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Home Industry News ProStrakan signs strategic alliance with NovaQuest

ProStrakan signs strategic alliance with NovaQuest

23rd October 2007

ProStrakan has announced that it is to establish a sales force in the US through a newly-signed strategic agreement with NovaQuest, the strategic partnering group of Quintiles Transnational.

Under the terms of the deal, NovaQuest will provide ProStrakan with an exclusive 75-strong sales force in the US prior to its launch of its drug Sancuso to prevent nausea and vomiting induced by chemotherapy, with NovaQuest to pay $10 million (4.89 million pounds) to support the marketing of the drug.

NovaQuest has been granted warrants of 2.6 million new ordinary shares in ProStrakan at the price of 75.5 pence per share, while ProStrakan has agreed to pay a tapering royalty to NovaQuest on sales of Sancuso in the US over a seven-year period.

Dr Wilson Totten, chief executive of ProStrakan, said: “The establishment of a US sales force is a transforming step forward for ProStrakan and is the realisation of a long-held ambition.

“Our own sales force, marketing our own product in the world?s largest market, will take ProStrakan onto a new level.”

He added that the structure of the partnership offsets the risk for the firm which enables the firm to maintain its target of breaking even in 2009.

Last month, ProStrakan announced its six month interim results, recording revenues of 20.9 million pounds, a 28 per cent rise on the previous year’s figures and a net loss of 8.6 million pounds, down 43 per cent on the first half of 2006.

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