Cortecs and Teva sign sales and distribution agreement for Oral Salmon Calcitonin in Israel.LONDON, England, UK--(BUSINESS WIRE)--March 21, 1996--Cortecs International (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DLVRY/LSE:COR.L/ASX:CRI CRI constant-rate infusion. ) ("Cortecs"), the UK based oral drug delivery Company, today announced that it has signed an exclusive sales and distribution agreement for Israel for its oral formulation of salmon calcitonin calcitonin /cal·ci·to·nin/ (-to´nin) a polypeptide hormone secreted by C cells of the thyroid gland, and sometimes of the thymus and parathyroids, which lowers calcium and phosphate concentration in plasma and inhibits bone resorption. , currently in Phase II clinical trials in Europe. The agreement is with Teva Pharmaceuticals Company Limited ("Teva") which is the largest Israeli pharmaceutical company, currently covering more than 30% of all pharmaceutical sales in Israel. The main features of the agreement are as follows: - Teva granted exclusive sales and distribution rights in Israel. - Teva will carry out all necessary additional clinical trials for medical registration in Israel as soon as possible. - The sales agreement runs for seven years from the time of registration. - Cortecs will receive a percentage of Teva's gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of oral calcitonin, similar in percentage to Cortecs' previous sales and distribution agreements. Osteoporosis occurs when the body's natural process of bone removal and replacement gets out of balance. It is most frequently due to hormone changes at menopause but may sometimes be caused by unusual diet or lifestyle. It is estimated what over 200 million people are afflicted with osteoporosis worldwide of whom only 10 million are currently receiving treatment. Almost half of all women will have had osteoporosis related bone fractures by the time that they are 70 years old. Furthermore, it is estimated that in the U.S. alone, osteoporosis costs U.S.$10 billion a year. Cortecs is also developing through a collaboration with the Danish company, Osteometer, a rapid point-of-care diagnostic with a unique bone marker bone marker Lab medicine Any protein degradation product that indicates bone breakdown. See N-telopeptides. to help identify these undiagnosed patients and to monitor therapy. Dr. Michael Flynn, Cortecs' President, commented: " We believe Teva is the best partner we could have in Israel and are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a long and successful relationship." Eva Schoenberger, Teva's Licensing Director, added: "Teva, being committed to the osteoporotic field for many years, considers oral calcitonin a very important addition to its product pipeline." Cortecs is a British-based company quoted on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. and on NASDAQ. The Company specializes in the development of new pharmaceutical delivery systems for the healthcare industry. Other major areas include: MACROMOL - a range of systems for the oral delivery of biotechnology drugs, such as Calcitonin, which is currently in Phase II clinical trials. Oral Therapeutic Antigens - orally delivered treatments against diseases such as influenza and pseudomonas Pseudomonas A genus of gram-negative, nonsporeforming, rod-shaped bacteria. Motile species possess polar flagella. They are strictly aerobic, but some members do respire anaerobically in the presence of nitrate. infection (in cystic fibrosis) currently preparing for Phase II trials. ADEPT - an oral system to prevent diarrhea without antibiotics and preparing for Phase II trials. HALO - an alternative oral delivery system to avoid first pass metabolism by the liver and to enhance absorption of poorly bioavailable drugs and to create sustained release formulations of certain kinds of drugs such as testosterone. Point-of-Care Diagnostics - a range of innovative diagnostic kits including: HELISAL rapid doctors' office whole blood test for the detection of Helicobacter pylori and a rapid saliva test in development. GLYCOSAL rapid doctors' office test in development to assist in the management of diabetes and the identification of diabetes. OSTEOSAL rapid doctors' office test in development to detect increased bone breakdown indicating the risk of the disease osteoporosis and also to monitor the adequacy of therapy. Cortecs Healthcare markets a range of ethical and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). medicines and diagnostic products. CONTACT: Dr. Michael Flynn Mrs. Eva Schoenberger Cortecs International Teva Pharmaceuticals 011 44 181 568-7071 011 972-9-639-777 or Van Negris Kehoe, White, Savage & Co., Inc. (212) 888-1616 or Zena Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. Buchanan Communications 011 44 171 489-1441 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion