Stellar signs distributor for Uracyst in Portugal

Stellar Pharmaceuticals’ (OTCBB: SLXCF) Uracyst drug for interstitial cystitis/painful bladder syndrome will be distributed in Portugal by CPH Companhia Portuguesa Higiene, a specialty pharma company with a major focus in urology, the primary target market for Uracyst.

“Expanding the global licensing of Uracyst is a major growth driver for Stellar,” CEO, Peter Riehl, said in a statement.  “Accordingly, the signing of this agreement, which will add to the number of European territories where Uracyst is commercially available, is a key milestone achievement for our company,” he added.  “We look forward to building a successful long-term working relationship with CPH.”

CPH is expected to launch Uracyst in the second quarter of 2010.  Under the accord, CPH will pay Stellar an upfront licensee fee in addition to a specified transfer price in exchange for the rights to an exclusive license in Portugal.  This agreement runs for five years and may be renewed for an additional three-year term with the mutual agreement of both parties.