Aeterna Zentaris (TSX: AEZ, Stock Forum) made a move to own its own piece of the United States pharmaceutical marketplace when the company announced the formal implementation of its own full-time US sales force with field selling of ACEND Therapeutics US LLC's EstroGel®.
According to the news release, field sales of the leading non-patch transdermal brand of estrogen replacement therapy is scheduled to commence the week of November 17, 2014 and marks part of the strategic co-promotion services contract inked last August with ASCEND.
As outlined in the aforementioned agreement, the company would market EstroGen® in specific US territories while ASCEND would market Aeterna's product, Macrilen™, in certain US territories.
Macrilen's new drug application is currently under review by the FDA with a Prescription Drug User Fee Act date of November 5, 2014.
As part of the co-promotion deal, each company is entitled to receive commissions on net sales of each other's product.
The company intends to utilize approximately 20 sales representatives to service its assigned US territories, while ASCEND will put its existing sales force of over 35 representatives to cover its assigned territories.
Company Chairman and CEO, David Dodd, commented on the creation of the company's own US sales force, “The implementation of our own sales force and the field selling of ASCEND's EstroGel®, mark an important step in our strategy of transitioning into a commercially operating specialty biopharmaceutical company, while the FDA continues its active NDA review for the approval of Macrilen™ in the evaluation of AGHD.”
He then summed up, “We very much look forward to working with ASCEND, as it will enable us to use our new commercial structure not only for the co-promotion of EstroGel®, but also for the potential launch of Macrilen™, as well as for other commercial products that we plan to acquire, in-license or co-promote in the future.”
Aeterna Zentaris was in the news recently when the Quebec City-based company announced the appointment of Phil Theodore as CAO, General Counsel and Corporate Secretary back in the beginning of October.
Shares rose 7.63% on the news to $1.41 per share.
Currently there are 63.9m outstanding shares with a market cap of $92.7 million.