UPPSALA, Sweden, June 27, 2005 (PRIMEZONE) -- Through a series of internal transactions Q-Med will become the sole owner of the product development of pharmaceuticals preventing kidney stones. The first step has thereby been taken to seek financing of the very promising projects. In addition to the internal transactions Q-Med is paying a small cash sum to Ixion.
"A surplus of oxalate gives recurring kidney stones. These create enormous healthcare costs and not least great personal suffering for both the young and the elderly. Ixion's technology is very promising and at present leads international development within the area. However, there are no funds for these projects within Q-Med, and therefore we are seeking external backers," says Bengt Agerup, President and CEO.
Before the internal transactions Q-Med owned 53% of the USA-based company Ixion Biotechnology, Inc., which has been carrying on research into stem cells and the degradation of oxalate. Ixion intends to continue with stem cell research for application within the area of diabetes.
Queries should be addressed to: Anne Rhenman, Director Investor Relations and Corporate Communications, Tel: + 46 (0) 70-974 90 15
NASHA, DUROLANE, ZUIDEX, IMPLACER, DEFLUX and all the products within the RESTYLANE family are trademarks that belong to Q-Med.
In the U.S., Q-Med AB's affiliate is the wholly owned subsidiary Q-Med Scandinavia, Inc.
Q-Med AB (publ)
Seminariegatan 21, SE-752 28 Uppsala, Sweden Corporate identity number 556258-6882 Tel: +46(0) 18-474 90 00 Fax: +46(0) 18-474 90 01 info@q-med.com www.q-med.com
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 (a 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 550 employees, with approximately 350 at the company's production facility and head office in Uppsala. The Q-Med share is listed on the O-list, Attract 40, of Stockholmsborsen.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=110871&fn=wkr0001.pdf