Published on August 31, 2013 at 5:21 AM
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.
Source: Vansen Pharma Inc.