Sources inform ''Globes'' that drug development company Se-cure Pharmaceuticals Ltd., which developed a the drug Femarelle, for the integrative treatment of menopause and osteoporosis, has signed five distribution contracts for the drug and is set to sign further contracts under which distributors will purchase minimum a quantity worth $39 million over the next five years.
The contracts have been signed with distributors in Greece, Turkey, Australia, New Zealand, Taiwan and Finland. The new contracts will be with distributors in Mexico and the Baltic states. The product has already been launched in Greece and the local distributor has already purchased €800,000 worth of merchandise.
The sources also added that the company has signed a distribution agreement with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) for the Israeli market, with the product due to be launched later this year. The company is believed to have recorded sales of $10 million up to 2006. "At the present rate, we'll reach sales of $200 million within five years, said company president and CEO Ron Gutterman.
Femarelle contains a substance produced from Soy beans that treats menopausal symptoms in women, such as osteoporosis, by boosting estrogen levels.
Se-cure was founded by Gutterman in 1993 and Femarelle is its first product.
Published by Globes [online], Israel business news - www.globes.co.il - on March 25, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007