UPPSALA, Sweden, Jan, 23, 2002 (PRIMEZONE) -- In the past few days the Swedish company Q-Med AB has signed an exclusive option and negotiation agreement with a major international company for the distribution of the osteoarthritis product DUROLANE. The agreement gives the company exclusive rights to discussions with Q-Med concerning a global distribution agreement. Q-Med is to receive an undisclosed payment for this.
The agreement, which is valid for up to six months, applies to discussions concerning exclusive worldwide distribution rights for DUROLANE and other products within the orthopedics field. During this period the parties aim to complete their negotiations of the distribution agreement. Meanwhile the introduction of DUROLANE will continue in Europe via Q-Med's own subsidiaries.
Through the agreement Q-Med undertakes during the period of the agreement not to enter into any discussions regarding any other collaboration within the orthopedics field. Q-Med is to receive an undisclosed payment for this.
Facts About Osteoarthritis - Degeneration of the Joints
Osteoarthritis is regarded as the most commonly occurring joint disease in the world. In the USA alone 15 million people are affected each year. It is a chronic, degenerative joint disease which is characterized by pain and impaired mobility in the joints. In general the disease affects older people, but sports injuries, overweight and genetic factors can lead to osteoarthritis. In most cases the knee and the hip are affected, the joints which support much of the body's weight.
Facts About DUROLANE
DUROLANE is Q-Med's product for the treatment of osteoarthritis of the knee joint. It is based on the company's NASHA technology - Non-Animal Stabilized Hyaluronic Acid. At present a double-blind clinical study is being conducted on 346 patients where DUROLANE is being tested against a placebo. The aim of the study is to show that by using just one injection of DUROLANE pain can be reduced and mobility increased for up to 6 months in the affected patients. This study will form the basis of the registration of the product in the USA. It is estimated that the results from the study will be ready during Q2 this year.
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 technology for the production of NASHA - Non-Animal Stabilized Hyaluronic Acid. Q-Med's operations focus on the four areas of Esthetics, Orthopedics, Uro- Gynecology, and Cell Therapy and Encapsulation. The products RESTYLANE, RESTYLANE Fine Lines and PERLANE are used for the filling out of lips and facial wrinkles and today account for the majority of sales. Development of MACROLANE for body contouring, for example breast augmentation, is ongoing. DUROLANE, Q-Med's product for the treatment of osteoarthritis in the knee joint, 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 is estimated to be available in Europe in the middle of 2002. Since July 2000 Q-Med has owned a majority interest in the American biotechnology company Ixion Biotechnology, Inc., with research within cell therapy for diabetes. Q-Med today has over 230 employees, with 170 at the company's production facility and head office in Uppsala, 20 at Ixion and the remainder in wholly owned foreign sales companies. The Q-Med share was first listed on the O-list of the OM Stockholm Stock Exchange in December 1999.
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