Synvisc Approved In Sweden
Biomatrix' osteoarthritis treatment Synvisc has been approved in Sweden. Synvisc is an elastoviscous hylan biopolymer which is injected into joints to supplement and restore the lubricating and shock-absorbing properties of synovial fluid, thereby alleviating pain and increasing joint function.
In addition, Biomatrix has entered into an agreement with Recordati to market Synvisc in Italy. Recordati has exclusive marketing rights in that country for up to 15 years. Recordati is purchasing 250,000 shares in Biomatrix as part of the deal. The osteoarthritis market in Italy is estimated to be worth $260 million per year, while that of Western Europe as a whole is estimated at more than $1.5 billion annually.
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