Date: 2013-10-22
Type of information: Development agreement
Compound: Simdax® (levosimendan)
Company: Orion Corporation (Finland) Phyxius Pharma
Therapeutic area: Cardiovascular diseases
Type agreement: development
commercialisation
Action mechanism:
Disease: prevention of Low Cardiac Output Syndrome (LCOS) in cardiac surgery patients
Details: * On October 22, 2013, Orion Corporation and Phyxius Pharma have entered into a licensing agreement for levosimendan injection. According to the agreement Phyxius Pharma will develop and commercialize levosimendan in the USA and Canada for a new cardiovascular indication, prevention of Low Cardiac Output Syndrome (LCOS) in cardiac surgery patients. In order to facilitate the development of levosimendan Phyxius has yesterday signed a definitive agreement with a NASDAQ listed company Oxygen Biotherapeutics. According to the terms of the agreement Oxygen Biotherapeutics will acquire exclusive rights to develop and commercialize levosimendan in USA and Canada as well as integrating three key Phyxius executives into the company\'s management team. The initiation of the phase III trial is subject to funding raised by Oxygen Biotherapeutics.
Orion will manufacture levosimendan product for the US and Canadian markets. Phyxius will pay to Orion undisclosed development and commercial milestone payments, as well as, royalty based on the sales in the territory.
Financial terms:
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