Healthcare Industry News: dermal patch
News Release - January 16, 2008
Recordati Licenses Kentera(R) From Watson Pharmaceuticals Inc. (U.S.A.) for EuropeMILAN, ITALY--(Healthcare Sales & Marketing Network)--Jan 16, 2008 -- Milan, 16 January 2008 - Recordati announced the signature of an exclusive license agreement with a subsidiary of Watson Pharmaceuticals, Inc.(NYSE:WPI ) a U.S. pharmaceutical company, for the marketing and sale in 29 European countries of KenteraŽ, a bi-weekly oxybutynin transdermal patch indicated for the symptomatic treatment of urge incontinence and/or increased urinary frequency and urgency as may occur in patients. KenteraŽ was approved through the centralized procedure by the EMEA in 2004 and has been on the market in a number of countries with current sales of over EUR 7 million.
The incidence of micturition disorders, and overactive bladder (OAB) in particular, is increasing in the industrialized world. However, OAB remains under-diagnosed and under-treated. Therefore, there is a significant potential for growth in this market for products with proven efficacy and improved tolerability. "The acquisition of KenteraŽ, an original system for the administration of a well-known drug improving its tolerability profile, reinforces Recordati's focus in the urology area where it is developing silodosin, indicated for the treatment of benign prostate hypertrophy, due for filing in Europe in the second half of 2008" declared Giovanni Recordati, Chairman and CEO.
Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), dedicated to the research, development, manufacturing and marketing of pharmaceuticals, with headquarters in Milan, Italy, operations in the main European countries, and a total staff of over 2,200. A European field force of over 1,100 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas. Recordati's current and growing coverage of the European pharmaceutical market makes it a partner of choice for new product licenses from companies which do not have European marketing organizations. Recordati is committed to the research of new drug entities within the cardiovascular and urogenital therapeutic areas in which its research team has proven scientific competence and a track record of discovery and development of original drugs, the most recent of which, lercanidipine, a latest generation calcium channel blocker for the treatment of hypertension, is the company's leading product. Consolidated revenue for 2006 was EUR 576.2 million, operating income was EUR 120.3 million and net income was EUR 74.0 million.
Statements contained in this release, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.
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