The 29 September 2006, Navamedic ASA announced that it had entered into a Heads of Agreement with Grünenthal for marketing and distribution of Glucomed/Flexove in seven countries. It was announced that the final agreement was expected to be formally signed before 31.01.2007. The companies have now issued and signed the final agreement, which has a duration of 10 years. Grünenthal has already started the regulatory process in countries not part of the EU/EEA product approval process. Product launch is expected from 2007 in EU countries and 2008 in non-EU countries.
Earlier today, Navamedic signed a Heads of Agreement with Grünenthal also for Austria. The final agreement for Austria is expected to be formally signed before 31.03.2007.
For further information, please contact:
Øyvind W. Brekke, CEO Navamedic ASA
Office: +47 67 11 25 40
Mobile: +47 91 19 81 64
Bernt-Olav Røttingsnes, CFO/IRO Navamedic ASA
Office: +47 67 11 25 44
Mobile: +47 91 34 70 21
Grünenthal researches ,develops and produces high therapeutic value medicines and markets them throughout the world. Grünenthal is an expert in drugs for pain therapy and gynaecology and a leader in the field of intelligent, user-friendly drug delivery technologies. Grünenthal is an independent, family-owned company with a long history of international cooperations. The company was founded in 1946 and has its headquarters in Germany. Grünenthal supplies their markets from seven production sites around the world and have affiliates in 26 countries. Grünenthal employs about 1,800 people in Germany and about 4,800 world-wide. Sales in 2005 amounted to approximately EUR 780 million. For more information, please see: www.grunenthal.com
About Navamedic ASA:
Navamedic is a Norwegian speciality pharmaceutical company focusing on the development and production of glucosamine HCl (hydrochloride) based medicines. Glucosamine is a generic active ingredient which relieves pain and improves function in patients with mild to moderate osteoarthritis. The product has a favourable safety profile. Osteoarthritis is a chronic disease which affects a large and growing share of the world`s population. Navamedic aims to become a leading company in the glucosamine industry, with a competitive advantage in proprietary production technology. Navamedic`s product Glucomed/Flexove has been approved across 25 EU/EEA states by European Medicines Agency (EMEA), as the first and only glucosamine based medicine against osteoarthritis. The company`s products will be sold through a network of sales, marketing and distribution partners. For more information, please see www.navamedic.com