AngioDynamics, Inc., a leading provider of innovative medical devices, has amended its agreement with Bioniche Pharma Group Limited to expand its market to be the sole distributor of Sotradecol for the treatment of small, uncomplicated varicose veins and other vascular indications in all markets in the United States. Bioniche has agreed to use all reasonable commercial efforts to terminate its relationships with other parties who sell or distribute Sotradecol in the US.
The amended agreement gives AngioDynamics exclusive rights to distribute Sotradecol to all markets, including all physicians, hospital pharmacies, group purchasing organizations, and wholesalers, in the United States. AngioDynamics is to be the sole source vendor for Sotradecol in the US. The previous agreement limited sales to interventional radiologists, vascular surgeons, general surgeons, and certain other physician specialties.
Sotradecol is the only FDA-approved, sodium tetradecyl sulfate injection in the United States. Sotradecol is used in sclerotherapy, a non-surgical procedure to treat unsightly spider veins. An estimated 1.7 million patients undergo sclerotherapy each year in the US. AngioDynamics estimates the current total sclerotherapy market size in the US to be approximately $70 million. Compounded agents, including the non-FDA approved polidocanol, currently dominate the sclerotherapy market. Based on the amended agreement, AngioDynamics anticipates the incremental sales of Sotradecol to be at least $3.0 million in fiscal 2007.
Commenting for AngioDynamics, president and CEO, Eamonn P Hobbs said, "We are thrilled that we are to be the only distributor of Sotradecol in the US and that customers will now be certain as to where to purchase the product. This amended agreement allows us to provide greater treatment options to more physicians, helping them to better serve their patients who suffer from varicose veins. In addition to our laser system for the treatment of large varicose veins, we can now offer Sotradecol to all physicians in the US for the treatment of smaller veins."
David Doster, product manager for VenaCure products, remarked, "Sotradecol is a great addition to our VenaCure product line. This amendment will allow AngioDynamics to market Sotradecol to all physicians within the US, and we expect that it will significantly improve our position in the venous disease market by providing access to additional vein treatment centres and new vein treatment customers."