Drug development company Ergomed Plc (LON:ERGO) has signed its first commercialisation deal for its haemostat products PeproStat and ReadyFlow.
The deal is with Korean company Boryung Pharmaceutical, and will see Ergomed receive a double-digit percentage share of all future PeproStat and ReadyFlow sales in South Korea.
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Ergomed will also receive an up-front fee and a series of milestone payments.
Ergomed said there are similar deals in the pipeline for other territories, following on from Ergomed's acquisition of Haemostatix last year.
"We are very pleased to sign our first commercialisation deal on the Haemostatix products,” said Dr Miroslav Reljanovic, executive vice chairman of Ergomed.
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“This partnership underlines the broad, global interest in novel, innovative haemostats, and endorses the Haemostatix platform, confirming its potential to generate significant future value to Ergomed and its shareholders. Korea is a rapidly growing market for haemostats and Boryung is an ideal partner with their marketing capability and experience with innovative drugs." he added.
Boryung Pharm is one of the largest pharmaceutical companies in South Korea with a leading position in the market.
Tae-Hong Choi, chief executive of the company, said: “PeproStat and ReadyFlow will offer surgeons a valuable new tool as the products work quickly and effectively, do not require preparation time, and can be used in a range of surgical settings. We have the strong ambition of a rapid market penetration with these innovative products, and are proud to strengthen our competence in surgical procedures."