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Navamedic sells chitin to Lytone Enterprise Inc. in Taiwan

21 Mar 2006 - Navamedic ASA has signed a letter of intent (LOI) with Lytone Enterprise Inc. in Taiwan for the sale of the first year's production from the company's planned new chitin factory at Senjahopen in Troms. The LOI between Navamedic's 100% owned subsidiary ChitiNor AS and Lytone Enterprise, Inc. in Taiwan covers the chitin production for one year from the start-up of the chitin factory and has a value of approximately NOK 7 million. Chitin is the starting material for production of glucosamine, the active pharmaceutical ingredient in Navamedic's Glucomed product for osteoarthritis symptom treatment. Glucomed was recently approved for medicinal use in 20 European countries. Navamedic is currently building a network of marketing and distribution partners to prepare for a launch across Europe.