Orbus Pharma Inc.

Orbus Pharma Inc.

November 06, 2006 06:00 ET

Orbus Pharma Inc. Announces Signing of a Three Way License, Sale of Marketing Authorisations and Manufacturing Agreement

TORONTO, ONTARIO--(CCNMatthews - Nov. 6, 2006) - Orbus Pharma Inc. (TSX:ORB) ("Orbus") today announced that it has entered into an agreement with Desitin Arzneimittel GmbH, ("Desitin") of Germany for its immediate release 150mg, 300mg and 600mg tablets containing the active ingredient oxcarbazepine (anti-epileptic). Also party to the agreement is Orbus' partner in this drug development, Alfred E.Tiefenbacher GmbH & Co. KG ("AET") of Germany.

The agreement provides for the ongoing relationship between Orbus, AET and Desitin to utilize Orbus' immediate release Oxcarbazepine formulations to obtain marketing authorizations throughout the European Union, as well as in Switzerland, Romania, Norway, Turkey and Iceland. The agreement also designates Orbus as manufacturer of the product for resulting sales within the countries.

In addition to payments for the supply of product by Orbus, the parties have agreed to an initial licensing fee and milestone payments as marketing authorizations are obtained in jurisdictions throughout the countries. Since the development of the immediate release tablets containing the active ingredient is a co-development project between Orbus and AET, all consideration payable under the agreement will be shared equally between Orbus and AET.

"Our agreement with Desitin is a major milestone for Orbus and we are very pleased to be associated with this high profile well known industry player." says Jeff Renwick, President and CEO of Orbus Pharma Inc.

Orbus Pharma Inc. is listed on The Toronto Stock Exchange under the symbol ORB and pursues a strategy of generating revenue through the licensing of its generic drug developments as well as the manufacturing and selling of pharmaceutical products.

AET is one of Europe's leading service companies for the generic industry specialized in API agencies, dossier development, EU regulatory affairs as well as the generic launch logistics.

Desitin is an independent pharmaceutical enterprise, active in German and international markets and specializes in the therapy of neurological and psychiatric disorders with a particular focus on indications for epilepsy and Parkinson's disease. Their expertise in the area of central nervous system diseases is well-known among specialists in the field.

Forward-looking statements

Certain statements in this disclosure are "forward-looking statements", which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates, and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

Contact Information

  • Orbus Pharma Inc.
    Jeffrey W. Renwick
    President and C.E.O.
    (905) 943-9444