Vasogen and Grupo Ferrer Form Collaboration to Commercialize Celacade in the European Union
Vasogen Inc. announced a collaboration with Grupo Ferrer Internacional, S.A. ("Ferrer"), a European pharmaceutical and medical devices company, to commercialize Vasogen's Celacade(TM) technology for the treatment of chronic heart failure in the European Union and in certain Latin American countries. Under the agreement, Vasogen will receive 45% of Celacade revenues generated by Ferrer for a period five years from the date of first commercial sale on a country-specific basis, and will receive 42% of such revenues thereafter. Ferrer will be responsible for the costs associated with the launch and marketing of Celacade in Europe and certain Latin American countries. Vasogen will also receive milestone payments based on Ferrer's achievement of first commercial sales of Celacade on a country-specific basis, and on reaching pre-specified sales thresholds.
Under the agreement, Ferrer will have the exclusive rights to market Celacade for the treatment of chronic heart failure and other cardiovascular conditions in specified countries of Europe, including Germany, Spain, Portugal, France, and Italy, and certain countries in Latin America, including Mexico, Brazil, Argentina, and Venezuela. Vasogen has already received European Union (EU) regulatory approval as a medical device under the CE Mark, which enables marketing of Celacade for the treatment of chronic heart failure in the 27 member countries of the European Union. Ferrer has also acquired the right of first negotiation with respect to the remaining countries of the EU. Under the agreement, the commercial launch strategy for Celacade in Europe will involve an initial commercialization phase during which Ferrer will target key opinion leaders in the major markets of Europe to ensure support for expanded use of Celacade within the broader cardiology community. Ferrer expects to commence the initial commercialization phase in the second half of 2007.
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