The parties have both signed a separation agreement, amongst other things, where they agree to a financial settlement which entails Medy-Tox repaying the majority of the loan that Q-Med has given the company up until the present date. Further details concerning the repayment will not be made public, however.
The parties’ original agreement included Q-Med giving Medy-Tox a loan of up to 3 MUSD for the adaptation of facilities and manufacturing processes, and paying up to 8 MUSD on condition that certain commercial objectives were achieved.
Q-Med still aims to continue work on the development and commercialization of products within the botulinum toxin area.
Queries should be addressed to: Alexander Kotsinas, Vice president and CFO Tel: +46 (0)73 500 11 11 Madelene Sandgren, Director Investor Relations and Corporate Communications Tel: + 46 (0)70 974 90 15
Q-Med AB (publ), Seminariegatan 21, SE-752 28 Uppsala, Sweden. Corporate identity number 556258-6882. Tel: +46(0)18-474 90 00. Fax: +46(0)18-474 90 01. E-mail: info@q-med.com. Web: www.q-med.com.
In USA, Q-Med AB’s affiliate is the wholly-owned subsidiary Q-Med Scandinavia, Inc.
Q-Med AB is a rapidly growing and profitable biotechnology/medical device company. The company develops, manufactures, markets, and sells primarily medical implants. The majority of the products are based on the company's patented technology, NASHA™, for the production of stabilized non-animal hyaluronic acid. The product portfolio today contains: Restylane® for filling lines and folds, contouring and creating volume in the face, Macrolane™ for body contouring, Durolane™ for the treatment of osteoarthritis of the hip and knee joints, Deflux® for the treatment of vesicoureteral reflux, VUR, (a malformation of the urinary bladder) in children, and Solesta™ for the treatment of fecal incontinence. Sales are made through the company's own subsidiaries or distributors in over 70 countries. Q Med today has just over 700 coworkers, with close to 500 at the company's head office and production facility in Uppsala, Sweden. Q-Med AB is listed in the Mid Cap segment of the OMX Nordic Exchange in Stockholm.
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Contact:
Q-Med AB Alexander Kotsinas, Vice president and CFO Tel: +46 (0)73 500 11 11 or Madelene Sandgren, Director Investor Relations and Corporate Communications Tel: + 46 (0)70 974 90 15
Source: Q-Med
