Business
Microbix Signs Marketing Agreement For Kinlytic(R)(Urokinase) In Growing Middle East Region
Microbix Signs Marketing Agreement For Kinlytic(R)(Urokinase) In Growing Middle East Region
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\nNov. 17, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 17 /CNW/ -- Microbix Biosystems Inc. (MBX:TSX), a biotech company focused on virology and biological technologies, today announced a marketing and supply agreement with Riso Pharma that guarantees purchases of not less than 50,000 KINLYTIC vials over the next three years. KINLYTIC (Urokinase) is Microbix' thrombolytic agent for treating pulmonary embolism.Under the terms of the agreement, Microbix will grant Riso exclusive rights to market KINLYTIC throughout the Middle East. Microbix will share in the revenues from KINLYTIC sales in all countries covered by the agreement and Riso will be responsible for all commercialization activities. Microbix expects KINLYTIC sales to commence around mid-year 2010.Mark A. Cochran, Microbix' Chief Business Officer, said, \"Microbix is off to a great start as we bring KINLYTIC back to the world's medical community. We expect to provide our clot-busting therapy to other parts of the world by signing additional agreements, such as this one, throughout 2010. And, while final pricing for our therapy has not been yet established, even at a discounted pricing offered to these emerging markets, Microbix will profit substantially from this agreement covering the Middle East.\"The market for pharmaceutical sales in the Middle East is valued today at $12 billion and is expected to grow 10 to 15 percent annually, according to published pharmaceutical market reports. Growth in this region is being forecast for the pharmaceutical and biotechnology industries due to moves by Middle Eastern nations to liberalize national economies and introduce universal health care coverage.P. Daniel Bagi, M.D., Managing Director of Riso Pharma, said, \"We are very pleased to add KINLYTIC to our diverse product offerings throughout the Middle East. As with all of our product sales, we expect KINLYTIC to achieve annual sales of several million dollars in the region.\"Urokinase, which Microbix has re-branded as KINLYTIC, has been administered to over four million patients and generated peak annual worldwide sales of more than $300 million, prior to Abbott Laboratories discontinuing sales several years ago due to manufacturing issues. With all outstanding manufacturing issues resolved, Microbix is now the only worldwide source of low-molecular-weight urokinase.In 2...