Stellar Pharmaceuticals Inc. ("Stellar") (OTCBB:SLXCF), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today reported signing a licensing agreement for the distribution and sale of Uracyst(R) in Italy with SIGMAR ITALIA S.p.A. ("Sigmar"), a specialty pharmaceutical sales and marketing company, based in Pero, MI, Italy. Sigmar promotes prescription medicines for urology and orthopedics in Italy. One of Sigmar's major focus areas is urology, and Uracyst(R), Stellar's proprietary product, used in the treatment of interstitial cystitis and painful bladder syndrome, is used mainly by urologists.
With the approved CE mark for Uracyst(R) already in place for the European market, it is expected that Uracyst should be launched by SIGMAR in the second quarter of 2009. Under the terms of the agreement Sigmar will pay Stellar an upfront licensee fee, plus a specified transfer price in exchange for the rights to an exclusive license for this territory. This agreement has an initial five year term and may be renewed for an additional three year term with the mutual agreement of both parties.
Peter Riehl, Stellar's President and Chief Executive Officer, stated, "We are pleased to enter into this relationship with Sigmar, a company that has a presence in the urology markets in this significant territory which has a population of over 56 million. This agreement adds to the Company's overall growth strategy, to license our proprietary products into the global market place and adds to the other distribution agreements, which Stellar has entered into in respect of other European territories. We look forward to building a successful long-term working relationship with Sigmar."
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