NEW YORK, July 7, 2015 /PRNewswire/ --
Oasmia Pharmaceutical AB, a developer of a new generation of drugs within human and veterinary oncology, today announced that it has established a sales company in the United States, designed to generate adoption for Paccal Vet-CA1, its leading companion animal therapeutic.
Paccal Vet-CA1 was previously distributed by Zoetis. Due in part to Zoetis' recently announced operational efficiency program, Oasmia has determined that it will be more beneficial for the Company to develop its own marketing and sales organization. The Company has successfully regained the exclusive global rights for Paccal Vet and Doxophos Vet, and established 'Oasmia Pharmaceutical Inc.', which will identify opportunities in the United States which will result in overall Company growth.
In order to achieve growth, the Company has already begun the process of identifying key talents in the pharmaceutical sales space with the goal of establishing an experienced and effective team. Furthermore, the Company is performing due diligence on potential products for acquisition that it feels would complement the Oasmia brand and increase exposure. Zoetis will be relinquishing control of the global sales efforts, with the exception of Japan, which is partnered with another company.
Within the estimated $7 billion global companion animal drug market that is commonly based on generic human products, approximately 25% of dogs will develop a tumor during their lifetime. With 80 million dogs in the US alone, and many of their owners considering their pets a member of their family, the market potential for successful treatments is significant. Paccal Vet-CA1's high efficacy, yet cost-effective pricing, establishes the potential for widespread public adoption. The company is similarly optimistic regarding the market potential for Doxophos Vet, a patented formulation of doxorubicin developed by Oasmia for the treatment of lymphoma, the most common cancer in dogs.
"We are excited to take this next step in developing a proprietary platform that will create exposure to the Oasmia family of products on US soil," said Julian Aleksov, Executive Chairman of Oasmia Pharmaceutical.
During the period of the transition of rights, business and operations will continue as usual. The transition is expected to be finalized in September 2015 and the marketing activities are planned to be transferred in July 2015.
SOURCE Oasmia Pharmaceutical AB