Aastrom Biosciences Inc has signed two agreements expanding the sales and marketing of its Cell Production Products (CPP) product line in Italy and Turkey. Both agreements provide for the distribution of the Company's AastromReplicell System, and associated CE-Marked cell production kits for the ex vivo production of dendritic cells, pivotal to the creation of emerging cell-based cancer vaccines.
Aastrom's agreement with CDK Tibbi Malzeme Ticaret Ltd. Sti. (CDK), located in Istanbul, Turkey, establishes an exclusive distributorship of the Company's CPP product line in that country. Later this month, Aastrom's cell-based technologies will be featured at a forum sponsored by CDK for Turkey's scientific leaders in the field of cell therapy. In a separate agreement signed with Capitalife, Ltd. (Capitalife), a United Kingdom company, Capitalife is assigned with the task of assisting Aastrom's subsidiary, Zellera AG, with marketing, as well as pursuing potential strategic or collaborative opportunities in Italy.
"In signing these agreements with well-established, reputable firms, we significantly expand our potential for near-term revenue and broaden the use of Aastrom's technology in innovative clinical applications," said Holger Beckmann, Managing Director of Zellera AG. "Aastrom's CPP line will be brought to market in Turkey and Italy by local sales forces familiar with the medical communities and protocols particular to each country. This scenario both increases the likelihood of successful sales and synergistic partnerships, and eliminates the expense of creating a distribution infrastructure for these countries."
Alan M. Wright, Senior Vice President Administrative and Financial Operations and Chief Financial Officer of Aastrom added, "CDK and Capitalife will be paid on a success fee basis. In addition, Aastrom is well protected against disagreement or breach of contract by well-established, neutral, international arbitration boards. Finally, all revenue will be paid in U.S. dollars. These factors combine to provide Aastrom with a fiscally attractive portal to a greatly expanded European marketplace, strengthening our conviction that 2003 will bring increased near-term opportunities for revenue and a larger presence as a leader in cell therapy."