Veloxis Pharmaceuticals A/S and Athena Drug Delivery Solutions Pvt. Ltd. announce partnership to develop, manufacture and commercialize its investigational drug AtorFenTM (Fenofibrate-Atorvastin fixed dose combination) in certain emerging markets.
Veloxis Pharmaceuticals A/S (OMX: VELO) and Athena Drug Delivery Solutions Pvt. Ltd. today announced an alliance whereby Athena will obtain exclusive rights in certain emerging market territories to manufacture and, with third parties, develop, register and commercialize Veloxis' AtorFenTM (Fenofibrate Atorvastatin fixed dose combination).
AtorFenTM will contain the lowest fully effective dose of fenofibrate and is a combination of two effective dyslipidemia treatments in one tablet thereby potentially improving patient compliance. The product has been developed by Veloxis through Phase II in the US. Results showed significant improvements in HDL-C, triglycerides, VLDL and fibrinogen compared with atorvastatin alone (Lipitor® 40 mg) as well as significantly greater effect on non-HDL-C, LDL-C, triglycerides and total cholesterol compared with fenofibrate alone (Tricor® 145 mg).
Under this alliance, Athena will establish and fund AtorFenTM manufacturing capabilities in India and through partnerships with regional and country level pharmaceutical companies develop and, once approved, commercialize the product. Veloxis will transfer its technology for manufacturing of AtorFenTM to Athena, with all expenses funded by Athena, and Veloxis will retain 70% of all revenues generated (subject to a minimum royalty rate). Veloxis will retain the right to re-claim major territories or regions where third party distributors are not established by Athena within certain time intervals.
"This alliance will enable Veloxis to establish a competitive presence for AtorFenTM in emerging markets." said William Polvino, M.D., chief executive officer of Veloxis. "Substantial future growth in the pharmaceutical industry is expected to come from this region where cardiovascular morbidity is on the rise. We're delighted to have the opportunity to work with Athena, a company that is well positioned in emerging markets. This agreement is part of our strategy to out-license our cardiovascular portfolio to partners who can realize the full value of these assets."
Financial guidance
The content of this release will have no influence on the company's financial guidance for 2011 which was provided on 1 March 2011 in connection with the release of the financial results for 2010.
For more information, please contact:
Veloxis Pharmaceuticals A/S
Johnny Stilou
CFO
Phone: (+45) 21 227 227
Email: [email protected]
William Polvino
President and CEO
Phone: (+1) 732 321 3202
Email: [email protected]
About Veloxis Pharmaceuticals A/S
Based in Hørsholm, Denmark, with an office in New Jersey, Veloxis Pharmaceuticals A/S, or Veloxis, is a specialty pharmaceutical company. Clinical development is the core of Veloxis' efforts to develop a product portfolio which includes the Company's lead product candidate, LCP‐TacroTM, for immunosuppression, specifically organ transplantation, and products to combat certain cardiovascular diseases. Veloxis adapts new technologies on a fast commercial timetable. Veloxis' unique, patented delivery technology, MeltDose®, can improve absorption and bioavailability ‐ at low‐scale up costs ‐ not only for a broad spectrum of drugs already on the market but also for new chemical entities. Veloxis has a lipid lowering product, Fenoglide®, currently on the U.S. market and a diversified near and medium term pipeline with three clinical stage product candidates and a number of projects in preclinical development. Veloxis is listed on the NASDAQ OMX Copenhagen under the trading symbol OMX: VELO.