NovoTek Pharmaceuticals Limited (NovoTek Group)
("NovoTek" or the "Company")
Distribution Partnership Forged with Luqa Ventures Co., Ltd.
(“Luqa” or the “Company”)
NovoTek Pharmaceuticals Limited,a member of NovoTek Group, is pleased to announce the signing of a distribution agreement (“Agreement”) with Luqa VenturesCo. Ltd. (“Luqa”), a Hong Kong-based pharmaceutical corporation, for Salvat Pharmaceuticals(Spain)’s innovative products Eberconazole Cream 1%. The multi-year agreement assigns exclusive sales and marketing rights for the products to Novotek in Mainland China (“Territory”).
Eberconazole Cream 1% is a new developed anti-fungi formulation, and is indicated for the topical treatment of dermatophyte infections of the human skin such as Tineacorporis , Tineacruris and Tineapedis as well as cutaneous candidiasis and pityriasisversicolor. In this collaboration, NovoTek will take responsibilities for all regulatory requirements in the territory to bring this product to Chinese pharmaceutical market. The total market size for Eberconazole Cream 1% are expected to reach RMB 1 billion and still expanding in the next a few years.
CEO of NovoTek Pharmaceutical Limited, commented,
"We have been exploring good products that can be continuously introduced to Chinese market, one of the most fast-growing healthcare markets in the world. For our partnering with Luqa and Salvat, NovoTek's knowledge of the Territory's aggregate healthcare market and our expertise on pharmaceutical products will provide appropriate selling and technical support structure required for products. The Agreement has been framed to facilitate an initial ramp up period for NoveTekto conduct local clinical trials that support market approvals from the ChinaFood & Drug Administration (CFDA). Aggressive, growth-oriented, market penetration plans quickly follow to help ensure that both NovoTek and Luqa's minimum revenue expectations are met and ultimately exceeded."
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