Uppsala, Sweden, 2013-02-04 08:30 CET (GLOBE NEWSWIRE) --
Pharmsyntez obtains exclusive marketing and distribution rights in Russia and the countries encompassed by the Commonwealth of Independent States (CIS), and the agreement includes profit sharing on net sales in the region between the two companies.
Within the framework of this collaboration, Pharmasyntez will finance all marketing and sales activities, and Oasmia is responsible for product development and manufacturing. A Memorandum of Understanding regarding product development was signed in 2012.
The Russian market within the segment comprising Paclical exceeds 600 million USD and is growing steadily.
- This agreement is a very important step in Oasmia’s business strategy. New and emerging markets are key areas and we have invested a lot of resources into the Russian market. Pharmasyntez has extensive knowledge of the Russian market and this company is the ideal partner for us. We are putting great faith in the fact that this collaboration will be very beneficial for both parties, said Julian Aleksov, CEO of Oasmia.
- The Pharmasyntez oncology therapeutic segment is a strategically important segment. We are one of few Russian Pharmaceutical companies who are committed in research and development of new chemical entities and innovative and novel drugs. So, this agreement with Oasmia suits our philosophy, commitment and product portfolio. We expect to have a very successful business for Paclical in Russian Federation, said Vikram S. Punia, President OAO of Pharmasyntez.
Oasmia has initiated the process for market authorization in Russia for Paclical.
Paclical is a novel nanoparticle formulation composed of Oasmia Pharmaceutical's patented excipient XR-17 and the anti-cancer substance paclitaxel. XR-17 can be used to improve the solubility of substances, such as paclitaxel, one of the most frequently used chemotherapeutic substances in the world. Many drugs based on paclitaxel are dissolved in lipid soluble formulations, which are associated with a range of side-effects. These can usually be controlled with pre-medication. The main indications are ovarian cancer, lung cancer and second line breast cancer.
About Oasmia Pharmaceutical AB
(NASDAQ OMX: OASM) (General Standard of Frankfurt Stock Exchange: OMAX, ISIN SE0000722365) Oasmia Pharmaceutical AB develops new generations of drugs within human and veterinary oncology. The Company’s product development aims to create and manufacture novel nanoparticle formulations and drug-delivery systems based on well-established cytostatics which, in comparison with current alternatives, show improved properties, reduced side-effects, and expanded applications. The Company’s product development is based on its proprietary in-house research and company patents. The Company’s common stock is listed on NASDAQ OMX Stockholm and the Frankfurt Stock Exchange.
The company was founded in 1997 and is now one of the ten biggest pharmaceutical companies in Russia. Pharmasyntez specializes in drugs against tuberculosis, but also manufactures antibiotics and solutions for infusions. Furthermore, the company cooperates with a number of leading institutes and universities in Russia.
Johan Edin, acting Head of Public Relations, Oasmia Pharmaceutical AB. E-mail: email@example.com Phone: +46 (0) 18 50 54 40. German contact: Dr. Sönke Knop, Peggy Kropmanns, edicto GmbH, Frankfurt E-Mail: firstname.lastname@example.org Phone: +49 (0) 69 90 55 05 51. www.oasmia.com www.nasdaqomxnordic.com www.boerse-frankfurt.de twitter.com/oasmia