Dimethaid Research Inc announced that Dimethaid International Inc, its wholly owned subsidiary based in Barbados, has signed a sales and marketing agreement with Provalis Healthcare Limited for Pennsaid Topical Solution in the United Kingdom.
Provalis Healthcare Limited is a division of Provalis Plc an integrated healthcare company dedicated to providing prescription medicines, innovative point-of-care medical diagnostics and novel vaccine therapies to healthcare providers worldwide.
Under the agreement, Provalis has been awarded U.K. marketing and distribution rights to Pennsaid Topical Solution, a new treatment for the symptoms of osteoarthritis that received final marketing approval from the U.K. Medicines Control Agency in late November 2000.
Pennsaid Topical Solution is an effective, site-specific therapeutic with a superior safety profile when compared with oral non-steroidal anti-inflammatory drugs (NSAIDs). Provalis will be responsible for all costs associated with the marketing, distribution and sale of Pennsaid Topical Solution in the U.K. Dimethaid International has received a fee for these rights and will be entitled to a significant share of all sales revenues.
"We are delighted to be partnering with Provalis in the United Kingdom," said Rebecca Keeler, president and CEO of Dimethaid. "This agreement ensures that Pennsaid Topical Solution will be aggressively marketed in the U.K. by a company whose purpose is to market third-party prescription products. Provalis has a proven track record of successfully marketing prescription products, and we look forward to the exciting opportunities facing Pennsaid Topical Solution."
In commenting on the agreement, Philip Gould, chief executive officer of Provalis, said, "Pennsaid Topical Solution is a welcome addition to our product line, and one we believe will become our lead product in a very short period of time. We are looking forward to being able to provide relief to the 7 million osteoarthritis sufferers in the United Kingdom. We were very impressed with the clinical data on Pennsaid Topical Solution as it relates both to pain relief and to safety. Provalis has very high expectations for this product, and we are eager for our Healthcare division to begin sales in March."