Montreal, QC – April 26, 2004 – Celmed BioSciences, a subsidiary of Theratechnologies that targets niche applications in oncology, has sold Celmed USA, a private company, and its neurology assets and technology platform, to Dr Michel Lvesque. The terms of the agreement include payments of royalties on sales upon the eventual commercialization of this technology.
“This transaction allows Celmed to fully concentrate its strengths and resources in oncology, while building a critical mass in this field”, says Dr Andr de Villers, president and chief executive officer of Celmed BioSciences. “In addition, we continue to seek opportunities to expand our portfolio of products because we believe that focusing on the oncology market where Celmed has already had great success will help us achieve our growth objective more rapidly."
Dr Lvesque, who developed a treatment for neurodegenerative diseases, has been active in the field of academic neurosurgery and neurosciences research since 1986. He will continue to head the functional neurosurgery clinical program and research in central nervous system regeneration at the Cedars Sinai Hospital in Los Angeles. “I initiated this project several years ago with a good dose of faith and passion,” he says. “I believe this transaction will help bring the autologous neural stem cells transplantation program for Parkinson’s disease to new heights and see it through important milestones with new financial partners."