DRAXIS Names GE Healthcare as Exclusive Distributor of DRAXIMAGE(R) Sestamibi in USA
20 Diciembre 2007 - 5:20PM
PR Newswire (US)
Strategic partnership with industry leader gives DRAXIMAGE strong
competitive position in nuclear medicine's largest market segment
MONTREAL, Dec. 20 /PRNewswire-FirstCall/ -- DRAXIMAGE, the
radiopharmaceutical division of DRAXIS Health Inc. (TSX: DAX)
(NASDAQ:DRAX), has appointed GE Healthcare, an industry leader in
nuclear medicine, as the exclusive distributor of DRAXIMAGE(R)
Sestamibi in the United States. DRAXIMAGE(R) Sestamibi is a generic
kit for the preparation of Technetium (Tc-99m) Sestamibi injection,
a diagnostic cardiac imaging agent used in myocardial perfusion
imaging (MPI) to evaluate blood flow to the heart. Cardiac imaging
currently accounts for nearly half of the more than 20 million
nuclear medicine procedures conducted in the United States.
DRAXIMAGE has granted GE Healthcare the exclusive right to market,
distribute and sell its generic DRAXIMAGE(R) Sestamibi in the U.S.
market and through its U.S. and Canadian radiopharmacy network once
the primary innovator patent expires and marketing authorizations
are received from the U.S. Food and Drug Administration (FDA) and
Health Canada. Furthermore, GE Healthcare has agreed to purchase
Technetium 99m Sestamibi injection exclusively from DRAXIMAGE. The
initial term of the distribution agreement is for a minimum of
three years following FDA approval of the DRAXIMAGE product. An
Abbreviated New Drug Application (ANDA) for DRAXIMAGE(R) Sestamibi
was submitted by DRAXIMAGE to the FDA in February 2007 and this
ANDA is currently under review. In addition, DRAXIMAGE recently
announced the filing of DRAXIMAGE(R) Sestamibi with European and
Canadian regulatory authorities seeking additional marketing
authorizations. "Working with GE Healthcare to bring this major
product to the market is a significant opportunity for both
partners," said Jean-Pierre Robert, President of DRAXIS Specialty
Pharmaceuticals Inc., the operating subsidiary of DRAXIS Health.
"Strong distribution in the U.S., the world's largest market for
nuclear medicine, is a key element of the DRAXIMAGE comprehensive
global strategy to enter the cardiac imaging segment and the
signing of this pivotal agreement for the U.S. and Canada marks the
completion of a major milestone in our strategy," "The DRAXIMAGE
team, under Jean-Pierre's leadership, is to be commended for
achieving yet another of our key objectives toward fulfilling the
commitment made in March 2006 to pursue diagnostic cardiac imaging,
a major market not previously served by DRAXIMAGE," said Dan
Brazier, acting President of DRAXIS Health Inc. "As we continue to
grow our company to the next level through the implementation of
projects like DRAXIMAGE(R) Sestamibi, strategic alliances with
dedicated partners such as GE Healthcare are expected to become a
more significant element in our business model." GE Healthcare owns
and operates a comprehensive network of full-service
radiopharmacies dedicated to the practice of nuclear pharmacy in
all major urban centers across the United States and in Canada. GE
Healthcare also supplies a broad range of equipment,
radiopharmaceuticals and other products and services to
radiopharmacies and nuclear medicine departments throughout the
United States, utilizing a well-trained and experienced sales
force. "Nuclear Cardiology is a proven technology, and we're
confident that our partnership with DRAXIMAGE will expand the
access to and applicability of these procedures when and where they
are needed," said John Chiminski, President and CEO of GE
Healthcare's Medical Diagnostics business. "This agreement allows
us to remain competitive and further demonstrates our commitment to
Nuclear Medicine, through Radiopharmacy performance and the
broadest product portfolio in the industry." According to Arlington
Medical Resources, in 2006 there were more than 8 million cardiac
studies conducted in the U.S. out of a total of over 20 million
nuclear medicine procedures; making MPI the most widely performed
nuclear medicine scan in the US. Recent market research estimates
indicate that existing MPI products generate revenues in excess of
$800 million annually in the U.S. and that Sestamibi and
tetrofosmin account for approximately 90% of all MPI procedures.
Cardiac Imaging with Tc-99m Sestamibi The sestamibi kit is used in
nuclear medicine imaging to show how well the heart muscle
(myocardium) is supplied with blood (perfused) both at rest and
during strenuous activity. The radioisotope Technetium-99m is
attached to the sestamibi molecule forming Tc-99m Sestamibi. When
injected into the bloodstream this radiopharmaceutical agent is
distributed throughout the heart muscle in proportion to the blood
flow received by various portions of the heart. Heart images are
then obtained using a gamma camera that can detect the
Technetium-99m. Two sets of images are typically taken, one while
the patient is at rest and a second set while the patient is under
stress, often by exercising on a treadmill or stationary bicycle.
The resulting two sets of images are compared with each other to
diagnose the presence of coronary heart disease by detecting areas
of the heart that may not be receiving normal blood flow. This
imaging technique is known as cardiac stress testing or myocardial
perfusion imaging (MPI). About GE Healthcare GE Healthcare provides
transformational medical technologies and services that are shaping
a new age of patient care. Our expertise in medical imaging and
information technologies, medical diagnostics, patient monitoring
systems, performance improvement, drug discovery, and
biopharmaceutical manufacturing technologies is helping clinicians
around the world re-imagine new ways to predict, diagnose, inform,
treat and monitor disease, so patients can live their lives to the
fullest. GE Healthcare's broad range of products and services
enable healthcare providers to better diagnose and treat cancer,
heart disease, neurological diseases and other conditions earlier.
Our vision for the future is to enable a new "early health" model
of care focused on earlier diagnosis, pre-symptomatic disease
detection and disease prevention. Headquartered in the United
Kingdom, GE Healthcare is a $17 billion unit of General Electric
Company (NYSE:GE). Worldwide, GE Healthcare employs more than
46,000 people committed to serving healthcare professionals and
their patients in more than 100 countries. For more information
about GE Healthcare, visit our website at
http://www.gehealthcare.com/. About DRAXMAGE DRAXIMAGE develops,
manufactures and markets diagnostic and therapeutic
radiopharmaceuticals for the global marketplace. Products currently
include a line of lyophilized technetium-99m kits used in nuclear
medicine imaging procedures and therapeutic products labeled with a
variety of isotopes including radioiodine. About DRAXIS Health Inc.
DRAXIS Health, through its wholly owned operating subsidiary,
DRAXIS Specialty Pharmaceuticals Inc., provides products in three
categories: sterile products, non-sterile products and
radiopharmaceuticals. Sterile products include liquid and
freeze-dried (lyophilized) injectables plus sterile ointments and
creams. Non-sterile products are produced as solid oral and
semi-solid dosage forms. Radiopharmaceuticals are used for both
therapeutic and diagnostic molecular imaging applications.
Pharmaceutical contract manufacturing services are provided through
the DRAXIS Pharma division and radiopharmaceuticals are developed,
produced, and sold through the DRAXIMAGE division. DRAXIS employs
approximately 500 staff in its Montreal facility. For additional
information please visit http://www.draxis.com/. Caution Concerning
Forward-Looking Statements This news release contains
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Securities and Exchange Commission (available on EDGAR at
http://www.sec.gov/) and the filings made by the Company with
Canadian securities regulators (available on SEDAR at
http://www.sedar.com/). The forward-looking statements contained in
this new release represent the Company's expectations as at
December 19, 2007. Unless otherwise required by applicable
securities laws, the Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. DATASOURCE:
DRAXIS Health Inc. CONTACT: DRAXIS Health Inc., Jerry Ormiston,
Executive Director, Investor Relations, Phone: 1-877-441-1984, ; GE
Healthcare, Brian McKaig, Director, Public Relations, Phone: (414)
721-2407,
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