SOURCE: Vestiq Pharmaceuticals
MORRISVILLE, NC--(Marketwire - Feb 5, 2013) - Vestiq Pharmaceuticals, Inc. today announced that it has taken the rights for distribution of GelX Oral Gel from BMG Pharma S.r.l. GelX is an oral solution for the treatment and maintenance of Oral Mucositis most commonly caused by chemotherapy, radiotherapy, and other related pharmacological therapies.
The distribution agreement comprised an undisclosed upfront payment from Vestiq, as well as royalty payments from sales of GelX. Vestiq will launch GelX in the United States in the first quarter of 2013. GelX will be sold by Vestiq's commercial arm, Praelia Pharmaceuticals, Inc. The approval of GelX makes it the first novel product approved based on BMG Pharma S.r.l.'s proprietary technology.
"We are excited that GelX will soon be available to meet the needs of patients," said Marco Mastrodonato, President and CEO of BMG Pharma S.r.l. "GelX represents an innovative new approach to the treatment of oral mucositis in cancer patients. We have found the right partner in Vestiq Pharmaceuticals and are excited about their ability to positively impact the supportive care market.
"We know that this delivery of GelX fulfills a significant unmet need, as we have fielded a continuous stream of inquiries from doctors and nurses regarding the availability of the product," said Mr. Mastrodonato. "Providers are now able to ensure their patients receive the best care possible by using our innovative delivery technology to eliminate swallowing issues and discomfort associated with chemotherapy, radiotherapy, and related pharmacologic therapies. Today's announcement reinforces BMG Pharma S.r.l.'s dedication to patients in need."
"We are pleased to work with BMG Pharma S.r.l. to launch GelX to the US market," said Martin Baum, Chairman and CEO of Vestiq Pharmaceuticals. "The delivery technology associated with GelX is a significant breakthrough in the ease of use and compliance associated to patients presenting with Oral Mucositis."
"The Praelia team is very excited to bring our third product to market, to assist supportive care patients and prescribers. This shows our continued commitment to bringing technologically advanced products, which improves patient compliance," said Steve Lutz, Chief Operating Officer.
GelX is developed using BMG Pharma S.r.l.'s proprietary technology. It is based on a novel oral delivery technology platform consisting of a polymer based on Mineral Salt and Sulfonic Acid. Once placed in the mouth, GelX coats the oral mucosa and begins to sooth the pain, while alleviating induced radiotherapy and chemotherapy mouth lesions.
About BMG Pharma
BMG Pharma is a specialty pharmaceutical company leveraging its proprietary technology to develop products that address unmet needs of patients. The Company is currently focused on cancer supportive care, dermatology, gynecology, ENT and oral health. BMG Pharma has a broad portfolio of ready-to-market products focused on topical inflammation of mucosal and dermal tissue. BMG Pharma is dedicated to helping patients, pharmacists and physicians by providing valuable and innovative products to the market.
GelX® is designed to benefit patients by improving the convenience, efficacy, and compliance over existing marketed products. For press releases and other company information visit www.bmgpharma.com.
*GelX is a registered trademark of BMG Pharma S.r.l.
About Vestiq Pharmaceuticals
Vestiq is a Specialty Pharmaceutical Company focused on innovative therapeutic remedies within the supportive care markets. Vestiq is committed to becoming the market leader in providing pharmaceutical products and technologies to the supportive care market. The company's portfolio is supported by strong intellectual property, a pipeline of other supportive care prescription products, and a strong commercialization team of industry experts. For additional information, please visit us at www.Vestiqpharma.com.