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Lysaker, Norway, Apr 12, 2008 - (ABN Newswire) - (Lysaker, Norway, 11 April 2008). The Swedish Administrative Court of Appeal (Kammarrätten) accepted Pfizer's claim that Glucomed cannot be regarded as a substitute for Pfizer's glucosamine HCl product Artrox.
Navamedic will appeal the decision.
The market penetration of Glucomed following its launch in the UK and Germany by our distributors William Ransom and Stada, respectively, has so far been slower than expected. As a result, the initial stock-building by Ransom and Stada will last longer, affecting re-delivery times/volumes of Glucomed in the short to medium term. Navamedic is addressing the sales development with its local partners, in order to improve uptake speed in the two countries. Navamedic continues to believe in the long term potential of Glucomed in the UK and Germany. The sales profile of Glucomed in the two countries will be addressed in more detail at the Q1 presentation on April 23rd .
The Glucomed sales in other countries are developing as expected.
Navamedic's second strategic business area, the marketing/sales of pharmaceutical and related products through Vitaflo, continues to develop as expected. In March, it launched the Allergeaze product line in its dermatology portfolio and still has a strong pipeline of products under registration, securing future growth prospects.
Navamedic is a fast-growing specialty pharma company with high growth ambitions. The company is well underway with the international commercialization of its osteoarthritis medication Glucomed. In 2006, Glucomed was the first glucosamine product, approved by European authorities for marketing as a drug in all EU countries. I 2007 Navamedic initiated, through the acquisition of Vitaflo Scandinavia AB, an expansion of its strategy to include marketing of pharmaceutical products in selected countries. Vitaflo represents more than 45 products from over 20 foreign companies on the Nordic markets, and has shown significant revenue growth over the last 5 years. Navamedic aspires to grow both through increased geographical presence and a broader product portfolio within selected knowledge areas. In addition to organic growth, the company will continue to evaluate further company and/or product acquisitions.
For further information, please contact:
Øyvind W. Brekke, CEO Navamedic ASA E-mail: oyvind.brekke@navamedic.com Office: +47 67 11 25 40 Mobile: +47 91 19 81 64
