Company Announcement no. 15/2011



To: NASDAQ OMX Copenhagen A/S Hørsholm,
Denmark, December 22, 2011



Veloxis Pharmaceuticals announces licensing of US commercial Fenoglide®
(fenofibrate) rights to Santarus and settlement of Impax patent litigation


Veloxis Pharmaceuticals A/S (OMX: VELO) today announced the establishment of a
licensing agreement transferring US commercial rights to Veloxis’ FENOGLIDE®
from Shore Therapeutics, Inc. to Santarus, Inc. (NASDAQ: SNTS). Under the
agreement Santarus will commercialize FENOGLIDE® (fenofibrate) Tablets 40 mg
and 120 mg in the U.S.


Under the terms of the license agreement, Santarus will pay Shore an $11
million upfront fee and tiered royalties on net sales of FENOGLIDE®. The
royalties are 5% on net sales up to $10 million commencing in 2013, a 20%
royalty on net sales between $10 million and $20 million, and a 25% royalty on
net sales above $20 million, subject to certain potential offsets. Santarus
will also be obligated to pay one-time, success-based milestones contingent on
sales achievement: $2 million if calendar year net sales equal or exceed $20
million and $3 million if calendar year net sales equal or exceed $30 million.
Santarus is responsible for commercial, manufacturing and regulatory activities
for FENOGLIDE®. Please refer to Santarus' Current Report on Form 8-K filed
with the US Securities and Exchange Commission for additional information on
the FENOGLIDE® license agreement.


Veloxis also announces today that the ongoing US patent litigation with Impax
Laboratories, Inc. (NASDAQ: IPXL) related to FENOGLIDE® has been settled
pending regulatory review. The settlement terms grant Impax a sublicense to
begin selling a generic version of FENOGLIDE® on October 1, 2015, or earlier
under certain circumstances. The settlement arrangement is subject to review
by the U.S. Department of Justice and the Federal Trade Commission, as well as
entry by the U.S. District Court for the District of Delaware of an order
dismissing the litigation.


Financial guidance

The content of this release will have no influence on the company’s financial
guidance for 2011 which was provided on 1 March 2011 in connection with the
release of the financial results for 2010.



For more information, please contact:



Veloxis Pharmaceuticals A/S William Polvino
Johnny Stilou President and CEO
CFO Phone: (+1) 732 321 3202
Phone: (+45) 21 227 227 Email: [email protected]
Email: [email protected]





About Veloxis Pharmaceuticals


Based in Hørsholm, Denmark, with an office in New Jersey, Veloxis
Pharmaceuticals A/S, or Veloxis, is a specialty pharmaceutical company.
Clinical development is the core of Veloxis’ efforts to develop a product
portfolio which includes the Company’s lead product candidate, LCP‐Tacro™, for
immunosuppression, specifically organ transplantation, and products to combat
certain cardiovascular diseases. Veloxis adapts new technologies on a fast
commercial timetable. Veloxis’ unique, patented delivery technology, MeltDose®,
can improve absorption and bioavailability ‐ at low‐scale up costs ‐ not only
for a broad spectrum of drugs already on the market but also for new chemical
entities. Veloxis has a lipid lowering product, Fenoglide®, currently on the
U.S. market and a diversified near and medium term pipeline with three clinical
stage product candidates and a number of projects in preclinical development.
Veloxis is listed on the NASDAQ OMX Copenhagen under the trading symbol OMX:
VELO.


For further information, please visit www.veloxis.com.

22122011 Veloxis Announces Licensing of US Commercial Fenoglide Rights to Santarus.pdf