Under the terms of the agreement EuroCept will pay Stellar an upfront milestone payment, plus an ongoing royalty on in-market sales and specified transfer price in exchange for the rights to an exclusive license for this territory. This agreement has an initial five year term and may be renewed for an additional three year term with the mutual agreement of both parties.
With the approved CE mark for Uracyst already in place for the European market, it is expected that Uracyst should be launched by EuroCept early in the first quarter of 2009.
Uracyst, Stellar’s proprietary product, is used in the treatment of interstitial cystitis and painful bladder syndrome.
Peter Riehl, president and CEO of Stellar, said: This agreement adds to the company’s overall growth strategy, to license our proprietary products into the global market place and adds to the other distribution agreements which Stellar has entered into in respect of other European territories. We look forward to building a successful long-term working relationship with EuroCept.