International pharmaceutical company IS Pharma, the specialist hospital medicines group, has concluded the European Mutual Recognition Procedure (MRP) for Haemopressin/Variquel.
The drug is already sold in Germany, Austria and Switzerland for the treatment of bleeding oesophageal varices, and marketing in the remaining 14 countries will start next year.
Since acquiring the drug with its takeover of Speciality European Pharma International, IS Pharma has also received a $1.25 million (Â£887,000) rights payment from a potential US partner.
Haemopressin/Variquel is now being promoted as a key global brand, and MRP approval will significantly increase revenue potential in a global market worth Â£50-Â£70 million.
Said boss Tim Wright: “This approval marks the achievement of another significant milestone in our growth and further validates our strategy as we again demonstrate the company’s ability to acquire, internationalise and organically grow brands to deliver shareholder value.”
Copyright Press Association 2009