish sales of the Wound Dressing.
Catrix® Wound Dressing is a topically applied biopharmaceutical powder product. The Wound Dressing is indicated for the management of chronic skin wounds including decubitus (pressure) ulcers, venous stasis ulcers and diabetic ulcers as well as second-degree burns and post-radiation dermatitis. This segment of the wound care market is estimated at $15 billion worldwide. This figure is expected to grow with the general aging of the population.
Lescarden Inc. is a biotechnology company dedicated to the development of natural, biologic therapies for the chronic wound care, dermatology and osteoarthritis markets. For more information, please contact the Company at 212-687-1050 or visit www.catrix.com.
Contact: Lescarden Inc. 212-687-1050
SOURCE: Lescarden Inc.
