Martinsried/Munich, January 25, 2011. The biotech company MediGene AG (Frankfurt, Prime Standard) announced today that its existing partnership with Meditrina Pharmaceuticals Ltd., Greece, for the commercialization of Veregen® Ointment has been expanded to include Romania and Bulgaria. The previous agreement had been concluded for the commercialization of Veregen® in Greece and Cyprus. According to the new agreement, Meditrina will (via its subsidiary Solartium) promote and distribute the drug for the treatment of genital warts in both Romania and Bulgaria. In sum, MediGene is entitled to successive payments of up to EUR 1.2 million for the four countries (previously agreed: EUR 900,000), depending on the achievement of set milestones. Furthermore, MediGene will supply Meditrina with drug product and obtain royalties on the sales revenue generated with Veregen® in the form of a double-digit percentage share.
MediGene has already entered into several marketing partnerships for Veregen®, for example with Nycomed, Inc. for the USA, with Abbott for Germany, Austria, and Switzerland, with Laboratoires Expanscience for France, with Juste S.A.Q.F. for Spain and Portugal and with a number of other partners across Europe and Asia. MediGene is planning to continue this global licensing strategy.
Veregen® is currently available on the US, German, and Austrian markets. A second wave of marketing applications within the European mutual recognition procedure is planned, with Germany serving as the reference state in this process.