Agreement Terms Include Several Up-Front Cash Payments Based On Milestones And A Time Limited Recurring Royalty Payment on Each Product Sold
TORONTO, ON, Jan. 25, 2018 (GLOBE NEWSWIRE) — Easton Pharmaceuticals, Inc. (OTC: EAPH) and partner BMV Medica S.A. de C.V. is pleased to announce the signing of a closed sub-distribution agreement with the legal entity of BAYER’s Consumer Health Division for women’s diagnostic product known as VS-Sense, to treat Bacterial Vaginosis (BV) for the country of Mexico, currently licensed by Easton / BMV from Common Sense Ltd. of Israel.
With the closing of the sub-distribution agreement, BAYER has advanced an up-front cash payment to Easton / BMV Medica and shall advance a further up-front milestone payment upon product launch in Mexico which includes the payment of royalties on each product sold for a five-year period.
Evan Karras, CEO of Easton Pharmaceuticals, stated, “This sub-distribution agreement with BAYER is a significant leap forward for the company and we are extremely pleased that together with our partner BMV Medica we are able to demonstrate that the patience and strategy in acquiring exclusive licenses 2 ½ years ago has now led to establishing a relationship with BAYER, one of the most globally recognized companies and brands.” Mr. Karras further commented, “With Easton / BMV now having secured a strong and world renown distribution partner in Mexico for “VS-Sense”, Easton is demonstrating that its Business Plan for its Women’s Diagnostic and Treatment segment is now bearing fruit and results, anticipated to substantially contribute to the future of Easton / BMV and its shareholders.”
VS-Sense – VagiSense: is the current brand name of the BV (Bacterial Vaginosis) patented diagnostic test. Prestige Distribution is currently selling the product in the US under its brand, Monistat.
Gynofit: European-Union approved natural treatment for Bacterial Vaginosis (BV), potentially eliminating the use of antibiotics in women with BV and promoting optimal vaginal health. BV is expected to affect the vast majority of women at some point in their lives. Currently selling through its sub-distribution partner Gedeon Richter Plc.
AmnioSense: patented amniotic fluid leak test is a unique Point-of-Care diagnostic panty liner for women in late-stage pregnancy able to distinguish between urine and amniotic fluid (breaking of water). Currently selling through its sub-distribution partner Gedeon Richter Plc.
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About Easton Pharmaceuticals
Easton Pharmaceuticals is a diversified specialty pharmaceutical company involved in various pharmaceutical sectors and other growing industries. The Company previously developed and owned an FDA-approved wound-healing drug and currently owns topically delivered drugs to treat cancer and other therapeutic products to treat various conditions that are all in various stages of development and approval. Easton has partnered with BMV Medica SA de C.V. and together, own the exclusive distribution rights in Mexico and Latin America for patented women’s diagnostic and preventative care products from CommonSense of Israel and other companies, along with two generic cancer drugs, Paclitaxel and Docetaxel from BioLyse Pharma of St. Catherine’s, Ontario, Canada. Easton has recently closed on an agreement with Alliance Group for property and various businesses which includes aggregate and the cultivation of medical / recreational marijuana for the country of Canada.
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This news release may contain forward-looking statements or expressions within the meaning of the Private Securities Litigation Reform Act of 1995 (The “Act”). In particular, when certain words or phrases such as “hope”, “positive”, “anticipate,” “pleased,” “plan,” “confident that,” “believe,” “expect,” “possible” or “intent to” and similar conditional expressions are expressed, they are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Any investment made into Easton Pharmaceuticals may contain risks. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company’s products and technologies, competitive factors, the ability to successfully complete additional or adequate financing, government approvals or changes to proposed laws and other risks and uncertainties further stated in the company’s financial reports and filings.
Evan Karras / CEO
Tel: +1(416) 619-0291
Tel: +1(347) 284-0192