PEDIAPHARM RECEIVES FDA SUPPLEMENT APPROVAL REGARDING NAPROXEN SUSPENSION IN THE US, RECEIVES ADDITIONAL US$2 MILLION FROM ATNAHS PHARMA
Pediapharm Inc (PDP.V) . has received U.S. Food and Drug Administration (FDA) approval regarding the manufacturing site transfer of Naproxen Suspension for the U.S. market. This approval triggered the second and final payment of $2-million (U.S.) in cash included in a previously disclosed transaction valued at $4.25-million (U.S.) regarding the U.S. rights to Naproxen Suspension. The acquirer, Atnahs Pharma U.S. Ltd., also owns the global rights to the Naprosyn brand.
“We are very pleased to receive this FDA approval within the estimated timeline,” stated Sylvain Chretien, president and chief executive officer of Pediapharm. “As previously stated, this brings substantial non-dilutive cash which enables us to fuel the growth of our existing products and puts us in a solid position for the upcoming potential launches of rupatadine and Otixal in 2016. Furthermore, we now have more flexibility in considering new transactions in the near future.”
As previously stated, Pediapharm has retained the rights to Naproxen Suspension in Canada and will continue to commercialize it using its own sales and marketing infrastructure.