Stellar signs Uracyst distributor in Spain

Stellar Pharmaceuticals (OTCBB: SLXCF) has signed a license agreement with Laboratorios Inibsa S.A. for the sale and distribution in Spain of one of its lead products, Uracyst, for the treatment of interstitial cystitis/painful bladder syndrome.

Uracyst already has CE mark approval in Europe and Inibsa is expected to launch the drug in the fourth quarter of 2010.

Under the accord, Inibsa will pay Stellar an upfront license fee in addition to a specified transfer price in exchange for exclusive rights in Spain. The agreement has an initial five-year term, with additional three-year renewal periods.

“The ongoing success of Stellar’s global growth strategy is highly dependent upon our ability to identify and partner with key distributors, like Inibsa, that have established a strong presence in the urology markets within their respective territories,” Stellar CEO Peter Riehl said in a statement. “We are confident that with Inibsa’s support, Uracyst will gain significant awareness, acceptance and adoption in Spain.”