TORONTO, ON--(Marketwired - Oct 22, 2013) - Easton Pharmaceuticals, Inc. (
The agreement calls for milestone payments to be made to BMV and has confirmed that an initial up- front payment representing 33% ("percent") of the total owed, plus a consultant fee, has been advanced to BMV towards the "VIORRA" government regulatory filing, which represents the first such payment to BMV after previous delays. The remaining payments as per the agreement, calls for milestone payments to be made over the next 6 month period which includes the drafting and submission of a comprehensive Dossier. BMV has guaranteed to the Company, pending the receipt of appropriate manufacturing documents, the company shall receive not only regulatory approval in Mexico, but shall search and deliver on a suitable distribution partner for sales and marketing. "Viorra" is an over-the-counter aid meant to restore and improve vaginal moisture and elasticity which has a very positive effect on women's sexual desire and arousal targeted for women suffering from FSAD (Female Sexual Arousal Disorder). VIORRA is a topical, daily-use product formulated with ingredients classified by the FDA as Generally Recognized as Safe.
Carla Pepe, Easton Pharmaceuticals Marketing Director / Corporate Secretary and Director, stated, "We are pleased to have moved forward with BMV and to have them see this through on all fronts on behalf of Easton Pharmaceuticals, in Mexico and other Latin American markets." Miss Pepe further commented, "Our analysis suggests Mexico represents an ideal territory launch site for our VIORRA Female Sexual Dysfunction (FSAD) product in our Latin American market initiatives. Male Sexual Dysfunction products have historically done very well in Mexico, and with a population near 120 million, the company foresees a significant opportunity with excellent potential for success for a safe product with no risky drug induced side effects. We anticipate the product being well received by the general public in Mexico. The world market for products designed to treat females possessing these types of conditions are in the Billions of Dollars."
BMV estimates the regulatory process to require six to seven months until a marketing approval is obtained and in parallel with the regulatory filing. BMV will immediately begin talks with several targeted distribution companies focused on sales and marketing in the women's health, sexual arousal disorder and the sexual wellness market. Easton Pharmaceuticals believes that with both the regulatory and commercial alliance initiatives running in parallel, this will enable a timely, successful launch of VIORRA in Mexico sometime in the first half of 2014 now that payments have been forwarded to BMV.
Ms. Mendoza Vazquez of BMV stated: "We are very excited to be working with Easton Pharmaceuticals and hope to fast-track this approval. The Latin American culture is one in which we believe this product will be very well received and could perform extremely well in."
About BMV Medica, S.A. de C.V.: BMV was founded in 2009, by a group of pharmaceutical professionals, whose background includes regulatory approvals in Mexico for several classes of Health Sector Products, including Medical Devices, Medicines, and a combination of Drug/Device products, as well as nutraceuticals, and cosmetic products. In addition, BMV works with North American and European pharmaceutical companies to assist them with local regulatory approvals and distribution agreements. Ms. Mendoza Vazquez, President of BMV, has previously worked in Marketing, Regulatory and Sales for Schering Plough Mexico, and other Pharmaceutical companies.
About Easton Pharmaceuticals Inc.
Easton Pharmaceuticals is a specialty pharmaceutical company that designs, develops, and markets a premium array of topically-delivered Drugs and therapeutic healthcare products, focused on skin and circulatory conditions that impact a large and expanding number of consumers including health issues related to male and female sexual dysfunction, wound healing, pain, motion sickness, scar and stretch marks, cellulite, varicose veins and other conditions. The world market for these conditions is in excess of $10 billion.
The company's gel formulation is thought to be an innovative and unique transdermal delivery system. Easton Pharmaceuticals' flagship product, VIORRA, is an over-the-counter aid for the treatment to restore and improve vaginal moisture and elasticity which has a very positive effect on women's sexual desire and arousal, FSAD (Female Sexual Arousal Disorder) the world market for these female conditions are in excess of $2 billion. VIORRA is a topical, daily-use product classified by the FDA as containing Generally Recognized as Safe ingredients.
For More Information Visit http://www.eastonpharma.com & http://www.ashleybiomedical.com
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This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased," "plan," "confident that," "believe," "expect," "should", expect", "anticipate", "intent to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional or adequate financing and other risks and uncertainties as stated in the company's financial reports and filings.