Valeo Pharma's Redesca® and Redesca HP® to Be Covered Under the Ontario Public Drug Benefit Program

Rhea-AI Summary

Valeo Pharma has secured a Product Listing Agreement for its low molecular weight heparin biosimilars, Redesca and Redesca HP, to be included in the Ontario Drug Benefit Formulary starting April 30, 2021. Given that Ontario accounts for 37% of Canada's LMWH market, this listing is a significant milestone for Valeo's commercialization efforts. The President of Valeo highlighted that this move will not only provide savings for the Ontario government but also improve access for millions of Canadians reliant on public insurance for their medications. Further provincial coverage is anticipated.

Positive

• Secured Product Listing Agreement for Redesca and Redesca HP on Ontario Drug Benefit Formulary.
• Ontario represents 37% of the Canadian low molecular weight heparin market, enhancing sales potential.
• Expectations for additional provincial coverage following the initial listing.

Negative

• None.

• Ontario represents 37% of the Canadian low molecular weight heparin market
• Additional provincial coverage expected to follow
  

MONTREAL, April 28, 2021 /PRNewswire/ - Valeo Pharma Inc. (CSE: VPH) (OTCQB: VPHIF) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, today announced that it has entered into a Product Listing Agreement ("PLA") with the Executive Officer of the Ontario Public Drug Program for the listing of Redesca® and Redesca HP®, its low molecular weight heparin ("LMWH") biosimilar, on the Ontario Drug Benefit Formulary effective April 30, 2021.  

"With Ontario representing 37% of the Canadian market for LMWHs, the listing of Redesca on the Ontario public formulary is a key milestone for the Redesca commercialization program", said Frederic Fasano, President and COO of Valeo. "This is welcome news for millions of Canadians who rely on public insurance to access their prescription medications and for the Government of Ontario who will benefit from significant savings resulting from the listing of the first LMWH biosimilar. We anticipate additional provincial coverage will follow", added Mr. Fasano.

About Redesca, Redesca HP

Redesca is a low molecular weight heparin biosimilar. LMWHs are injectable anticoagulant drugs used primarily to treat and prevent deep vein thrombosis and pulmonary embolism. Redesca has more than 8 years of proven in-market safety internationally and more than 150 million patient days treated in Europe alone.

About Valeo Pharma

Valeo Pharma is a Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory, Neurology, Oncology and Hospital Specialty Products. Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.

Forward Looking Statements

This press release contains forward-looking statements about Valeo's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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SOURCE Valeo Pharma Inc.

FAQ

What is the significance of Valeo Pharma's listing of Redesca on the Ontario Drug Benefit Formulary?

The listing allows Valeo's biosimilars Redesca and Redesca HP to be covered under Ontario's public drug program, crucial for accessing the 37% market share in Canadian low molecular weight heparin.

When will Redesca be available under the Ontario Drug Benefit Program?

Redesca will be available as part of the Ontario Drug Benefit Formulary starting April 30, 2021.

How does the listing of Redesca impact the Canadian pharmaceutical market?

The listing is expected to create significant savings for the Ontario government and improve medication access for millions of Canadians, potentially boosting Valeo Pharma's market presence.

What is Valeo Pharma's stock symbol?

Valeo Pharma's stock symbols are VPH for CSE, VPHIF for OTCQB, and VP2 for FSE.