Stellar Pharmaceuticals Inc., a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select healthcare markets, through a licensing agreement provided Sigmar Italia S.p.A., a specialty pharmaceutical sales and marketing company based in Pero, MI, Italy, rights to distribute and sell its Uracyst in Italy.
Sigmar promotes prescription medicines for urology and orthopedics in Italy. One of Sigmar's major focus areas is urology, and Uracyst, Stellar's proprietary product, used in the treatment of interstitial cystitis and painful bladder syndrome, is used 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 Sigmar in the second quarter of 2009.
Under the terms of the agreement Sigmar will pay Stellar an upfront licensee fee, plus a 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 Sigmar, a company that has a presence in the urology markets in this significant territory which has a population of over 56 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 Sigmar."
Sigmar Italia S.p.A. is part of the Aq Tech S.p.A. Group and is specialized in the manufacturing of pharmaceutical topical powders. The company operates in the manufacturing, distribution and sale, both directly and on third party account, of dietary, pharmaceutical and dermocosmetic products.
Interstitial Cystitis (IC) and Painful Bladder Syndrome (PBS) are inflammatory diseases of the bladder wall, which causes pain, discomfort and frequent urination for those afflicted. There is no known cure for IC/PBS and currently approved products attempt to alleviate the symptoms of the disease. The quality of life for patients with IC/PBS is extremely poor, as they may need to void up to 60 times per day.
Uracyst, a sodium chondroitin sulfate solution, supplements and replenishes deficiencies in the glycosaminoglycan (GAG) lining of the bladder. The GAG lining acts as a protective barrier against irritants and toxins in the urine, and defends against bacterial adherence. Many researchers believe that more than 70 per cent of patients with IC/PBS have deficient GAG layers allowing irritants and toxins in the urine to seep through this protective barrier causing an inflammation of the bladder wall.
Stellar currently markets Uracyst directly in Canada. In addition, as announced earlier in December 2008, Denmark, Sweden, Norway, Finland, Iceland, the UK and Republic of Ireland have now been added to this list. Stellar also has out licensing agreements in place for Uracyst in Israel, United States and China, territories which are each currently awaiting regulatory approvals.
Stellar has developed and is marketing direct in Canada and in countries around the world through out-license agreements two products based on its core polysaccharide technology: