ADDISON, Texas, June 30 /PRNewswire-FirstCall/ -- ULURU Inc. (NYSE Alternext: ULU) announced today that it has signed a licensing and supply agreement with Jiangxi Aiqilin Pharmaceuticals Group ("Aiqilin") for the marketing of Altrazeal™ in China, including Hong Kong, Macau and Taiwan.
Under the terms of the licensing and supply agreement ULURU will receive an upfront licensing payment, milestone payments based on regulatory approvals and sales performance and a royalty on product sales. Aiqilin has also been granted certain manufacturing rights. The license agreement covers Altrazeal™, Altrazeal™ Silver and Altrazeal™ Collagen.
Commenting on the agreement, Chunhua Hu, President and CEO of Aiqilin, stated, "There are more than 20 million wound patients annually in China. The wound care market segment is a rapidly growing area in the Chinese market. Aiqilin is well connected and has strong support from the clinical experts and researchers, extensive marketing and sales channels to effectively promote, sell and further develop Altrazeal™ in China."
The Chinese market is rapidly becoming a major health care market, where it is projected that sales will grow from $25 billion in 2009 to $220 billion in 2020, making it the second largest market in the world. It is anticipated that Altrazeal™ could be approved by the Chinese regulatory authorities in early 2011.
Kerry P. Gray, President and CEO of ULURU, stated; "We are very pleased to have formed this strategic relationship with Aiqilin. China is an extremely important market where we anticipate Altrazeal™ can rapidly establish a significant market presence. This represents the first step in our plan to have Altrazeal™ marketed globally and provides external commercial validation of Altrazeal™ and our proposed product line extensions."
About Jiangxi Aiqilin Pharmaceuticals Group:
Aiqilin is a specialty pharmaceutical company specializing in the development and commercialization of drug delivery products with a major focus in wound care.
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes utilizing its innovative Nanoflex™ Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.uluruinc.com. For further information about Altrazeal™, please visit www.Altrazeal.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended, including but not limited to statements made relating to the timing of the anticipated product approval in China, the receipt of milestone payments and expected financial returns from Altrazeal™. These statements are subject to numerous risks and uncertainties, including but not limited to the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and other reports filed by us with the Securities and Exchange Commission.
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
SOURCE ULURU Inc.