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Commercial launch to impact first half 2021 revenue
$30 million forecasted annual peak sales
8 years of proven in-market safety Internationally
Low molecular weight heparin increasingly used to prevent COVID-19 driven complications
MONTREAL, Dec. 9, 2020 /PRNewswire/ - Valeo Pharma Inc. (CSE:VPH) (OTCQB: VPHIF) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, announced today that Health Canada has issued a Notice of Compliance for Redesca and Redesca HP low molecular weight heparin ("LMWH") biosimilars.
"The regulatory approval of Redesca is a significant corporate milestone for Valeo and also great news for the Canadian healthcare system. Mandatory use of biosimilars is increasingly being adopted across the country and is expected to help provide significant savings to provincial healthcare plans", said Steve Saviuk, President and CEO. "With more than 8 years of proven in-market safety internationally and a robust supply chain ensuring product availability, we expect Redesca to play a major role in the achievement of our growth objectives".
"The Canadian LMWH market is in excess of $200 Million annually and our complete product line and differentiating clinical package will be a beneficial factor helping to rapidly secure market share in provinces across Canada," added Mr. Saviuk.
In addition to being used primarily for treating and preventing deep vein thrombosis and pulmonary embolism, LMWH are also now increasingly used as a first line of defense tool in the fight against Covid-19. The World Health Organization's ("WHO") issued guidance regarding the prophylaxis use of LMWH to help prevent complications in the clinical management of severe acute respiratory infections when novel coronavirus (COVID-19) infection is suspected.
Digital Investor Awareness Program
The Company also announces that it has launched a 12-month digital investor awareness program through AGORACOM, a multifaceted digital platform operated by AGORA Internet Services Corp. ("AGORA"), in order to enhance information availability for current and future stakeholders. The Company has agreed to remunerate AGORA $75,000 plus taxes for the above mentioned services. A first service payment of $15,000 was made on December 7, 2020 with the remaining balance split equally and due on each of February 27, 2021, May 27, 2021, August 27, 2021, and December 31, 2021
Payment will be made through the issuance of the Company's common shares with the number of common shares to be issued determined by using the closing price on each date above. Common shares issued to AGORA under this agreement will be subject to a 4-month hold period.
Redesca is a low molecular weight heparin biosimilar. LMWHs are injectable anticoagulant drugs used primarily to treat and prevent deep vein thrombosis and pulmonary embolism. Redesca has more than 8 years of proven in-market safety internationally and more than 150 million patient days treated in Europe alone.
About Valeo Pharma
Valeo Pharma is a pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Neurodegenerative Diseases, Oncology and Hospital Specialty Products. Headquartered in Kirkland, Quebec, Valeo Pharma has the full capability and complete infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.
Forward Looking Statements
This press release contains forward-looking statements about Valeo's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE Valeo Pharma Inc.