MILANO, Italy, Sept. 16, 2014 (GLOBE NEWSWIRE) -- Recordati announces that it has entered into a license agreement with Plethora Solutions Limited and Plethora Solutions Holdings Plc (AIM: PLE), a specialty pharmaceutical company with headquarters in the UK, for the commercialization of PSD502(TM) in Europe, Russia, Commonwealth of Independent States (C.I.S.), Turkey and certain countries in North Africa. The license agreement shall be effective from the date upon which certain transaction documents relating to Plethora and various third parties have become wholly unconditional, whereupon the up-front payment of €5 million to Plethora will become due and payable. The final completion condition in relation to the transaction documents, being receipt of funds by the third parties from Plethora, is expected to be satisfied shortly.
PSD502(TM) is an easy-to-use fast acting topical spray formulation of lidocaine and prilocaine for the treatment of premature ejaculation. Premature ejaculation is a common form of sexual dysfunction in men. Epidemiological studies conducted in the US and in Europe indicate a prevalence of 20% to 30% in men of all ages. The product has been approved by EMA (the European Medicines Agency) but the new dosage form which will be actually commercialized is currently in development and will require a variation of the approval.
"We are very pleased with the addition of PSD502(TM) to our urology pipeline" stated Giovanni Recordati, Chairman and CEO. "This innovative product will reinforce and extend our current franchise in the men's health and urology areas where patients' unsatisfied needs require solutions to improve health and quality of life".
Recordati , established in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of around 4,000, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, in other Central and Eastern European countries, in Turkey, in North Africa and in the United States of America. An efficient field force of medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati is a partner of choice for new product licenses for its territories. Recordati is committed to the research and development of new specialties within the urogenital therapeutic area and of treatments for rare diseases. Consolidated revenue for 2013 was € 941.6 million, operating income was € 195.4 million and net income was € 133.7 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media Relations
Marianne Tatschke Studio Noris Morano
(39)0248787393 (39)0276004736, (39)0276004745
e-mail: inver@recordati.it e-mail: norismorano@studionorismorano.com
S tatements contained in this release, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.
RECORDATI OBTAINS LICENSE TO NEW TREATMENT FROM PLETHORA http://hugin.info/143644/R/1856131/649531.pdf
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