LONDON - Drug delivery specialist Cortecs plc, of London, signed an agreement with London-based Glaxo Wellcome's Greek subsidiary to market Macritonin, Cortecs' oral calcitonin product for the treatment of postmenopausal osteoporosis.
Cortecs will manufacture and supply the product. Cortecs, which submitted a registration application for Macritonin in Greece in October 1997, said Glaxo Wellcome will assist in the registration process.
Nicholas Manasskasis, managing director of Glaxo Wellcome Greece, estimated the total market in Greece is valued at about US$30 million per year. He said an oral therapeutic has the potential to expand the treatment market in the country considerably.
Seven additional registration applications have been submitted for Macritonin in Europe, with more planned for 1998. Cortecs already has marketing agreements in place for Spain, Israel and Japan. - Nuala Moran
An article in the May 13, 1998, issue of BioWorld International should have said GlycoDesign Inc. raised C$16.35 million in its round of venture capital financing.