SteadyMed and Cardiome Enter into a License Agreement for the Commercialization Rights to Trevyent Outside the U.S.

SteadyMed Ltd.

, a specialty pharmaceutical company focused on the development of drug products to treat orphan and high value diseases with unmet parenteral delivery needs, and Cardiome Pharma Corp.

today announced an exclusive license and supply agreement for Cardiome to commercialize Trevyent® in certain regions outside the U.S. if Trevyent is approved for the treatment of pulmonary arterial hypertension, or PAH, in such regions. Under the license agreement, SteadyMed will receive $12.25 million in connection with regulatory and sales milestones, including an upfront payment of $3 million. In addition, Cardiome has agreed to pay to SteadyMed a transfer price on finished goods and a scaling double-digit royalty on future Trevyent sales. The exclusive agreement includes Europe, Canada and the Middle East. "SteadyMed has been searching for the ideal partner for ex-U.S. commercialization of Trevyent that has a track record of selling parenteral therapeutics to cardiologists, an excellent regulatory infrastructure, a commercial organization with operations in major European markets and a passion to sell – we found this in Cardiome," said Jonathan M. N. Rigby, President and Chief Executive Officer of SteadyMed. "In addition, Cardiome has an extensive network of specialty pharmaceutical product distributors in many global markets that will be key contributors to the future success of Trevyent, which if approved is an exciting new potential treatment for PAH. We believe this agreement will help to ensure that Trevyent, if approved, will be available to the patients who need a ready to use and easier to administer alternative product to treat this serious and debilitating condition." "We believe that Trevyent will complement our current portfolio of cardiovascular products and will broaden our franchise of specialty products into additional treatment centers and physician specialties," stated William Hunter, M.D., CEO of Cardiome. "We look forward to working with SteadyMed as we jointly prepare for submission of the request for regulatory approvals for Trevyent beginning in 2016. We are thrilled to have the opportunity to promote this new and exciting product candidate."