Bioniche Pharma Group and AngioDynamics Sign Exclusive Distribution Agreement for Sotradecol(R) Injection
-- agreement gives AngioDynamics exclusive distribution rights to certain specialists --
BELLEVILLE, ON, October 18, 2005 – Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that its Pharma Division has signed an exclusive distribution agreement with AngioDynamics, Inc. (NASDAQ: ANGO) for Sotradecol® Injection (Sodium Tetradecyl Sulfate Injection) in the United States for the treatment of small, uncomplicated varicose veins.
Under the agreement, AngioDynamics has exclusive rights to distribute and sell the product to vascular surgeons, interventional radiologists, and general surgeons in the U.S. Promotions of the product in these market segments will be shared between Bioniche and AngioDynamics. Bioniche Pharma manufactures the product at its GMP facility in Galway, Ireland.
The contract has an initial term of seven years and requires an initial payment to Bioniche Pharma of $1.5 million in 30 days. A further payment of $800,000 will be due following the first commercial sale of the product. The contract also contains provisions for minimum annual purchase requirements.
According to Albert Beraldo, President and CEO of Bioniche Pharma Group Limited, “We are very excited to partner with AngioDynamics, a company we believe will be the leader in the treatment of varicose veins. AngioDynamics has excellent relationships with interventional radiologists and vascular surgeons, which we believe will help make sclerotherapy with Sotradecol an important FDA-approved treatment option for U.S. patients.”
Commenting for AngioDynamics, President and CEO, Eamonn P. Hobbs said, “We are delighted that Bioniche has chosen us to market this important drug, which is now legally available in the U.S. for this indication. This agreement allows us to provide greater treatment options to our customers, helping them to better serve their patients with varicose veins. We can now offer our customers a product geared toward the treatment of smaller veins, without the use of a laser.”
Added Graeme McRae, President & CEO of Bioniche Life Sciences Inc., “It is through strategic partnerships like this one that we are able to position ourselves to better compete in the global pharmaceutical marketplace.”
Sotradecol is approved by the U.S. Food and Drug Administration (FDA) for the treatment of small, uncomplicated varicose veins of the lower extremities. It is used in sclerotherapy (non-surgical vein removal). An estimated 1.7 million patients undergo sclerotherapy each year in the U.S.
About AngioDynamics, Inc.
AngioDynamics, Inc. is a leading provider of innovative medical devices used in minimally invasive, image-guided procedures to treat peripheral vascular disease, or PVD. The Company designs, develops, manufactures and markets a broad line of therapeutic and diagnostic devices that enable interventional physicians (interventional radiologists, vascular surgeons and others) to treat PVD and other non-coronary diseases. PVD is a condition in which the arteries or veins that carry blood to or from the legs, arms and non-cardiac organs (kidney, intestines, brain) become narrowed, obstructed or ballooned.
Financial figures expressed in U.S. dollars