Xbrane Biopharma signs agreement with BioAvenir fo
Post# of 301275
Press release 2016-12-21 Xbrane Biopharma has signed a distribution agreement with BioAvenir for sales and marketing of Spherotide on the Israeli market. Xbrane estimates, based on expected price and penetration, that Spherotide has a sales potential of approximately SEK 5 million annually in Israel. Xbrane and BioAvenir will share the profits from sales of Spheritode in Israel and Xbrane will receive a license fee of SEK 1 million divided in upfront and milestone payments until the product is launched. Spherotide will, for the Israeli market, be produced in Xbrane's production facility in Italy for resale to BioAvenir. Expected launch of Spherotide in Israel is 2020 after market authorization has been granted by Israels Ministry of Health on the basis of an EU approved dossier.
"We are convinced that BioAvenir, with its strong experience in sales of hospital pharmaceuticals, is the right partner for sales and marketing of Spherotide in Israel", says Martin Åmark, Xbranes CEO.
"We are excited to bring Spherotide to the Israeli market. We have through the due diligence process gained strong confidence in the technical capabilities of the Xbrane team and we look very much forward to future broader collaboration around the upcoming products in Xbranes product portfolio", says Misha Maran, Director, BioAvenir.
Spherotide is a depot formulation drug with the active substance triptorelin and is used primarily in the treatment of prostate cancer, endometriosis and uterine fibroids. The drug is based on encapsulation of the active ingredient in biodegradable microspheres that degrade in the body after injection and create a long acting effect.
About Xbrane Xbrane is a commercial phase Swedish biopharmaceutical company specialized in Biosimilars and long acting injectables. Xbrane has world leading expertise in developing generics for long acting injectable drugs and proprietary high-yield protein expression technology for the development of biosimilars. Xbranes's headquarter is located in Stockholm and the company's in-house research and development facilities are in Sweden and Italy. Xbrane is listed at Nasdaq First North since February 3rd under the name XBRANE and Avanza Bank AB is Xbranes certified advisor. For more information see www.xbrane.com .
For further information, please contact: Martin Åmark Chief Executive Officer M: +46 (0) 763-093 777 E: martin.amark@xbrane.com
About BioAvenir BioAvenir is a family owned pharmaceutical company specializing in licensing, registering and commercializing pharmaceuticals and special products in Israel both to the private and institutional market. BioAvenir is a well established pharmaceutical company in Israel with an annual revenue of approximately SEK 100 million with a product portfolio focused on oncology, ophthalmology, pain management and antibiotics. For more information see www.bioavenir.com .
For further information, please contact: Misha Maran Director M: +972 54 43 33 541 E: mmaran@bioavenir.co.il
This information is information that Xbrane Biopharma AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 21 December 2016.
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