- Ophthalmology becomes additional strategic therapeutic area
- Significant market opportunities with more than 6 million1 Canadians suffering from dry eye disease and 400,0002 Canadians suffering from open-angle glaucoma or ocular hypertension
- Valeo to start recognizing revenues from XIIDRA® and SIMBRINZA® in Q4-22
August 2, 2022 (Source) – Valeo Pharma Inc. (TSX: VPH) (OTCQB: VPHIF) (FSE: VP2) (“Valeo” or the “Company“), a Canadian pharmaceutical company, announced today that it has entered into a Commercialization and Supply Agreement (the “Agreement“) with Novartis Pharmaceuticals Canada Inc. (“Novartis“) for the Canadian commercialization by Valeo of two innovative ophthalmic therapies. Under the Agreement, Valeo becomes the exclusive distributor of XIIDRA® (lifitegrast) and SIMBRINZA® (brinzolamide / brimonidine tartrate) in Canada, and as such, will be responsible for all commercial and medical activities. The Agreement is effective July 29, 2022 and will continue for an initial term of seven years. XIIDRA® is a prescription eye drop solution indicated for the treatment of the signs and symptoms of dry eye disease 3. SIMBRINZA® is a prescription eye drop solution indicated for the reduction of intraocular pressure (IOP) in adult patients with open-angle glaucoma or ocular hypertension for whom a monotherapy provides insufficient IOP reduction AND when the use of SIMBRINZA® is considered appropriate 4.
“We are extremely pleased to be expanding our relationship with Novartis with these innovative ophthalmic therapies and adding Ophthalmology as a strategic therapeutic focus for Valeo. XIIDRA® and SIMBRINZA® will start impacting our revenues in Q4-2022 as we assume all commercial activities in Canada“, said Steve Saviuk, CEO of Valeo. “These products have significant upside revenue potential which will be supported by our dedicated Ophthalmic commercial unit. The addition of these products significantly increases our revenue base and accelerates our drive to profitability.”
“This second agreement with Valeo Pharma fits with our overall strategy to provide innovative medicines that have the potential to improve health outcomes,” said Andrea Marazzi, Country President, Novartis Pharmaceuticals Canada Inc. “We have seen Valeo’s commitment and focus in delivering on patient needs in the respiratory space and now, by bringing XIIDRA® and SIMBRINZA® into their portfolio, they will be able to help improve the vision of numerous Canadians.”
Commenting on this new commercial agreement with Novartis, Frederic Fasano, Valeo’s President and COO said, “The addition of XIIDRA® and SIMBRINZA® in our product portfolio is allowing us to enter a new strategic therapeutic area with large unmet medical needs and a rich R&D pipeline of innovative treatments. With two very high quality products, supported by outstanding phase III clinical data, Valeo will gain expertise and build competitive infrastructure to become a major player in this area. We look forward to rapidly getting our medical and commercial team to work with the scientific and medical community to support access to XIIDRA® and SIMBRINZA® for the overall benefit of Canadian patients.”
It is estimated that around twenty one percent of Canadians experience ocular symptoms associated with dry eye1,5 and 400,000 Canadians6 suffer from glaucoma, with open angle glaucoma accounting for 95%6 of the cases.
1- Ocul Surf. 2019 Jul;17(3):526-531
2- CNIB Foundation
3- XIIDRA Product Monograph, dated February 13, 2020
4- SIMBRINZA Product Monograph, dated February 10, 2017
5- IQVIA CDH
6- CMAJ, September 8, 2015, 187(12)
Valeo will host a conference call to discuss the US$40 million non-dilutive financing and new products commercialization and supply transactions on Tuesday August 2, 2022, at 9.30am (ET). The telephone numbers to access the conference call are 416-764-8659 and 1-888-664-6392. An audio replay of the call will be available. The numbers to access the audio replay are 416-764-8677 and 1-888-390-0541 using the following access code (292407 #).
A live audio webcast of the conference call will be available via: https://app.webinar.net/2EK7WNaoA0j
XIIDRA® is a lymphocyte function associated antigen-1 (LFA-1) antagonist indicated for the treatment of the signs and symptoms of dry eye disease.
SIMBRINZA® is a fixed combination of a carbonic anhydrase inhibitor and an alpha-2 adrenergic receptor agonist indicated for the reduction of intraocular pressure (IOP) in adult patients with open-angle glaucoma or ocular hypertension for whom monotherapy provides insufficient IOP reduction AND when the use of SIMBRINZA® is considered appropriate. Each of these two components decreases elevated IOP. Elevated IOP is a major risk factor in the pathogenesis of optic nerve damage, glaucoma, and visual loss.
Novartis Pharmaceuticals Canada Inc., a leader in the healthcare field, is committed to the discovery, development and marketing of innovative products to improve the well-being of all Canadians. Over the last five years, the company’s average annual research and development investment in Canada was $47 million. Located in Dorval, Quebec, Novartis Pharmaceuticals Canada Inc. employs approximately 1,000 people in Canada and is an affiliate of Novartis AG, which provides innovative healthcare solutions that address the evolving needs of patients and societies. The company prides itself on its commitment to diversity and to nurturing an inclusive and inspiring environment. The company is recognized as a Great Place to Work®, ranked among the Top 50 Best Workplaces™ in the country and is proudly named on the 2021 Best Workplaces™ for Women in Canada and Best Workplace™ for Mental Wellness lists. For further information, please consult www.novartis.ca.
About Valeo Pharma Valeo Pharma is a pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respirology/Allergy, Ophthalmology and Specialty Products. Headquartered in Kirkland, Quebec, Valeo Pharma has the full capability and complete infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.
This press release contains forward-looking statements about Valeo’s objectives, strategies and businesses that involve risks and uncertainties. These statements are “forward-looking” because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.
SOURCE Valeo Pharma Inc.