Rockwell Medical Technologies (RMTI), ARAM Medical Enter Exclusive License Agreement for Triferic
- Amazon, health stocks weigh on S&P, Nasdaq; Chevron lifts Dow
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- AbbVie (ABBV) Tops Q3 EPS by 1c; Boosts FY16 EPS Outlook
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Rockwell Medical, Inc. (Nasdaq: RMTI) announced that it has signed an exclusive license and manufacturing supply agreement with Saudi-based ARAM Medical for the rights to commercialize Rockwell’s Triferic and Calcitriol in the Middle East to serve a market of approximately 375,000 hemodialysis patients. Triferic is Rockwell’s proprietary iron replacement and hemoglobin maintenance drug for treating anemia in hemodialysis patients. Calcitriol is Rockwell’s generic (active vitamin D) injection for treatment of secondary hyperparathyroidism in dialysis patients.
Under the terms of the agreement, ARAM Medical will become the exclusive distributor for Triferic and Calcitriol in 13 countries, including the Kingdom of Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, Lebanon, Jordan, United Arab of Emirates, Yemen, Syria, Algeria, Tunisia and Egypt for an initial commercial term of 10 years. In consideration for the exclusive rights, ARAM will pay to Rockwell upfront licensing fees, a high double-digit royalty on product sales and commit to annual minimum purchase quantities. ARAM will also assume responsibility for all clinical and regulatory expenses for the territories. Rockwell retains manufacturing responsibilities for both Triferic and Calcitriol. Commercial product availability is expected within approximately 12 months in Saudi Arabia and 12 to 18 months in Egypt and all other territories.
“We are excited to establish this strategic partnership with ARAM Medical to treat the large, growing ESRD population in the Middle East,” commented Robert L. Chioini, Founder, Chairman and CEO of Rockwell Medical. “This agreement, like the others before it, further validates Triferic’s potential to become the world-wide standard of care in iron maintenance therapy for treating renal anemia. We continue to be focused on securing strategic partnerships that enable us to commercialize Triferic on a global scale. We believe Triferic is the only iron product that can effectively address the severe anemia dialysis patients worldwide suffer from. Working with our partner ARAM, we look forward to offering our life-changing therapy to this large ESRD population representing approximately 375,000 patients in the territory.”
Mr. Mahmoud al Nahas, CEO of ARAM Medical, stated, “We are very happy and appreciative to secure this commercialization agreement with Rockwell Medical. We believe Triferic will become the standard of care for the treatment of anemia for all dialysis patients. The dialysis population in Saudi Arabia exceeds 25,000 and we strive to provide the best therapies to help patients improve their lives. ARAM Medical is a leading agent in the pharmaceutical field in Saudi Arabia and we have strong relationships throughout the territory. We value this new partnership with Rockwell U.S.A. As the exclusive agent in the Middle East, we will use our vast experience to ensure our efforts are successful in providing our patients with unique products to improve their quality of life.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Patterson Cos. (PDCO) Appoints New North America VP and New CIO
- Sientra (SIEN) Enters Prelim. Settlement of All Outstanding Class Action Litigation
- AstraZeneca (AZN) Announces Data from Second-Season SENTINEL1 Study; Says Results Similar to Prior Season
Create E-mail Alert Related CategoriesCorporate News, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!