Veloxis, Athena partner to establish competitive presence for AtorFen in emerging markets

Veloxis Pharmaceuticals A/SDec 23 2011

Veloxis Pharmaceuticals A/S (OMX: VELO) and Athena Drug Delivery Solutions Pvt. Ltd. today announced an alliance whereby Athena will obtain exclusive rights in certain emerging market territories to manufacture and, with third parties, develop, register and commercialize Veloxis' AtorFen™  (Fenofibrate Atorvastatin fixed dose combination).

AtorFen™ will contain the lowest fully effective dose of fenofibrate and is a combination of two effective dyslipidemia treatments in one tablet thereby potentially improving patient compliance.  The product has been developed by Veloxis through Phase II in the US. Results showed significant improvements in HDL-C, triglycerides, VLDL and fibrinogen compared with atorvastatin alone (Lipitor^® 40 mg) as well as significantly greater effect on non-HDL-C, LDL-C, triglycerides and total cholesterol compared with fenofibrate alone (Tricor^® 145 mg).

Under this alliance, Athena will establish and fund AtorFen™ manufacturing capabilities in India and through partnerships with regional and country level pharmaceutical companies develop and, once approved, commercialize the product. Veloxis will transfer its technology for manufacturing of AtorFen™ to Athena, with all expenses funded by Athena, and Veloxis will retain 70% of all revenues generated (subject to a minimum royalty rate). Veloxis will retain the right to re-claim major territories or regions where third party distributors are not established by Athena within certain time intervals.

"This alliance will enable Veloxis to establish a competitive presence for AtorFen™ in emerging markets," said William Polvino, M.D., chief executive officer of Veloxis. "Substantial future growth in the pharmaceutical industry is expected to come from this region where cardiovascular morbidity is on the rise. We're delighted to have the opportunity to work with Athena, a company that is well positioned in emerging markets. This agreement is part of our strategy to out-license our cardiovascular portfolio to partners who can realize the full value of these assets."

Financial guidance

The content of this release will have no influence on the company's financial guidance for 2011 which was provided on 1 March 2011 in connection with the release of the financial results for 2010.