7th Jan 2009 13:13
Sinclair Pharma signs $3.1million agreement with Graceway for
Atopiclair in the US
7th January 2009, Godalming, UK: Sinclair Pharma plc ("Sinclair": SPH:L), the international specialty pharma company, announces today it has signed an agreement to sell the US distribution rights pertaining to Atopiclair cream and lotion, a non-steriodal treatment for atopic dermatits, to its US marketing partner Graceway. Sinclair received an immediate payment of $3.1million in cash in place of future royalties that it would have received under the existing agreement. This payment is equivalent to the royalties Sinclair would have anticipated to receive from Graceway over the next five years. This agreement relates only to the USA and the patent remains the property of Sinclair.
In the agreement Graceway has also relinquished its right of first refusal for Sinclair's dermatology products for the USA. This will provide an opportunity for Sinclair to seek new partners for its expanding line of dermatology products in North America, or where appropriate promote them itself.
Commenting on the agreement, Dr Michael Flynn, CEO of Sinclair Pharma said:
"Recognising the current market and economic environment prevalent in the USA we believe this agreement enables us to optimise the value in one of our ten leading products and provides us with a single cash payment. We believe we can make better use of the additional funds to grow the core business."
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For further information please contact:
Sinclair Pharma plc Tel: +44 (0) 1483 410 600
Dr Michael Flynn, CEO
Jerry Randall, CFO
Mariyam Rawat, Communications & Investor relations [email protected]
Capital MS&L
Mary Clark, Anna Mitchell Tel +44 (0)20 7307 5340
About Sinclair Pharma Plc www.sinclairpharma.com
Sinclair Pharma plc is an international specialty pharmaceutical company. It has a growing sales and marketing operation that is already present in France, Italy, UK, Spain and Portugal, and a complementary marketing partner network that spans more than 80 countries.
Sinclair has proven expertise in acquiring or developing commercially attractive and undervalued products, registering these products and bringing them to market within a short timeframe. Sinclair focuses on niche therapeutic areas and its current portfolio includes products for dermatological conditions and oral health.
About Atopiclair
Atopiclair is a non-steroidal (cortisone-free) topical cream that is designed to relieve the symptoms and signs of eczema (atopic dermatitis), allergic dermatitis (contact dermatitis) , and diaper rash, including relief and management of the most common signs and symptoms such as itching, redness, burning and pain.
Clinical trials, in adults and children, have shown that Atopiclair relieves the itch and redness associated with eczema. These studies also demonstrated that patients using Atopiclair were significantly less likely to need a steroid treatment than patients using an emollient base cream. Please visit http:// www.atopiclair.com for further information about the product and how to purchase it.
About Graceway Pharmaceuticals, LLC
Graceway Pharmaceuticals, LLC, headquartered in Bristol, TN, is a pharmaceutical company focused on acquiring, in-licensing, and developing branded prescription pharmaceutical products. Current prescription products marketed by Graceway include Aldara® (imiquimod) Cream, 5%, Maxair® Autohaler® (pirbuterol acetate inhalation aerosol), Atopiclair® Nonsteroidal Cream, and Estrasorb® (estradial topical emulsion). Aldara®, Maxair® Autohaler®, Atopiclair®, and Estrasorb® are trademarks owned by or licensed to Graceway. For more information on Graceway's products, including Important Safety Information, please visit www.gracewaypharma.com.
"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: Some or all of the statements in this document that relate to future plans, expectations, events, performances and the like are forward-looking statements, as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward-looking statements due to a variety of factors.
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