ADDISON, Texas, Jan. 17, 2012 /PRNewswire/ -- ULURU Inc. (NYSE AMEX: ULU), announced today that the License Agreement with Melmed Holdings AG for the marketing of Altrazeal® in Europe, Australia, New Zealand, the Middle East and Northern Africa has been finalized.
Under the terms of the License Agreement, ULURU has licensed the rights for the marketing of Altrazeal® to Melmed Holdings AG, who are establishing a separate entity to market Altrazeal®, in Europe, Australia, New Zealand, the Middle East and Northern Africa. ULURU will receive licensing payments, will receive a royalty on sales within the territory, and will supply Altrazeal® at a price equal to 30% of the European net sales price.
In addition, a shareholder agreement for the establishment of Altrazeal Trading, Ltd., the separate European marketing entity, has also been signed. Under the terms of this Agreement ULURU received a non-dilutable 25% ownership interest in Altrazeal Trading, Ltd. The initial funding of Altrazeal Trading, Ltd. will be approximately $2 million, to fund the launch of Altrazeal® in Europe, Australia and New Zealand, which has been provided by an investor group.
Commenting on the Agreements, Kerry P. Gray, President and CEO of ULURU, stated, "We are very pleased to have completed the License Agreement and Shareholder Agreement with Melmed Holdings AG. Since we initiated our partnership, Melmed has rapidly advanced the development of product launch plans for Altrazeal® in Europe, Australia and New Zealand. Positive clinical data has been developed in numerous hospitals in Austria with the involvement of a key opinion leader, which confirms the clinical results that have been experienced in the U.S. Great progress has been made developing a marketing network throughout Europe and Australia. We be
|SOURCE ULURU Inc.|
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