Labopharm Inc. has reacquired the sales and marketing rights to its once-daily tramadol product (Tradorec XL) for the United Kingdom from Recordati Ireland Ltd. To promote its product in the UK, the company will engage a contract sales organization and pursue a new licensing and distribution agreement with an appropriate marketing partner.
Under its agreement with Recordati to reacquire the UK rights to its once-daily tramadol product, Labopharm will continue to use the brand name Tradorec XL in marketing its product. Labopharm will also receive a (euro) 700,000 milestone from Recordati upon termination of Recordati's rights. Labopharm is in discussions to finalize an agreement with a contract sales organization to promote Tradorec XL in the UK. The Company is also in discussions to establish a licensing and distribution agreement with a new marketing partner.
Labopharm is an emerging leader in optimizing the performance of existing small molecule drugs using its proprietary controlled-release technologies. The Company's lead product, a unique once-daily formulation of tramadol, is being commercially launched in key markets globally.