biolitec signs distribution contract and term sheet for cancer drug Foscan® with major pharmaceutical companies in Latin America and Italy

Jena, (PresseBox) - biolitec AG, listed in the Prime Standard of the Frankfurt stock exchange (ISIN DE0005213409) made significant progress in implementing its announced strategy of partnering Foscan® with major pharmaceutical partners. biolitec signed a contract with TechSphere Group for Mexico, Chile and Columbia securing significant minimum sales as well as the pharma partners’ clinical research organisations (CRO) support towards the clinical development of new indications. With an annual turnover of approximately US-$ 900 million the TechSphere Group is the number 2 pharma company in Mexico.

Bracco S.A., an Italian pharma group, signed a term sheet sheet (distribution, research and development) for Foscan® for Italy. Beside extending the current head and neck indication Bracco’s main interest is the development of Foscan® for gastroenterological applications. The signed term sheet gives Bracco the exclusive marketing rights for Foscan® and the applicable cancer-applications in Italy.

Bracco guarantees significant minimum purchases for 10 years as well as annual minimum financial contributions of minimum € 1 million per year towards the clinical development of Foscan® for new cancer applications and for the extension of treatment indication.
Bracco sells more than € 250 million in therapeutical drugs in Italy and a total of approximately € 800 million pharmaceutical products worldwide and is a leader in radio diagnostics.

biolitec expects an additional income of approximately € 1.5 million in the first year of both contracts and approximately € 5 million within five years. In addition annual contributions to clinical development of more than € 2 million p.a. are foreseen.

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