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Desitin Retains Edgemont Capital Partners as Exclusive Financial Advisor And
Representative
Hamburg, & New York City, NY, August 08, 2003
Desitin Arzneimittel
GmbH and Edgemont Capital Partners today announced that Desitin has engaged Edgemont
as its exclusive financial advisor and representative. Edgemont will work to secure
a U.S. commercialization partner for the Company's novel, once- daily, sustained
release oral formulation of oxcarbazepine. Oxcarbazepine is currently marketed
in the U.S. exclusively by Novartis under the brand name Trileptal(tm) as a twice-a-day
therapy for the treatment of epilepsy, and had U.S. sales of $212 million in 2002.
"We are excited at the prospect of pursuing this novel drug as our first
initiative to enter the U.S., the world's leading pharmaceutical market. We believe
that our formulation may have significant clinical benefits over the existing
formulation, and as a result would offer a substantial commercial opportunity,"
stated Desitin's board member Martin Zentgraf. "We are the only company other
than Novartis with experience marketing oxcarbazepine products worldwide; we have
achieved leading market shares in our key European markets with our existing oxcarbazepine
brands Timox(tm) and Apydan(tm). However, we believe that we will achieve greater
success for this exciting product in the U.S. market, once approved, by working
with a partner on its' commercialization. We believe that Edgemont's expertise
makes them an excellent choice to pursue potential partnerships on our behalf."
Oxcarbazepine, a 10-keto analogue of carbamazepine, is the first in a new class
of high potential anti-epileptic agents. It is effective in treating partial seizures
with or without secondary generalization, both in mono and add-on therapy. In
addition, Novartis is currently conducting clinical trials to evaluate the potential
utility of Trileptal(tm) in treating neuropathic pain and bipolar disorders. Oxcarbazepine
has favorable pharmacological properties, both in efficacy and safety, compared
to its precursor carbamazepine. Both oxcarbazepine and its metabolite elicit anticonvulsant
activity.
Desitin's oxcarbazepine sustained release formulation was developed in-house
by the Company's own researchers, and is in late-stage clinical trials in Europe.
A marketing authorization is expected in the first European Community (EC) Member
State in 2006.
"This novel, proprietary formulation provides us a significant opportunity
to capitalize on our oxcarbazepine development expertise, expanding our CNS franchise
and laying the foundation for future initiatives in the U.S. market," commented
Holger Koehler, Desitin's Manager for late-stage clinics and new business. "It
also represents the next phase of our corporate strategy of leveraging our drug
development expertise to pursue larger commercial opportunities outside our existing
markets, particularly in the U.S."
Desitin Arzneimittel GmbH is a Hamburg-based specialty pharmaceutical company
focused on central nervous system (CNS) disorders. Founded in 1919, Desitin has
a long history of CNS pharmaceutical product innovation, and is a leading European
developer, manufacturer, marketer and distributor of prescription pharmaceuticals
for the treatment of epilepsy and Parkinson's disease. Desitin is the market leader
for anti- epileptics in Germany.
Edgemont Capital Partners (New York) is a specialty life sciences investment
banking and advisory firm that provides mergers and acquisitions advisory, capital
raising and pharmaceutical product partnering services to emerging and mid-sized
healthcare companies.
www.desitin.de www.neuronews.de www.edgemontcapital.com
CONTACT:
At Edgemont Capital Partners
David K. Blume, Managing Director
Phone: 212-867-8935 Fax: 212-214-0911
Jeff B. Swearingen, Principal
Phone: 212-867-8935 Fax: 212-937-3816 |
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