10/31/2017 | Press release | Distributed by Public on 10/31/2017 01:24
Gedeon Richter Plc. ('Richter') today announced that it has entered into an exclusive license and distribution agreement with Prima-Temp Inc. ('Prima-Temp'), a US, Colorado based company, to commercialize its innovative medical device, PriyaRingglobally, except for the USA and Canada. PriyaRing is an internal sensor that identifies the subtle temperature changes that occur prior to ovulation.
The above agreement was complemented by the acquisition of a minority stake in Prima-Temp for a consideration of US$ 5 million.
Under the terms of the agreement Richter shall make an upfront payment upon signature of the agreement. In addition, further milestone payments and sales related royalties will become payable to Prima-Temp subsequent to the launch of the product.
'We are delighted to have one of the premier women's health organizations as our new partner' said Dr. Lauren Costantini, CEO of Prima-Temp. 'Gedeon Richter is committed to leveraging their women's health marketing and sales expertise to expand into the digital health space with our innovative wearable women's health technology. This exciting strategic development will allow Prima-Temp to bring Priya to many more women in need as we commercialize our first innovative product.'
'This agreement further strengthens Richter's presence in the area of female fertility, as PriyaRing empowers women to take control of their fertility and also brings 21Century Thermometry to the market. I look forward to working with the Prima-Temp team to develop further highly innovative products in the field of Women's Healthcare', said Mr Erik Bogsch, Managing Director of Gedeon Richter Plc.
PriyaRing is an ovulation predictor vaginal ring. The ring measures core temperature of a woman every 6 minutes and sends the data directly through wireless connection to a smart device every two hours. The data is sent to the cloud where it is stored and analyzed based on an proprietary Prima-Temp algorithm. The ring does not contain any active ingredient but a temperature measurement sensor. The device detects the subtle changes in temperature prior to ovulation and sends a notification to the smart device. This allows for easy handling, continuous data flow and an aid in conception.
About Gedeon Richter Plc.
Gedeon Richter Plc. (www.richter.hu), headquartered in Budapest/Hungary, is a major pharmaceutical company in Central Eastern Europe, with an expanding direct presence in Western Europe, in China and in Latin America. Having reached a market capitalisation of EUR 3.7 billion (US$ 3.9 billion) by the end of 2016, Richter's consolidated sales were approximately EUR 1.3 billion (US$ 1.4 billion) during the same year. The product portfolio of Richter covers many important therapeutic areas, including Women's Healthcare, Central Nervous System, and Cardiovascular areas. Having the largest R&D unit in Central Eastern Europe, Richter's original research activity focuses on CNS disorders. With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the Women's healthcare field worldwide. Richter is also active in biosimilar product development.
About Prima-Temp Inc.
Prima-Temp brings new, innovative approaches to many of today's healthcare challenges through the application of 21 century thermometry. Prima-Temp's continuous temperature sensors and associated software allow the most precise method to measure true core body temperature, with the potential to address a multitude of applications including the Priya personal fertility sensor, early disease detection, sleep disorders, drug therapy, weight control and exercise. For additional information, visit www.prima-temp.com.
For more information:
Katalin Ördög: +36 1 431 5680
Zsuzsa Beke: +36 1 431 4888
Lauren Costantini: +1 866 398 1032