Valeo Pharma Inc (CSE:VPH) (OTCQB:VPHIF) (FRA:VP2) announced Wednesday that Health Canada has issued a Notice of Compliance for Redesca and Redesca HP low molecular weight heparin (LMWH) biosimilars.
"The regulatory approval of Redesca is a significant corporate milestone for Valeo and also great news for the Canadian healthcare system,'' said CEO Steve Saviuk in a statement.
“Mandatory use of biosimilars is increasingly being adopted across the country and is expected to help provide significant savings to provincial healthcare plans. With more than eight years of proven in-market safety internationally and a robust supply chain ensuring product availability, we expect Redesca to play a major role in the achievement of our growth objectives."
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He added: "The Canadian LMWH market is in excess of $200 million annually and our complete product line and differentiating clinical package will be a beneficial factor helping to rapidly secure market share in provinces across Canada.”
In addition to being used primarily for treating and preventing deep vein thrombosis and pulmonary embolism, Valeo said that LMWH is also now increasingly used as the first line of defense in the fight against coronavirus (COVID-19).
The World Health Organization's (WHO) issued guidance regarding the prophylaxis use of LMWH to help prevent complications in the clinical management of severe acute respiratory infections when novel coronavirus infection (which causes the COVID-19 disease) is suspected.
Digital investor awareness program
In other company news, Valeo also announced that it has launched a 12-month digital investor awareness program through AGORACOM, a multi-faceted digital platform operated by AGORA Internet Services Corp to enhance information availability for current and future stakeholders.
Quebec-based Valeo has agreed to remunerate AGORA $75,000 plus taxes for the services. A first service payment of $15,000 was made on December 7, with the remaining balance split equally and due on each of February 27, 2021, May 27, 2021, August 27, 2021, and December 31, 2021.
Payment will be made through the issuance of the company's common shares, the number of which, will be determined by using the closing price on each date above. Common shares issued to AGORA under this agreement will be subject to a four-month hold period.
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