Sanochemia signs exclusive out-licence to Avigen in market valued at US$2.5 billion per year

On January 16, 2006, Avigen, Inc., a biopharmaceutical company developing innovative therapies for the treatment of neurological conditions, announced that it had signed an agreement with SDI Diagnostics International LTD ("SDI"), a division of Sanochemia Pharmazeutika AG, an Austrian-based pharmaceutical company. Under the terms of the agreement, Avigen receives an exclusive North American license to develop and commercialize proprietary formulations of the neuroactive compound tolperisone, a compound for the treatment of disabling neuromuscular conditions, representing a market valued at around US$2.5 billion per year.