OREANDA-NEWS. PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange General Standard: PA8) and R-Pharm, Russia, announced that they have entered into a license agreement for Remimazolam which gives R-Pharm an exclusive licence for the development, manufacture and commercialization in the territory of Russia and CIS.

PAION will receive an upfront payment in the amount of EUR 1 million, potential milestone payments of up to EUR 3 million and low double digit royalties on net sales in the Territory.

R-Pharm will manage the development and marketing approval process in the Territory. R-Pharm intends to market Remimazolam in all indications with the lead indication anaesthesia and plans to start a bridging study in anaesthesia as soon as possible with an expected launch of Remimazolam in 2016.

Dr. Wolfgang Sohngen, Chief Executive Officer of PAION AG, stated: „With R-Pharm we have found a partner with a strong track record in the hospital market. We are convinced that a strong national partner with state of the art production facilities brings us the best return for Remimazolam in Russia.”

“The partnership between our companies is a good example of bringing innovative methods of treatment to Russian and CIS patients. We believe that Remimazolam has the potential to become an effective and safe solution for anaesthesia needs“, said Vasily G. Ignatiev, CEO of R-Pharm.