Se-cure signs $11m in distribution contracts

Se-cure Pharmaceuticals makes an estrogen replacement therapy for osteoporosis.

In recent months, Se-cure Pharmaceuticals Ltd. has signed distribution contracts totaling $11 million for Femarelle, its estrogen replacement for treatment of osteoporosis. The new contract with Greece’s Lavipharma Group is expected to generate at least $4.6 million in revenue over the next two years, and the contract with Turkey’s Atamis Health Group (Atlas Ilac Pazarlama) is expected to generate $6.5 million in revenue over the next three years. Atamis will also help finance a clinical trial.

In December, Se-cure submitted a request to the Thai drug administration for registration of Femarelle as a drug (it is registered as a food additive in the US and the European Union (EU)). The company is also negotiating with US hormone company Solvay Pharmaceuticals Inc.

While the company was scoring these successes, its deal to merge its activity with Tel Aviv Stock Exchange shell Unami Shiluvim Enterprise and Development Ltd. (TASE: UNMI) )formerly Oz Hydraulics and Pneumatics), controlled by Pareto group and Gilon Investments (1979) Ltd., fell through. The company notified the TASE last November of a deal to sell its activity to Unami in a cash and share swap deal. As usual in such cases, each party is now saying that it was the one to dissolve the partnership. Unami said today that it had decided against the deal after its due diligence at Se-cure had revealed a number of details that did not match the latter’s initial report. Se-cure claimed, “The company was offered an important strategic alternative,” and that it had therefore decided against an acquisition by Unami.

Se-cure’s product has been on the global market since 1999, and has been marketed in the US since 2004.

Published by Globes [online] - www.globes.co.il - on January 3, 2006

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