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Sales in Mexico to Transition to More Pharma's 200-Plus Person Marketing and Sales Team Immediately
Expansion into South/Central American and Caribbean Countries as Regulatory Approvals Secured
Joint Conference Call: August 14, 2012 at 8 am PDT to Discuss Details of Partnership
MEXICO CITY and PETALUMA, Calif., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Oculus Innovative Sciences, Inc. (Nasdaq:OCLS), innovator and developer of products based upon the Microcyn® Technology platform, announced today the exclusive licensing of the company's Microcyn-based human healthcare products in Mexico, South/Central America and the Caribbean to More Pharma Corporation, a 300-plus person pharmaceutical company with a commercial presence in Mexico, South/Central America and the Caribbean (
Guillermo Ibarra, More Pharma's CEO said, "Since our founding in 2007, More Pharma has established a track record of strong growth because of our ability to identify and partner with cutting edge pharmaceutical technologies. We believe the Microcyn Technology—already proven and with a dominant share of the Mexican market—is a compelling addition to our product portfolio, allowing us to build upon Oculus' established success in the Mexican market and affording us the opportunity to achieve similar commercial success throughout the South and Central American and Caribbean countries."
Under the terms of the agreement, More Pharma will pay Oculus an upfront $5.1 million licensing fee. The transition of the marketing and sales effort in Mexico to More Pharma will begin immediately, while expansion into other South/Central American and Caribbean countries is dependent upon securing the needed regulatory clearances in those regions. More Pharma will oversee and underwrite all costs for regulatory review and approval.
Hoji Alimi, CEO of Oculus, said, "We are excited about partnering with More Pharma and their rapidly growing sales and marketing teams in Mexico, the Caribbean, Central and South America. We believe this positions us for accelerated long-term unit sales growth in Mexico and also provides us with a terrific partner to introduce our portfolio of Microcyn-based products throughout South and Central America—new territories that are large, untapped markets with a growing middle class."