+++++++++++++++++++++++++ SciGen Limited ("SciGen") announced today that the company has entered into a commercialisation agreement with PharmEvo (Private) Ltd ("PharmEvo") for the marketing, sale and distribution of SciGen's human insulin throughout Pakistan.
The agreement is on a non-exclusive basis for 10 years which allows SciGen to engage other distribution partners in Pakistan if it so wishes. The agreement requires PharmEvo to sell exclusively SciGen's recombinant human insulin during the 10 year term.
PharmEvo estimates the diabetic population of those greater than 25 years of age in Pakistan to number about 15 million people. Recent clinical trends in Pakistan show insulin being used more as a first line treatment in Type 2 diabetes.
PharmEvo is a private company in Pakistan with a current annual turnover of US$50 million. PharmEvo manufactures, markets and sells its own products and products under licence and is building a new 40,000 square metre manufacturing plant at Port Qasim in Pakistan.
The Commercialisation agreement between SciGen and PharmEvo is expected to generate in the order of over US$3 million dollars in revenue for SciGen over the three years following registration. The agreement contains minimum order provisions. It is anticipated that registration of SciGen's insulin in Pakistan will take about 9 months. SciGen's expert Regulatory Affairs team will work with PharmEvo and the Pakistani Authorities to move registration forward as quickly as possible.
The relationship that has been formed with PharmEvo has the potential to cover other products in SciGen's portfolio in due course.
The agreement between SciGen and PharmEvo is another example of SciGen's demonstrated ability to work in the Asia Pacific Region to establish partnerships in order to maximise sales and marketing opportunities for SciGen's portfolio of products. Moreover, it continues to consolidate SciGen's revenue streams going forward and adds to financial stability.
MEDIA ENQUIRIES
Mark Compton MANAGING DIRECTOR & CEO Telephone: +61 2 9234 1700
Web: www.scigen.com.au
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