TORONTO, ONTARIO--(Marketwired - Dec. 22, 2013) - Trimel Pharmaceuticals Corporation (TSX:TRL) is pleased to announce that its subsidiary, Trimel BioPharma SRL ("Trimel SRL"), has amended its intellectual property rights and product development agreement (the "Rights Agreement") with M&P Patent AG ("M&P") relating to the Company's licensed bioadhesive intranasal gel technology.
In connection with this amendment, all outstanding matters under dispute between Trimel SRL and M&P with respect to CompleoTRT™ and Tefina™ are now resolved and all arbitration proceedings will be terminated. The parties have agreed to settle these matters in consideration of a payment of US$4.25 million by Trimel SRL to M&P, representing a portion of the approximately US$5.0 million milestone payments that were the subject of existing arbitration proceedings. In addition, Trimel SRL has been granted non-exclusive commercialization rights to Brazil and Russia for CompleoTRT™ (previously Trimel SRL had no rights to these markets) and has granted to M&P limited, non-exclusive rights to commercialize alternative male products in certain jurisdictions around the world subject to certain terms and conditions. The parties have also agreed on a revised model intended to best facilitate the prosecution of intellectual property related to CompleoTRT™ and Tefina™. Finally, under this amendment Trimel SRL has abandoned any right to rely on M&P's technology in connection with any dopamine-based products.
"This amendment solidifies our business relationship with M&P and paves the way for a constructive collaboration which will allow us to advance our product pipeline in a mutually beneficial fashion," stated Tom Rossi, President and Chief Executive Officer. "In addition, by resolving our past differences, Trimel can now better focus on the business and the exciting future that lies ahead."
A copy of the amended and restated Rights Agreement will be filed by the Company on SEDAR at www.sedar.com.
Trimel is a specialty pharmaceutical company actively developing medications for male hypogonadism, female sexual dysfunction and various respiratory disorders. A New Drug Application for CompleoTRT™, a product utilizing Trimel's licensed bioadhesive intranasal gel technology, has been filed with the United States Food and Drug Administration for regulatory approval in the United States. For more information, please visit www.trimelpharmaceuticals.com.
Notice regarding forward-looking statements:
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the Company is subject to a number of risks and uncertainties, including that CompleoTRT™ may not be approved by the FDA or that any approval may be delayed, and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our prospectus dated April 18, 2013 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.