Okana Ventures Inc. acquires North American product rights for FACTIVE® from Merus Labs International Inc.
MONTREAL, Aug. 30, 2013 /CNW/ - Okana Ventures Inc. [OTCBB: OKNV] is pleased to announce the acquisition of the North American product rights for FACTIVE® (Gemifloxacin Mesylate) tablets from Merus Labs International [TSX: MSL; NASDAQ: MSLI] for approximately US$3.4 million. FACTIVE® is an FDA-approved quinolone with 5-day oral dosing indicated for the treatment of both acute bacterial exacerbation of chronic bronchitis and mild to moderate community-acquired pneumonia.
Pursuant to definitive agreements, Okana acquired the license to the FACTIVE® trademark and patent, inventory on hand, various contingent liabilities, and certain related intellectual property and other information and materials required to market the brand in the North American market. The purchase price is comprised of a cash payment of US$2.2 million paid on closing, a non-contingent deferred cash payment of US$800,000 to be paid in quarterly instalments over the next 15 months, and 3 million shares of OKNV.
"We are very pleased to be able to acquire the North American rights to FACTIVE®. Along with our recently acquired products Spectracef® and its authorized generic Cefditoren Pivoxil, our sales force now has a powerful anti-infective franchise portfolio of products. We look forward to having our US sales force increase revenues by effectively and diligently marketing these products to health care providers," said Richard Azani, President and CEO of Okana Ventures Inc.
In addition, Okana is also pleased to announce that the Financial Industry Regulatory Authority (FINRA) has approved the company's request to change its name from Okana Ventures Inc. to Vansen Pharma Inc. with an effective date of August 30, 2013. For 20 business days Vansen will trade under the symbol "OKNVD". At the commencement of trading on September 30, 2013 the company's symbol will change to VNSN.
About Vansen Pharma Inc.
Vansen Pharma Inc. is a specialty pharmaceutical company focused on broad therapeutic areas which are still anticipated to grow and present an opportunity for major expansion. Vansen will expand its commercial presence by adding complimentary products through in-licensing, co-promotion and acquisitions, resulting in a comprehensive product portfolio. With its US based sales force, Vansen can better serve the increasing healthcare needs of patients and enhance growth.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the acquisition and licensing of pharmaceutical products. The Company utilizes its expertise in pharmaceutical markets and its access to capital to acquire and license niche branded products. Merus further enhances the sale and distribution of these products by the introduction of a focused marketing and promotion plan.
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 21E (i) (1) of the United States Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Vansen's actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for Vansen's products, changes in competition, the ability of Vansen to integrate acquisitions or complete future acquisitions, interest rate fluctuations, currency exchange rate fluctuations, dependence upon and availability of qualified personnel and changes in government regulation. In light of these and other uncertainties, the forward-looking statements included in this press release should not be regarded as a representation by Vansen that Vansen's plans and objectives will be achieved. These forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise the statements.
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Okana Ventures Inc.
President and CEO