UPPSALA, Sweden, July 15, 2004 (PRIMEZONE) -- Q-Med today announced that it has entered into an exclusive license agreement with Medicis, to market, distribute, sell and commercialize in the United States and Canada Q-Med's product currently marketed in Europe under the trademark RESTYLANE SubQ. Q-Med will have the exclusive right to manufacture and sell RESTYLANE SubQ to Medicis. RESTYLANE SubQ is not currently approved for use in the United States and Canada.
Under the terms of the agreement, Medicis Aesthetics Holdings Inc., a wholly owned subsidiary of Medicis Pharmaceutical Corporation, will license RESTYLANE SubQ for USD 80 million, due as follows: USD 30 million upon closing of the transaction today, USD 10 million upon completion of certain clinical milestones, USD 20 million upon the submission of the regulatory file to the FDA and USD 20 million upon U.S. launch. Medicis will also make additional substantial milestone payments to Q-Med upon the achievement of certain commercial milestones. Q-Med will be responsible for the costs and handling of the regulatory process of getting RESTYLANE SubQ approved by the regulatory authorities in Canada and the USA.
"We are pleased that RESTYLANE SubQ will be marketed by Medicis together with our other RESTYLANE products in North America," says Bengt Agerup, President and Chief Executive Officer of Q-Med. "We strongly believe that RESTYLANE SubQ has a great potential and that Medicis is the ideal partner for exploring this new and exciting market. There are approximately 200,000 fat injections performed yearly world wide and we believe that our non-invasive treatment with RESTYLANE SubQ can replace a large part of these procedures, as well as other implant procedures for deep facial augmentation."
Like the other RESTYLANE products, RESTYLANE SubQ is based on the company's patented NASHA technology (Non-Animal Stabilized Hyaluronic acid), but it has a larger gel particle size. The product is intended for subcutaneous or supraperiosteal injections where more volume is required for instance to contour cheeks and chins.
Medicis Aesthetics Inc., the company that is currently marketing and selling RESTYLANE in north America, is a wholly owned subsidiary of Medicis Pharmaceutical Corporation, a leading independent specialty pharmaceutical company in the United States focusing primarily on the treatment of dermatological and podiatric conditions and aesthetics medicine. Medicis Pharmaceutical Corporation has leading branded prescription products in a number of therapeutic categories, including acne, eczema, fungal infections, hyperpigmentation, photoaging, psoriasis, rosacea, seborrheic dermatitis and skin and skin-structure infections. Medicis is listed on NSYE (MRX), has a turnover of over SEK 2 billion and during the past five years has had a growth of 40 percent per year. The company only has sales in the USA and Canada.
Queries should be addressed to: Bengt Agerup, President and CEO Ph: +46 (0) 70 974 90 25
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 approximately 500 employees, with approximately 320 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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