Navamedic ASA extends exclusive distribution rights for Mysimba in the Nordics
OSLO, Norway, Oct. 12, 2021 /PRNewswire/ -- Navamedic ASA (OSE: NAVA) today announces it has exercised a five-year extension of its exclusive distribution rights for Mysimba® in the Nordics. Mysimba® is one of the fastest growing products in Navamedic's portfolio, displaying sales growth of 89% in first half 2021 compared to the same period last year.
Mysimba® is the first obesity treatment of its kind, combining both an oral medicin with a digital and custom-made patient support program to maximise patients' success in treatment. Mysimba® reduces hunger and cravings, and provides control over food intake, while the patient support program provides help in lifestyle and behavioural change for patients throughout the treatment period.
In 2017, Navamedic, through it's subsidiary Navamedic AB, secured exclusive distribution rights for Mysimba® in the Nordics for an initial period of five years with Currax Pharmaceuticals LLC (previously Orexigen Therapeutics, Inc.), with an with an option for Navamedic to extend the agreement on the same terms for a period of five additional years. Today, Navamedic announces it has exercised it's option to extend the agreement, securing the company exclusive distribution rights for Mysimba® in the Nordics until 27 April 2027.
"We are pleased to announce we will continue our distribution of Mysimba in the Nordics. Mysimba is one of our fastest growing products, displaying sales growth of 89% in the first half of 2021 compared to the same period last year. We are looking forward to continue to help patients in the Nordics, combining this unique medicine with our tailored support to both patients and healthcare professionals," says Kathrine Gamborg Andreassen, CEO of Navamedic ASA.
Navamedic's distribution of Mysimba® has strong traction in both Norway, where the company have conditional reimbursement, and in Sweden, where Navamedic has seen impressive results from its patient support program. On 7 September, the company announced it has received approval for conditional reimbursement in Finland from 1 November 2021.
"We have built a solid platform for continued growth for Mysimba, fueled by both a strong product and support program, reimbursement in key markets, support from key opinion leaders and strong execution of our team of local experts. Today, we have a 36% market share in Finland, Norway and Sweden combined, targeting an addressable market of around four million people in the Nordics," says Gamborg Andreassen.
According to the World Health Organization, around 13% of the world's population suffer from obesity, defined as abnormal or excessive fat accumulation that presents a risk to health, with a Body Mass Index (BMI) above 30. Obesity is a contributing risk factor for diseases such as cardiovascular diseases, diabetes and some cancers.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
E-mail: kathrine@navamedic.com
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com
Navamedic ASA is a Nordic pharma company and reliable provider of high-quality products, delivered to hospitals and through pharmacies, meeting the specific needs of patients and consumers by leveraging its highly scalable market access platform, leading category competence and local knowledge. Navamedic is present in all the Nordic countries, the Baltics and Benelux, with sales representation in the UK and Greece. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA). For more information, please visit www.navamedic.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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SOURCE Navamedic ASA
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