PA-NORDIC-PHARMA-GROUP
18.12.2023 19:14:33 CET | Business Wire | Press release
Amring Pharmaceuticals Inc. (Amring), a subsidiary of Nordic Group B.V. (Nordic Pharma), announced today the completion of its acquisition of Visant Medical, Inc. (Visant), a leader in medical technology innovation in Dry Eye Disease (DED). This acquisition unites Nordic Pharma's pharmaceutical expertise, with Visant's FDA-cleared hyaluronic acid derivative LACRIFILL® canalicular occlusive device, which is intended to temporarily block tear drainage by the occlusion of the canalicular system. Nordic Pharma will launch and commercialize LACRIFILL in the U.S. and has been chosen because of its focus on Ophthalmology.
This acquisition will enhance Nordic Pharma’s impact on the global ophthalmology market starting with the U.S. launch of LACRIFILL, the patented therapy for DED. “Visant is thrilled to be joining the Nordic Pharma group,” said Vartan Ghazarossian, Ph.D., Visant co-founder and CEO. “Our team has been passionate about bringing a truly innovative solution to patients suffering from DED and we are excited to be joining the Nordic Pharma team as we begin our commercialization efforts.”
This is the second branded medical device Nordic Pharma will introduce in the U.S. and is a complementary fit to the lead brand. Following the anticipated 2024 U.S. launch of LACRIFILL, Nordic Pharma intends to seek regulatory approval to make the product available globally.
“We’re ecstatic Visant Medical selected Nordic Pharma as their partner and for the opportunity to introduce LACRIFILL to the ophthalmologists and optometrists treating the over 16 million people diagnosed with DED in the U.S.,” said Philip Gioia, President of the U.S. team that will launch LACRIFILL under the Nordic Pharma brand. “LACRIFILL represents an innovative and elegant form factor to occlude that should become the gold standard for preoperative patient care for those with DED.”
LACRIFILL is indicated for dry eye conditions and provides relief for the symptoms of dry eye. It has received FDA 510(k) clearance and has an established CPT reimbursement code. These benefits make LACRIFILL appealing to both patients and providers.
Richard Lindstrom, MD, Founder and Attending Surgeon Emeritus at Minnesota Eye Consultants said, “LACRIFILL is set to play a useful role in treating patients with the signs and symptoms of dry eye, especially prior to refractive corneal or cataract surgery. LACRIFILL will provide the Eye Care Professional with a new and attractive option to treat patients with Dry Eye Disease within their practice.”
Paul Karpecki, OD, Associate Professor, University of Pikeville, Kentucky College of Optometry; Kentucky Eye Institute; emphasized the benefits of using LACRIFILL, stating: "A gel, consisting of cross-linked hyaluronic acid represents a significant impact in ocular health in tear conservation. The properties of the hyaluronic acid in a canalicular filler offer unique comfort and effectiveness in managing dry eye symptoms.”
Raymond James & Associates, Inc. served as exclusive financial advisor to Visant Medical, Inc. and Wilson Sonsini Goodrich & Rosati, Professional Corporation served as legal advisor. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal advisor to Amring Pharmaceuticals Inc.
About Nordic Group B.V.
Nordic Pharma is a privately owned, medium-size international pharmaceutical company which focuses on the development and commercialization of specialty products. Portfolio enhancement has been accomplished through targeted developments and focused acquisitions to build a foundation in Ophthalmology, Rheumatology and Women’s Health. Nordic Pharma has established deep roots throughout Europe, and more recently, expanded outside of Europe with increased acquisitions worldwide.
Nordic Pharma is a part of SEVER Life Sciences, a holding company created in 2019 that brings together three diverse but complementary companies that offer a wide range of products, pharmaceutical development services and delivery technologies.
About Amring Pharmaceuticals Inc.
Amring Pharmaceuticals Inc., subsidiary of Nordic Group B.V., is a privately held pharmaceutical company that provides niche generics and value-driven brands to the market. Amring is partnered with well-established global biopharmaceutical companies and is uniquely positioned to leverage its expertise in bringing biotechnology derived medicines, sterile manufacturing and other state-of-the-art technologies to the marketplace.
About Visant Medical, Inc.
Based in Menlo Park, CA, Visant Medical is a clinical-stage medical device company. It received FDA 510(k) clearance in 2022 for LACRIFILL® cross-linked hyaluronic acid-based canalicular occlusive device. LACRIFILL is intended to block tear drainage by occlusion of the canalicular system. It is indicated for use, for up to 6 months, in patients experiencing dry eye symptoms.
Symatese SAS, a French company based in Lyon, was instrumental in the development of LACRIFILL, significantly enhancing the product's design and performance, by leveraging its expertise in tissue regeneration, reconstruction and related delivery systems. SYMATESE specializes in injectable crosslinked HA gels for many markets including Aesthetic, Rheumatology, Ophthalmology. With more than 40 researchers, SYMATESE designs the most advanced medical device solutions thanks to their technology portfolio in hyaluronic acid, collagen, thermoplastics and silicone.
Safe Harbor
This press release contains forward-looking statements, including, without limitation, statements related to Amring/Nordic Pharma’s business developments and the implementation of Amring/Nordic Pharma’s strategic initiatives. Because these statements reflect Amring/Nordic Pharma’s current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties that could cause actual developments and results to differ materially from Amring/Nordic Pharma’s expectations. These factors include, but are not limited to, general market conditions, regulatory trends, changes in the financial conditions of third parties dealing with Amring/Nordic Pharma, and other factors that could affect Amring/Nordic Pharma’s business and financial performance. Amring/Nordic Pharma does not assume any obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
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