DGAP-Adhoc: PAION GRANTS LICENCE FOR TURKEY TO ADD TO R-PHARM TERRITORY

 | Source: EQS Group AG EQS Group AG 

PAION AG  / Key word(s): Contract

26.11.2013 14:40

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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PAION GRANTS LICENCE FOR TURKEY TO ADD TO R-PHARM TERRITORY

  - R-Pharm to extend Russian/CIS territory by adding Turkey

  - EUR 1.0 million upfront payment

  - EUR 3.0 million in future milestone payments

  - Low double digit royalties 

  - Limited clinical bridging work in Turkey needed

Aachen (Germany), 26 November 2013 - PAION AG (ISIN DE000A0B65S3; Frankfurt
Stock Exchange General Standard: PA8) and R-Pharm, Russia, today announced
that they have extended their license agreement for Remimazolam to include
Turkey. TR-Pharm, based in Istanbul, is an affiliate of Moscow based
Remimazolam licensee R-Pharm, which entered into an exclusive licence
agreement for Russia (CIS) on October 30, 2013. TR-Pharm will manage the
development and marketing approval process in Turkey.

PAION will receive an upfront payment in the amount of EUR 1.0 million,
potential regulatory and commercial milestone payments of up to EUR 3.0
million and low double digit royalties on net sales in the Territory.

TR-Pharm intends to market Remimazolam in all indications with the lead
indication anaesthesia and plans to start a bridging study in anaesthesia
as soon as possible.

###

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 

Eugenia Kasyanenko
PR-manager
R-Pharm
10, Testovskaya st., 123317, Moscow
Russian Federation
Phone: +7 (495) 956 79 37
E-Mail: kasyanenko@rpharm.ru
http://r-pharm.com/en/ 

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.


26.11.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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 (General Standard);
              Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
              Stuttgart
 
End of Announcement                             DGAP News-Service
 
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