ASX Announcement – Major European deal for Penthrox
Medical Developments International (MVP) is delighted to announce it has entered into an exclusive Distribution, License and Supply Agreement with Galen Limited (Galen) to supply Penthrox in the United Kingdom and Ireland.
The agreement has an initial term of 5 years and represents the first major milestone for MVP in terms of its European expansion for Penthrox. The agreement delivers MVP a significant upfront payment on signing (circa A$650,000),?and additional payments upon Marketing Authorisation Approval and potential future sales milestones.
Galen is a leading UK specialty pharmaceutical sales and marketing company, and has a significant presence in the UK and Irish markets. Galen is part of the Almac group which has in excess of 3,000 employees worldwide and is headquartered in Northern Ireland. Galen?s knowledge of the target markets in the UK and Ireland will allow it to establish Penthrox as the leading product in self-administered trauma pain relief in the hospital and pre hospital environments.
MVP?s CEO, Mr John Sharman said ?The agreement represents a significant achievement for MVP as it progresses with its regulatory dossier and Marketing Authorisation Application in the United Kingdom, France, Belgium and Ireland. We hope to achieve Marketing Approval in these European markets before the end of calendar 2014. We estimate the emergency market in the UK for Penthrox is circa 5 times that of the Australian market and therefore represents a substantial opportunity for MVP and Galen?
MVP is negotiating with other companies interested to representing Penthrox in various European markets and we expect further announcements in the coming months.
|David Williams||John Sharman|
|Chairman||Chief Executive Officer|
|Medical Developments International Ltd||Medical Developments International Ltd|
|0414 383 593||(03) 9547 1888|
?Penthrox? is a fast onset, non-opioid analgesic indicated for pain relief by self-administration in patients with trauma and those requiring analgesia for surgical procedures. ?Penthrox? has been used safely and effectively for more than 30 years in Australia with excess of 5.0 million units sold. There is growing interest in ?Penthrox? being used in patients undergoing investigatory procedures, as well as operational procedures such as colonoscopy.
About Medical Developments International Ltd
MVP is an Australian company delivering emergency medical solutions dedicated to improving patient outcomes. MVP is a leader in emergency pain relief and respiratory products. The Company manufactures Penthrox?, a fast acting minor trauma & emergency pain relief product. It is used in Australian Hospitals including Emergency Departments, Australian Ambulance Services, the Australian Defence Forces, Sports Medicine and for analgesia during short surgical procedures such as Dental and Cosmetic surgery as well as in other medical applications. MVP is expanding internationally and manufactures a range of world-leading Asthma respiratory devices.