PAION REPORTS SOLID PROGRESS WITH COMMERCIAL ACTIVITIES IN EUROPE
- Product rollouts in UK, Netherlands and Scandinavia going well, including formulary acceptance
- Positive customer feedback following initial experience with PAION products
Aachen (Germany), 24 June 2022 – The specialty pharma company PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8) today reported good progress with its commercial rollout activities for remimazolam (Byfavo®), eravacycline (XERAVA®) and angiotensin II (GIAPREZA®) in Europe, including gaining formulary acceptance.
“Given that we are still at the early stages of commercialization, our focus is on formulary acceptance, and our team is making strong progress here. Importantly, we have received positive feedback from customers on their initial experience with our products, particularly remimazolam, which is also reflected in the strong pricing and reimbursement levels we have achieved so far,” said Dr. Jim Phillips, Chief Executive Officer of PAION AG. “Our experience to date in 2022 is highly encouraging for the future, and we look forward to report on our progress which we expect to be reflected over time in increasing sales.”
PAION has been building its commercial presence in the UK, the Netherlands and Scandinavia, with highly experienced and motivated teams that are now on the road and visiting customers. While the sales force is concentrating on remimazolam, a sedative/anesthetic that is projected to be PAION’s largest product, the Company also reported that it is seeing positive signs of uptake of angiotensin II, a vasoconstrictor, in Germany. The Company reported that pricing and reimbursement levels for remimazolam have been tracking above initial targets, with the average net selling price for remimazolam around EUR 19 per 20 mg, which is at the high end of PAION’s pricing expectations.
In the UK, the Company has a partnership with Clinigen for the supply of PAION’s products. With successful first formulary approvals of remimazolam in National Health Service (NHS) Trust hospitals, PAION expects to see an increased and steadier uptake of its products in the UK going forward.
For Scandinavia, Denmark is serving as the commercial operating hub, with activities currently focused on remimazolam. Discussions with the Danish Medicines Council (DMC) regarding reimbursement have been completed. As purchasing and pricing decisions will not be dictated nationally, PAION has more freedom in the other countries in Scandinavia. Rollouts started in Denmark in the fourth quarter of 2021; rollouts in other countries in the region underway.
In the Netherlands, all three products are now listed and available. PAION’s commercial team is expanding the initial target group of anesthesiologists to include gastroenterologists and expects strong synergies and highly efficient deployment of the sales force due to marketing of several products.
In Germany, currently only angiotensin II is available to hospitals and PAION expects to successfully conclude reimbursement discussions and contracts with the insurers in July 2022.
PAION AG is a publicly listed specialty pharmaceutical company with innovative drugs to be used in hospital-based sedation, anesthesia and critical care services. PAION’s lead compound is remimazolam, an intravenous, ultra-short-acting and controllable benzodiazepine sedative/anesthetic. PAION is rolling out remimazolam (Byfavo®) in selected European markets. Remimazolam is partnered in multiple territories outside of Europe. Remimazolam is approved in the U.S., the EU/EEA/UK, China and South Korea for procedural sedation and in Japan and South Korea for general anesthesia.
In addition, PAION markets two intensive care products in selected European countries: Angiotensin II (GIAPREZA®), a vasoconstrictor indicated for the treatment of refractory hypotension in adults with septic or other distributive shock, and eravacycline (XERAVA®), a novel fluorocycline type of antibiotic indicated for the treatment of complicated intra-abdominal infections in adults.
PAION’s mission is to be a leading specialty pharmaceutical company in the fields of anesthesia and critical care by bringing novel products to market to benefit patients, doctors and other stakeholders in healthcare.
PAION is headquartered in Aachen (Germany).
Vice President Investor Relations/Public Relations
52078 Aachen – Germany
Phone +49 241 4453-152
This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG’s management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.
24.06.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de