TEL AVIV, Israel, April 7, 2020 /PRNewswire/ -- Alpha Tau Medical– the developer of breakthrough alpha-radiation cancer therapy Alpha DaRT, and Medison Canada – a fully owned subsidiary of Medison Pharma, are pleased to announce that they have entered into an exclusive distribution arrangement. Medison is a specialized pharmaceutical and biotech company purely focused on licensing highly innovative, cutting edge therapeutics for patients in need of life-saving therapies in rest-of-the-world markets. Medison has exclusive commercial distribution rights in Israel, and according to the new arrangement, Medison shall also have the exclusive rights to commercialize and distribute the Alpha DaRT in Canada. The arrangement for Canada is for a 15-year period from Marketing Approval of the product in Canada. The parties have agreed on a split of revenues between both sides, and Alpha Tau will be entitled to receive upfront, regulatory and milestone sales-based fees of up to US$9 million.
Alpha Tau CEO, Uzi Sofer, commented, "This arrangement meaningfully furthers our important mission to bring our live-saving cancer therapy to thousands of cancer patients in Canada who may not have other treatment options remaining. We are confident that with Medison's capabilities, their outstanding team on the ground, and their track record of commercial success around the world, we will build together a successful commercial launch for Alpha DaRT in Canada. Even in these challenging times, we continue to push forward our mission to help cancer patients around the world, with active ongoing patient recruitment and treatment, and we appreciate Medison's vote of confidence in uncertain times."
Raphi Levy, CFO of Alpha Tau, added, "We are very excited to have allied ourselves with such a leading partner in the Canadian therapeutics market. Canada is assuming increased importance for Alpha Tau as a nexus for our pre-clinical and clinical research. We are excited to work with Medison on bringing our therapy to Canadian clinicians, who are already learning about the Alpha DaRT and are eager to deploy it."
Meir Jakobsohn, Founder and CEO of Medison Pharma, commented, "Alpha DaRT is a great addition to our Canadian portfolio, and we believe that Alpha Tau's breakthrough technology together with Medison's on-the-ground extensive commercial capabilities can make a real change in patients' lives in Canada."
Joe O'Neill, General Manager Medison Canada, added: "We are very excited to partner with Alpha Tau to bring this important treatment option to Canadian patients and their healthcare providers. Canada continues to be a leader in providing clinical trial support to innovative R&D companies in the oncology field and Medison Canada is proud that Alpha Tau is working with one of our leading hospitals, CHUM in Montreal, to develop this important treatment."
As part of its extensive global clinical trial plan, Alpha Tau has recently launched a clinical trial for patients with advanced pancreatic cancer in Montreal, conducted at CHUM (Montreal University Hospital Center). The company is also engaged in a research projects on alpha radiation dosing with leading universities and institutions in Montreal and Israel.
For the complete Press Release: https://www.alphatau.com