NEW YORK, August 31, 2015 /PRNewswire/ --
Premune and Innovet today announced that they have entered into an exclusive licensing agreement for Redonyl® Ultra. The product, which will participate in the estimated $300 million USD veterinary dermatology market, is a nutritional supplement based on PEA-um® (ultramicronized palmitoylethanolamide) to support healthy skin in dogs and cats. Redonyl® Ultra is currently marketed in Italy, and has been received positively in the country by veterinarians and pet owners. The license gives Premune exclusive marketing rights for Redonyl® Ultra in major European markets outside of Italy, plus an option for introducing the product in North America at a later date.
A unique feature of Redonyl® Ultra is the proprietary ingredient palmitoylethanolamide (PEA) in an ultra-micronized form, which has been scientifically demonstrated to maintain normal function of the skin mast cell through a natural and effective mechanism.
"We are very happy to enter into this agreement with Innovet," said Premune CEO and co-founder, Viktor Karlsson. "Redonyl® Ultra is an innovative product in an attractive market segment, dermatology, which is a focus area for Premune. We strongly believe that it will appeal to companion animal veterinarians and pet owners looking for a safe and reliable nutritional supplement to support healthy skin."
Renato della Valle, CEO of Innovet, said, "PEA-um® has been explored in preliminary clinical trials in a variety of canine and feline skin diseases and has a well-documented safety profile. Innovet has a robust portfolio of issued patents covering PEA in veterinary use. We are, therefore, confident that with Premune's strong management team, we will be able to expand the frontiers of the market success we have had for some years in Italy with Redonyl® Ultra."
Redonyl® Ultra is an important new addition to the Premune portfolio. It marks the transition of the company from being a pure R&D player to one that is a commercial player with a strong R&D portfolio. To further this effort, Premune is actively pursuing opportunities to expand its footprint through third-party collaborations in other therapeutic segments to follow the commercialization of Redonyl Ultra™.
Premune is preparing to launch Redonyl Ultra in Europe during 2016. In the mean time, the company is building commercial capabilities and establishing contacts with customers and channel partners in the launch countries.
About Premune
Premune is a research and development stage animal health company focused on the development and commercialization of novel therapeutics for the treatment and prevention of some of the most common conditions affecting companion animals. The Company's pipeline of compounds under development seeks to target indications such as allergies and inflammatory diseases that are highly prevalent in cats and dogs. Premune's current product candidates are the result of decades of collective research in bacteriology and immunology at the University of Gothenburg, one of Sweden's leading academic institutions. Premune's pipeline consists of compounds in various stages of clinical development. The Company is continuously seeking to expand its therapeutic portfolio through a combination of in-house research and development projects in conjunction with its academic partners and the strategic in-licensing of additional product candidates. The Company's in-licensing strategy is to identify therapeutic entities in development for humans that exhibit potential efficacy in companion animals as well. Premune´s goal is to improve the quality of life for companion animals worldwide by translating leading human research to pets. For more information, visit http://www.premune.com.
About Innovet
Innovet Italia is an innovative animal health company, founded in 1996. Its main goal is to bring scientific innovation in niche fields of the veterinary market. The philosophy that drives Innovet's development is to follow where nature leads, studying and mimicking natural protective body responses rather than "artificially" fighting the symptoms of diseases. Based on such a strategic idea, Innovet's research team discovered and patented a family of bioactive lipid amides (i.e., aliamides, whose parent compound is palmitoylethanolamide, PEA) able to naturally restore the physiological balance of the hyper-reactive tissues. PEA, its micronized and ultramicronized forms and various other congeners, are the main components of Innovet's innovative products. Innovet's commercial effort is mainly focused on the small animal health field, in the market segments of dermatology, orthopedics, oral health, uro-nephrology, behavior and gastroenterology. Recently the Company also entered into the markets of ophthalmology and algology. For more information: http://www.innovet.it
Forward-Looking and Cautionary Statements
Statements contained in this release may constitute "forward-looking statements". These statements may be identified by words such as "expects," "looks forward to," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "project" or words of similar meaning. Such statements are based on the current expectations and certain assumptions of Premune's management and are subject to certain risks and uncertainties. A variety of factors, many of which are beyond Premune's control, can effect the operations, performance, and development of products, business strategy, timing and results. Without limiting the foregoing, the development, testing, regulatory approval process and the timeline associated with development, manufacture and sale of therapeutic products in the animal health industry are inherently uncertain. Premune is neither required nor intends to publicly update or revise any forward-looking statements.
For more information, please contact:
Omid Ekhlasi, PR & Investor Relations
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SOURCE Premune AB