UPPSALA, Sweden, Dec. 19, 2003 (PRIMEZONE) -- With reference to that the American regulatory authority, Food And Drug Administration, FDA, has approved RESTYLANE for sales in USA, Q-Med has now received $53,3 million from Medicis. Of this amount $1 million will be paid to the financial advisor.
At the beginning of March Q-Med received a first payment of USD 58.2 million. A payment of USD 29.1 million is due after sales approval of RESTYLANE Perlane. When certain milestones have been met a further USD 19.4 million is due to Q-Med. In total the deal generates USD 160 million for Q-Med. Furthermore, Q-Med retains the rights to exclusive manufacture of the three products for the North American market for 10 years.
Note: Q-Med AB operates under the name of Q-Med Scandinavia, Inc. in the USA.
Q-Med is a rapidly growing and profitable biotechnology/medical device company that develops, produces and markets medical implants. All products are based on the company's patented technology for the production of NASHA -- Non-Animal Stabilized Hyaluronic Acid. The products RESTYLANE, RESTYLANE Fine Lines and RESTYLANE Perlane are used for the filling out of lips and facial wrinkles and today account for the majority of sales. DUROLANE, Q-Med's product for the treatment of osteoarthritis of the knee joint, has been approved in Europe since May 2001. DEFLUX is a product which has been approved in Europe and the USA for the treatment of vesicoureteral reflux (malformation of the urinary bladder) in children. ZUIDEX for the treatment of stress urinary incontinence in women has been sold in Europe since July 2002. Since July Q-Med today has 440 employees, with approximately 290 at the company's production facility and head office in Uppsala. The Q-Med share was first listed on the O-list of the Stockholm Stock Exchange in December 1999.
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