UPPSALA, Sweden, May 17, 2004 (PRIMEZONE) -- Due to the fact that Medicis has met the sales criteria stipulated in the agreement, Q-Med has received a supplementary purchase sum of USD 19.4 million from Medicis.
Q-Med has previously received two payments of USD 58.2 million and USD 53.3 million. As the sales criteria stipulated in the agreement have now been met, Q-Med receives USD 19,360,000, which at today's exchange rate corresponds to approximately SEK 149,6 million.
Information on the deal with Medicis On February 10, 2003 Q-Med announced the divestiture of the North American business regarding RESTYLANE, RESTYLANE Fine Lines and RESTYLANE Perlane to Medicis, an American company.
Q-Med received a first payment of USD 58.2 million at the beginning of March 2003. The second payment of USD 53.3 million was received by Q-Med when the FDA approved RESTYLANE in December 2003. A fourth payment of a further USD 29.1 million is due after RESTYLANE Perlane has obtained sales approval. In total the deal generates USD 160 million for Q-Med. Furthermore, Q-Med retains exclusive manufacturing rights for the three products for the North American market for ten years.
Queries should be addressed to:
Bengt Agerup, President and CEO, tel: 070-974 90 25, Erika Kjellberg Eriksson, CFO, tel: 070-974 90 20.
Note: Q-Med AB operates under the name of Q-Med Scandinavia, Inc. in the USA.
Q-Med is a rapidly growing and profitable biotechnology/medical device company that develops, produces and markets medical implants. All products are based on the company's patented NASHA technology - Non-Animal Stabilized Hyaluronic Acid. The products covered by the RESTYLANE trademark are used for the filling out of lips and facial wrinkles and for facial contouring and today account for the majority of sales. RESTYLANE is sold in over 70 countries and has been approved in the USA. DUROLANE, Q-Med's product for the treatment of osteoarthritis of the hip and knee joints, has been approved in Europe since May 2001. DEFLUX is a product which has been approved in Europe and the USA for the treatment of vesicoureteral reflux (malformation of the urinary bladder) in children. ZUIDEX for the treatment of stress urinary incontinence in women has been sold in Europe since July 2002. Q-Med today has 480 employees, with approximately 310 at the company's production facility and head office in Uppsala. The Q-Med share is listed on the Attract 40 list of the Stockholm Stock Exchange.
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