Canadian pharmaceutical developer Stellar Pharmaceuticals Inc. reported that they signed a licensing agreement with medac GmbH for the distribution and sale of one of its lead products, Uracyst®. The product, a sterile sodium chondrotin solution used to treat interstitial cystitis/painful bladder syndrome, will be marketed in Germany and Austria; there, the product is trademarked as Uropol®.
With the approved CE mark for the product already in place, the company expects that medac will launch Uropol® in the third quarter of 2010. The agreement has an initial five-year term with additional two-year renewal periods, and under the terms of the agreement, medac will pay Stellar an upfront licensee fee in addition to a specified transfer price. In return, it will receive the rights to an exclusive agreement for this territory.
Peter Riehl, Stellar’s President and Chief Executive Officer, remarked, “We are pleased to enter into this relationship with medac, a company that has a strong presence in the urology markets in Germany and Austria. We are confident that, with medac’s support, Uracyst(R)/Uropol(R) will gain significant awareness, acceptance and adoption in these jurisdictions.”
Mr. Riehl continued, “Germany is the single largest market in the European Community. Accordingly, this agreement not only represents an important revenue opportunity for Stellar and medac, but also offers hope for the first time to the thousands of German residents who are currently suffering from IC/PBS.”