NEW YORK, July 8, 2010 (GLOBE NEWSWIRE) -- Lescarden Inc. (OTCBB:LCAR) announced today that it had entered into an agreement with Harvest Biotech Co., Ltd., Taipei City , Taiwan ROC granting Harvest Biotech a 10 year exclusive license to market Lescarden's proprietary product, Catrix® Wound Dressing and Catrix Skin Care in Taiwan.
Regulatory marketing approvals and product reimbursement arrangements are being secured, and it is anticipated that marketing approval and product introduction will commence in the fourth quarter of 2010.
Catrix® Wound Dressing is a specially processed bovine cartilage product in the form of a fine, white powder. The Wound Dressing is approved by the FDA for the management of chronic skin wounds including decubitus ulcers, venous stasis ulcers and diabetic ulcers as well as second degree burns and post-radiation dermatitis. Clinical studies conducted with Catrix® on patients suffering from bed sores have demonstrated its ability to assist patients who had previously been unresponsive to standard wound care treatments. The same studies demonstrated the potential for significant cost savings for both patient and caregiver in the treatment of such non-healing lesions.
Harvest Biotech Co., Ltd. Is a newly incorporated company, fully owned by Harvest and Health, a Taiwanese firm belonging to the Juiti Group.
The Juiti Group is a leading supplier of pharmaceutical and medical device products in the Taiwanese market with sales exceeding US$ 92 million in 2008. Juiti's products range from renal care to infusion therapy, emergency medicine, oncology, nephrology, etc.
The Juiti Group distributes products of prestigious companies including GSK, Astra Zeneca, Baxter, GE, Medtronic; it is staffed with more than 130 employees and, besides its headquarters in Taipei, it has branch offices in Taichung and Kaohsiung.
For Lescarden this agreement extends their penetration into the Asian market for both Catrix® based clinical skin care and wound care products. The Catrix® skin care line was introduced into the Philippines at the annual meeting of the Philippine Dermatologic Society in November 2007. In Korea, Catrix® based skin care products are dispensed by over 400 dermatologists and medical spas that specialize in clinical and aesthetic skin care procedures. Daewoong Pharma Co. Ltd., the licensed distributor for Catrix® Wound Dressing, is completing product studies necessary to gain marketing approval in Korea.
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.