QUÉBEC – December 15, 2005 - Advitech Inc. (TSX-V: AVI) today announced it has reached an agreement in principle (the “Agreement”) with Cothera® s.a.s. (“Cothera”), a French company specializing in the marketing of co-therapies for chronic diseases, to market and distribute its psoriasis product in France.
The Agreement is subject to a definitive marketing and distribution contract (the “Contract”), to be entered into before June 30, 2006. The Contract will give Cothera exclusive rights from Advitech to market Dermylex™, Advitech’s clinically tested, bioactive ingredient for the treatment of psoriasis. The Contract will have a term of three years, and will provide for a certain minimum amount of product purchases to be reached by Cothera in order to maintain exclusivity from Advitech. In addition, Cothera has agreed to a marketing program that includes specific objectives regarding coverage of dermatologists in France. Other financial terms and conditions of the Agreement were not disclosed.
Cothera is a company headed by three former senior executives of large pharmaceutical companies. François Miceli, one of Cothera’s co-founders and its non-executive Chairman, is the former CEO of IDEXX Laboratories Italia, a subsidiary of IDEXX Laboratories (NASDAQ: IDXX). Dominique Bourgeade, co-founder and Chief Operating Officer, is the former Head of the
Pharmaceutical Division of Pharmacia France, a company now part of Pfizer (NYSE: PFE). J.C. Anton, co-founder and Chief Scientific Officer, was previously Marketing Director of Pierre Fabre Laboratories, France.
Commenting on the Agreement, Cothera Chairman François Miceli mentioned: “We are very pleased to have reached this agreement with Advitech. Advitech’s psoriasis product fits our mission of improving patient quality of life perfectly, by providing clinically proven nutraceutical products. Cothera believes in the importance of co-therapies where a nutraceutical product like Advitech’s can complement existing drugs by providing safe, effective and convenient solutions.“Renaud Beauchesne, CEO of Advitech, added: “This agreement with Cothera for our psoriasis product is important because it validates our strategy to market clinically proven, naturally-derived products. We are looking forward to having Cothera introduce our product to market before the end of 2006 and accelerate its sales and marketing effort in 2007.“
Product Launch Timetable
COO Dominique Bourgeade indicated that Cothera intends to file its dossier with the French regulatory authorities during the first quarter of 2006 and, subject to the necessary approvals, it is planning a product launch before the end of 2006.
Cothera® s.a.s. (www.cothera.com) is a French-based company that develops, manufactures and markets proprietary nutraceutical formulations through health care professionals to people at risk or suffering from neurodegenerative and/or chronic diseases, as a complementary integrated treatment that is given in conjunction with allopathic treatment.
Dermylex™ is Advitech’s orally administered product for mild to moderate psoriasis with proven clinical efficacy. On July 5, 2005, the Company reported positive results from its Phase II clinical trial for mild to moderate psoriasis. The 112-day, multi-center, double blind, placebo-controlled study, involving 84 patients, confirmed the efficacy and excellent safety profile of Dermylex™ for treating mild to moderate psoriasis.
Advitech is a Canadian biotechnology company specializing in the development of clinically tested bioactive ingredients for chronic immune-mediated inflammatory diseases (I.M.I.D.), such as psoriasis and inflammatory bowel diseases. Advitech’s common shares are listed on the TSX Venture Exchange under the symbol AVI. The number of common shares outstanding is
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.