SAN DIEGO, May 28, 2015 (GLOBE NEWSWIRE) --
Apricus Biosciences, Inc. , a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced the launch of Vitaros® in France by Laboratoires Majorelle.
Vitaros, Apricus' novel topical on-demand treatment for erectile dysfunction ("ED"), is also marketed as Vytaros® in Belgium and Virirec™ in Spain. France is the sixth territory in the European Union in which the product has been launched. This follows the issuance of a positive opinion for the reimbursement and the retail pharmacy and hospital listing of Vitaros by the French National Health Insurance Transparency Commission (Commission de la Transparence) of the French National Health Authority (Haute Autorité de Santé). Laboratoires Majorelle is now waiting for the subsequent publication in France's Journal Officiel of the pricing and reimbursement of Vitaros by the Economic Committee of Healthcare Products (Comité Economique des Produits de Santé). This is the final step in the reimbursement process for a new medicine in France.
"We are thrilled to announce Majorelle's launch of Vitaros, the first on-demand topical treatment of ED, in France, the largest ED market in Europe," said Richard Pascoe, Chief Executive Officer. Majorelle has developed a comprehensive and creative marketing strategy that they believe will lead to a rapid adoption of Vitaros in France by leading urologists and the patients that they treat. With this launch, Vitaros is now available in six countries in Europe, including four of the five largest markets.
In November 2013, Apricus signed an exclusive license agreement with Majorelle to market Vitaros in France, Monaco and certain African countries (the "Territory"). Under the terms of the agreement, Apricus has received $2 million in up-front and milestone payments from Majorelle. Apricus is also eligible to receive up to approximately $19 million in regulatory and sales milestone payments based on current exchange rates, plus double-digit tiered royalties on Majorelle's net sales of the product in the Territory. In exchange, Majorelle has the exclusive right to commercialize Vitaros in the Territory. In addition, Majorelle has agreed to certain minimum marketing commitments for Vitaros, including the expansion of its existing sales force in France.
Majorelle was founded in 2001 and is headquartered in Paris, France. Majorelle is recognized for their expertise in launching products through custom-tailored strategies. Majorelle has a strong, well-experienced commercialization team dedicated to urology and reproductive products for both males and females. The company innovates daily to increase treatment success rates and contribute to improving the care pathway for patients and the healthcare professionals who help them. (Ver)
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