Product has CE Mark for use in interstitial cystitis and painful bladder syndrome.
Eczacibasi Ilac Pazarlama (EIP) has licensed the rights to sell Stellar Pharmaceuticals’ product for interstitial cystitis and painful bladder syndrome, Uracyst®, in Turkey. The agreement also allows EIP to sell the treatment in the Turkish Republic of Northern Cyprus.
EIP will pay Stellar upfront and transfer fees in exchange for exclusive rights in these territories over the next five years. The deal may be extended by three years. The firm will also be fully responsible for obtaining regulatory approvals.
Uracyst has received the CE Mark for the European market. “The out-licensing of Uracyst is an important component of Stellar’s overall global growth strategy and we expect this to be the first of a number of agreements for the important European market,” notes Peter Riehl, Stellar’s president and CEO. Regarding Turkey and the Turkish Republic of Northern Cyprus, Riehl says, “The population base for this territory exceeds 73 million and it is a very exciting market for Stellar to reach.”
Uracyst, a sodium chondroitin sulfate solution, supplements and replenishes deficiencies in the glycosaminoglycan lining of the bladder. Stellar currently markets Uracyst in Canada and Israel. The company has out-licensing arrangements in place for the U.S. and China, where it is awaiting approvals.