22 Feb 2018 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Sinclair and ThermiGen terminate US distribution agreement
Sinclair to regain full US commercial rights to Silhouette InstaLift™
London, 22 February 2018 Sinclair Pharma plc (AIM:SPH.L) ("Sinclair" or the "Group"), the international aesthetics company, announces that its contract with ThermiGen LLC ("Thermi"), an Almirall SA company, for the sale and distribution of Silhouette InstaLift™, Silhouette Refine™ and Silhouette Lift® ("Products") in the US will terminate by mutual agreement, with effect from 31 March 2018. Sinclair will pay to Thermi a one-off, undisclosed payment for the early termination and will regain the full US distribution rights for the Products.
Chris Spooner, CEO of Sinclair, commented: "The Silhouette brand has experienced very strong growth from a loyal customer base in multiple territories. To date, it has been used in around 200,000 procedures worldwide demonstrating excellent clinical outcomes and a strong safety profile. Silhouette InstaLift™ is the only FDA-cleared injectable treatment to have a mid-face lift claim and has been well accepted in the US, with very positive feedback from both physicians and patients as demonstrated by the recent publication of a 100 patient study in the Aesthetic Surgery Journal by leading US plastic surgeon, Professor Julius Few.
"Advanced discussions with potential US partners are ongoing and we expect to enter into an alternative arrangement effective from 1 April which would ensure that this highly differentiated product remains available to doctors and customers, and that we maximise its potential in the very important US market."
Thermi will continue to supply customers with product until 31 March when the contract terminates. In order to ensure continuity of supply to customers thereafter, Sinclair has agreed to buy back Thermi's remaining inventory.
Ends
For further information please contact:
Sinclair Pharma plc | Tel: +44 (0) 20 7467 6920 |
Chris Spooner | |
Alan Olby | |
Andy Crane |
Peel Hunt LLP (NOMAD and Joint Broker) | Tel: +44 (0) 20 7418 8900 |
James Steel | |
Oliver Jackson |
RBC Capital Markets (Joint Broker) | Tel: +44 (0) 20 7653 4000 |
Marcus Jackson | |
Laura White |
Media enquiries
FTI Consulting | Tel: +44 (0) 203 727 1000 |
Ben Atwell | |
Brett Pollard | |
Stephanie Cuthbert |
Notes to Editors:
About Sinclair Pharma plc - www.sinclairpharma.com
Sinclair Pharma plc is an international company operating in the fast growth, high gross margin, global aesthetics market. Sinclair has built a strong portfolio of differentiated, complementary aesthetics technologies, which are experiencing significant growth, targeting unmet clinical needs for effective, high quality, longer duration, natural looking and minimally-invasive treatments. Sinclair is planning entry to multiple new geographic markets and line extension launches over the next few years. The Group has an established sales and marketing presence in the leading EU markets and Brazil, and a network of international distributors.
"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: Some or all of the statements in this document that relate to future plans, expectations, events, performances and the like are forward‐looking statements, as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward‐looking statements due to a variety of factors.