Madrid - PharmaMar (MSE: PHM) has announced today a licensing agreement with Valeo Pharma, Inc. (CSE: VPH) to commercialize the marine-derived anticancer drug Yondelis (trabectedin) in Canada.
Under the terms of the agreement, PharmaMar will receive a non-disclosed upfront payment and will be eligible for additional remunerations, including regulatory milestone payments. PharmaMar will retain the exclusive production rights of the product and will sell the product to Valeo Pharma for its clinical and commercial use.
This new agreement follows PharmaMar's announcement on August 26th , in regard to the agreement entered with Janssen Products LP (Janssen), by which PharmaMar recovered the commercialization rights of the product in more than 40 countries formerly licensed to Janssen, where trabectedin has already been approved.
Trabectedin is currently provided to patients in Canada for the treatment of Soft Tissue Sarcoma and Relapsed Ovarian Cancer. Former product licensee Janssen will continue to commercialize the product in Canada until its marketing authorizations are formally transferred to Valeo Pharma.
'We are excited at the opportunity of taking over the commercialization of Yondelis in Canada. Yondelis is a recognized global standard of care in the treatment of soft tissue sarcoma. We look forward to using our resources and expertise to expand the market for this differentiated drug to its full potential', said Steve Saviuk, Valeo Pharma's President and CEO. 'Yondelis is a good example of the type of innovative drugs we're looking to add to our expanding product portfolio. Considering the product is already on the Canadian market, we expect Yondelis to contribute to our growing revenues in the coming quarters'.
Commenting on the licensing of Yondelis to Valeo, Jose Maria Fernandez, President of PharmaMar stated: 'We are pleased to have partnered Yondelis with Valeo for the Canadian market. We see Valeo's infrastructure and internal capabilities playing a key role in helping us maximize access to this unique drug for as many Canadian sarcoma and ovarian cancer patients as possible and look forward to a long and mutually beneficial partnership with Valeo'.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Headquartered in Madrid, PharmaMar is a biopharmaceutical company, focused on oncology and committed to research and development which takes its inspiration from the sea to discover molecules with antitumor activity. It is a company that seeks innovative products to provide healthcare professionals with new tools to treat cancer. Its commitment to patients and to research has made it one of the world leaders in the discovery of antitumor drugs of marine origin.
PharmaMar has a pipeline of drug candidates and a robust R&D oncology program. It develops and commercializes Yondelis in Europe and has other clinical-stage programs under development for several types of solid cancers: lurbinectedin (PM1183), PM184 and PM14. With subsidiaries in Germany, Italy, France, Switzerland, Belgium, Austria and the United States. PharmaMar wholly owns other companies: GENOMICA, a molecular diagnostics company; Sylentis, dedicated to researching therapeutic applications of gene silencing (RNAi).
About Valeo Pharma, Inc.
Valeo Pharma is a specialty pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada. With a focus on Neurodegenerative Diseases, Oncology and Hospital Specialty Products, Valeo Pharma has a growing portfolio of innovative products and the full infrastructure to properly manage these products through all stages of commercialization. Headquartered in Kirkland, Quebec, Valeo Pharma has all capabilities internally to register and market health care solutions for Canadian patients.
Yondelis (trabectedin) is a novel, synthetically produced antitumor agent originally isolated from Ecteinascidia turbinata, a type of sea squirt. Yondelis exerts its anticancer effects primarily by inhibiting active transcription, a type of gene expression on which proliferating cancer cells are particularly dependent.
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