Shares of MediGene AG (MDGEF.PK: News ) are currently trading around 5 percent higher on Frankfurt’s Xetra after the German biopharmaceutical company said Wednesday that it has signed an agreement with Pharmanova, a privately owned Serbian pharmaceutical company, for the commercialization of genital warts ointment Veregen in a number of countries in Southeastern Europe.
The exclusive license and supply agreement covers Serbia, Bosnia and Herzegovina, Montenegro, Macedonia, Croatia, Slovenia, and Albania. Pharmanova will be responsible for the drug approval procedure in these countries, except Slovenia.
MediGene said it is entitled to successive payments, upon the achievement of set regulatory and sales milestones, and will receive double-digit royalties on sales of Veregen, while it did not mention other financial details.
The drug is currently available on the US, German, and Austrian markets.
For Veregen, MediGene has already entered into several marketing partnerships, including with Nycomed, Inc. for the USA, with Abbott for Germany, Austria, and Switzerland, with Laboratoires Expanscience for France, and with Meditrina Pharmaceuticals for Greece, Cyprus, Romania and Bulgaria, among others.
In addition, the company plans to file a second wave of marketing applications within the European mutual recognition procedure, including Slovenia.
Veregen, for the topical treatment of external genital warts, contains a concentrate of catechins with a complex defined composition, extracted from green tea leaves. MediGene acquired the basic rights to the active ingredient in Veregen from the Canadian company Epitome Pharmaceuticals, Inc. in 1999, and was solely responsible for the drug’s successful preclinical and clinical development, as well as the approval process.
MediGene is currently trading at 0.977 euros, up 0.047 euros or 5.05 percent.
Source: rttnews.com
