Ardana: On the way up

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22 December 2006
ARDANA (ARA)

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Ardana is making decent progress towards becoming a speciality pharmaceutical company focused on reproductive
health. The Scottish company recently boosted its pipeline by in-licensing Emselex, a treatment for overactive
bladder, from Novartis. Management raised nearly £10m in October to fund its launch, as well as the development
oral growth hormone product Secretagogue. Emselex was launched in the UK in November and Invicorp,
injectable treatment for erectile dysfunction, is to launch in Denmark.
The human reproductive health market is worth an estimated $26bn in annual sales, and Ardana's growth-
product, along with prostate cancer and endometriosis treatment Teverelix, target markets worth a combined
in sales a year. Chief executive Maureen Lindsay says licensing discussions continue for Teverelix and that
hopes to sign a deal by the summer before the product enters phase III trials in 2007 for benign prostatic hyperplasia.
The company's testosterone cream is also entering phase III trials, with a launch planned for 2008. In the first
sales of testosterone-replacement drug Striant fell, but this was due to lumpy sales through partners.