Stellar Pharmaceuticals Inc (Stellar), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, reported signing a licensing agreement for the distribution and sale of Uracyst in Netherlands, Belgium and Luxemburg, with EuroCept BV (EuroCept), a specialty pharmaceutical sales and marketing company, based in Ankeveen, the Netherlands.
EuroCept promotes prescription medicines for urology, anaesthesia and psychiatry in the Netherlands, Belgium and Luxembourg. One of EuroCept's major focus areas is urology, and Uracyst, Stellar's proprietary product, used in the treatment of interstitial cystitis and painful bladder syndrome, is treated mainly by urologists.
With the approved CE mark for Uracyst already in place for the European market, it is expected that Uracyst should be launched by EuroCept early in the first quarter of 2009.
Under the terms of the agreement EuroCept will pay Stellar an upfront milestone payment, plus an ongoing royalty on in-market sales and specified transfer price in exchange for the rights to an exclusive license for this territory. This agreement has an initial five year term and may be renewed for an additional three year term with the mutual agreement of both parties.
Peter Riehl, Stellar's president and chief executive officer, stated, "We are pleased to enter into this relationship with EuroCept, a company which has a presence in the urology markets in this important territory which has a combined population of over 27.5 million. This agreement adds to the Company's overall growth strategy, to license our proprietary products into the global market place and adds to the other distribution agreements which Stellar has entered into in respect of other European territories. We look forward to building a successful long-term working relationship with EuroCept."
EuroCept Pharma is part of the EuroCept group and with its pharmaceutical and homecare activities, is a marketing and sales company