DGAP-News: PAION AG / Key word(s): Contract
PAION GRANTS LICENCE TO REMIMAZOLAM IN CANADA TO PENDOPHARM
09.07.2014 / 14:30
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PAION GRANTS LICENCE TO REMIMAZOLAM IN CANADA TO PENDOPHARM
- Final license agreement signed
Aachen (Germany), 09 July 2014 - PAION AG, a Specialty Pharma Company (ISIN
DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8) and Pendopharm,
a division of Pharmascience Inc., headquartered in Montreal, Canada, have
signed the final license agreement for Remimazolam. The agreement grants
Pendopharm an exclusive licence for the development and commercialization
in the territory of Canada.
Under the licence agreement, PAION will be eligible to receive future
milestone payments of CAD 5.7 million (approx. EUR 3.8 million) and
significant double digit tiered royalties on net sales in Canada starting
at 15%.
Through the option agreement announced on 13 June 2014, Pendopharm's
European affiliate, Pharmascience International Limited, has already
committed to invest up to EUR 4 million in shares not subscribed by PAION's
shareholders at the end of the rights offering at a 10% premium to the
theoretical ex-rights price of PAION's share price. Because at the end of
the rights offering, no new shares were available to permit the investment
of the EUR 4 million, PAION now has the right to require Pendopharm or
Pharmascience International Limited, within an agreed time period after the
rights offering, to invest the EUR 4 million in shares of PAION in a
separate private placement at a 10% premium to the then current market
price. In certain cases, Pendopharm and Pharmascience International
Limited, instead of investing EUR 4 million in a separate private
placement, will make a cash payment to PAION in an amount equal to 10% of
the investment amount.
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About Remimazolam
Remimazolam is an innovative short-acting general anaesthetic/sedative. Due
to its short duration of action and good controllability, it has a
preferable efficacy and safety profile relative to other currently marketed
anaesthesia compounds. The rapid offset of Remimazolam's effect is due to
its metabolism by tissue esterase enzymes that are widely distributed
throughout the body.
Remimazolam has potential in three indications:
- Procedural sedation
- General anaesthesia
- ICU sedation
Remimazolam is available for licensing outside Japan, China, Russia (CIS)
Turkey, the MENA Region, South Korea and Canada, where the compound is
partnered with, Ono Pharmaceutical, Yichang Humanwell, R-Pharm, Hana Pharm
and Pendopharm.
About PAION
PAION AG is a publicly-listed Specialty Pharma Company headquartered in
Aachen, Germany with a second site in Cambridge, UK. The company has a
track record in developing hospital-based treatments for which there is
substantial unmet medical need. PAION AG is transforming its business model
from a pure development company to a specialty pharmaceutical company with
a focus on anaesthesia products to take advantage of the unique profile of
its main compound, Remimazolam.
About Pendopharm, a Division of Pharmascience Inc.
Pendopharm is a division of Pharmascience Inc., a Canadian privately-owned
company. Established in 1983, Pharmascience Inc. is Canada's 10th largest
pharmaceutical company, with a highly-skilled workforce of 1,400 people.
Pharmascience commercializes over 400 products, including branded
prescription, OTC and BTC products as well as generic products in Canada
and with its affiliates and distributors in to over 60 countries worldwide.
Strategically committed to growth, Pendopharm is actively engaged in
licensing, partnering, developing and marketing late-stage specialty
prescription medicines as well as consumer brands.
http://www.pendopharm.com
PAION Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com
Pendopharm Contact
Isabelle Vezina
Senior Director, Marketing
Pendopharm, a division of Pharmascience Inc.
6111, Royalmount Avenue, Suite 100
Montreal, Quebec H4P 2T4, Canada
Phone: +1 514 340 9800
Email: ivezina@pendopharm.com
www.pendopharm.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
This release does not constitute an offer of securities for sale or a
solicitation of an offer to purchase securities of PAION AG in the United
States, Germany or any other jurisdiction. The securities have already been
sold.
In the United Kingdom, this document is only being distributed to and is
only directed at persons who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are
persons falling within Article 49(2)(a) to (d) of the Order (high net worth
companies, unincorporated associations, etc.) (all such persons together
being referred to as "Relevant Persons"). This document is directed only at
Relevant Persons and must not be acted on or relied on by persons who are
not Relevant Persons. Any investment or investment activity to which this
document relates is available only to Relevant Persons and will be engaged
in only with Relevant Persons.
End of Corporate News
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09.07.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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277305 09.07.2014
DGAP-News: PAION GRANTS LICENCE TO REMIMAZOLAM IN CANADA TO PENDOPHARM
| Source: EQS Group AG