PENDOPHARM is Granted an Exclusive License to Remimazolam in CanadaPrint
- PENDOPHARM and PAION have executed an exclusive license for Remimazolam in Canada
- PAION to receive up to CAD 5.7 million (approx. EUR 3.8 million) in milestone payments, plus significant double digit tiered royalties under the exclusive license agreement
Montreal (Canada), July 9th, 2014 – PENDOPHARM, a division of Pharmascience Inc., headquartered in Montreal, Canada, and PAION AG, a specialty pharma company, have entered into a license agreement for PAION’s lead drug candidate, Remimazolam, an innovative short-acting general anaesthetic/sedative. The license agreement grants PENDOPHARM an exclusive licence for the development and commercialization in the territory of Canada.
Under the licence agreement, PAION will be eligible to receive future milestone payments of CAD 5.7 million (approx. EUR 3.8 million) and significant double digit tiered royalties on net sales of Remimazolam in Canada. In addition, PENDOPHARM’s European affiliate, Pharmascience International Limited, has committed to invest up to EUR 4 million in shares of PAION AG subject to certain conditions.
Dr David Goodman, CEO of Pharmascience Inc. commented: ”We are very pleased to be working with PAION to bring Remimazolam to Canada. Remimazolam is a strategic fit with both our GI and hospital specialty products, and brings another innovative product to the Pendopharm portfolio with attractive therapeutic benefits for patients.”
Dr Wolfgang Söhngen, CEO of PAION, commented: “With PENDOPHARM’s existing franchise in the GI space and market leading position in colonoscopies, the company is an ideal partner sharing PAION’s philosophy to improve conscious sedation in the hospital and outpatient setting.”
About PENDOPHARM, a Division of Pharmascience Inc.
PENDOPHARM is a division of Pharmascience Inc., a Canadian privately-owned company. Established in 1983, Pharmascience Inc. is Canada’s 10th largest pharmaceutical company, with a highly-skilled workforce of 1,400 people. Pharmascience commercializes over 400 products, including branded prescription, OTC and BTC products as well as generic products in Canada and with its affiliates and distributors in to over 60 countries worldwide. Strategically committed to growth, PENDOPHARM is actively engaged in licensing, partnering, developing and marketing late-stage specialty prescription medicines as well as consumer brands.
Remimazolam is an innovative short-acting general anaesthetic/sedative. Due to its short duration of action and good controllability, it has a preferable efficacy and safety profile relative to other currently marketed anaesthesia compounds. The rapid offset of Remimazolam’s effect is due to its metabolism by tissue esterase enzymes that are widely distributed throughout the body.
Remimazolam has potential in three indications:
- Procedural sedation
- General anaesthesia
- ICU sedation
Remimazolam is available for licensing outside Japan, China, Russia (CIS), Turkey, South Korea and Canada, where the compound is partnered with, Ono Pharmaceutical, Yichang Humanwell, R-Pharm, and Hana Pharm and PENDOPHARM.
PAION AG is a publicly-listed specialty pharma company headquartered in Aachen, Germany with a second site in Cambridge, UK. The company has a track record in developing hospital-based treatments for which there are substantial unmet medical needs. PAION AG is transforming its business model from a pure development company to a specialty pharmaceutical company with a focus on anaesthesia products to take advantage of the unique profile of its main compound, Remimazolam.
Senior Director, Marketing
Pendopharm, a division of Pharmascience Inc.
6111, Royalmount Avenue, Suite 100
Montreal, Quebec H4P 2T4, Canada
Phone: +1 514 340 9800