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The joint venture will be responsible for the technical development and registration of the inhalation device and the associated medication components. Sales and marketing to the end customer (and the establishment of the necessary sales and distribution workforce) will not be conducted by the joint venture, but will occur through distribution agreements with selected sales and distribution partner.
The short-term objectives for the venture are to complete the required efficacy trials for the suggested product combinations and finalise an agreement for sales and distribution with a recognised partner, specialising in the equine health market.
Pulmovet will use the initial seed funding for:
Milestone 1: Demonstration that the combined modified EquineHaler / R-salbutamol combination medication is effective in treating horses and acceptance of a development plan by the United States FDA.
Milestone 2: Submission of registration dossier for approval for the modified EquineHaler / R-salbutamol combination medication.
Milestone 3 / Final Period: Submission of a registration dossier for approval for the modified EquineHaler / corticosteroid Budesonide combination medication.
Consolidation of early sales penetration and generation of sales revenue will fund future extensions of the product range with the capacity to value-add to the establishing market presence. Further development of additional products will generate further revenue from enhanced diagnosis of disease states and expanded treatment regimes.
The proposed budget for Pulmovet for the next seven years based on market sales in Europe, United States, Australia and New Zealand is shown in Appendix 1.
Pulmovet is seeking to raise DKK 45 million by allocation of 900,000 shares at a cost of DKK50 per share; the minimum investment is as a result DKK 5,000. Shares will be allocated on completion of milestones and payment of remaining dues.
Click here to subscribe to the Pulmovet Share Offer
More Information:
Visit Equine Healthcare's Website www.equinehaler.com
Subscription forms are available through the website or by contacting Pulmovet ApS:
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Pulmovet ApS
Stumpedyssevej
262970 Hoersholm
Denmark
Tel: +45 48 20 59 00
Fax: +45 48 20 59 05
Email: hfn@equinehaler.com
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Appendix 1: Proposed Budget for Pulmovet 2006 - 2013 Value: USD x $m |
| |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
| |
|
|
|
|
|
|
|
|
|
Total Revenue |
0.00 |
0.00 |
3.92 |
9.96 |
18.67 |
26.90 |
42.00 |
50.05 |
|
Cost of Sales |
0.00 |
0.00 |
-1.18 |
-2.99 |
-4.67 |
-6.73 |
-10.50 |
-12.51 |
|
Total Operating Expenses |
-0.28 |
-0.83 |
-0.93 |
-1.34 |
-1.34 |
-1.13 |
-1.19 |
-1.17 |
|
Interest Inc./(Exp) & Other |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Income Tax (benefit) |
0.00 |
0.00 |
-0.51 |
-1.58 |
-3.55 |
-5.33 |
-8.49 |
-10.18 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
-0.28 |
-0.83 |
1.30 |
4.05 |
9.12 |
13.71 |
21.82 |
26.18 |
|
Dividends |
0.00 |
0.00 |
0.00 |
-0.41 |
-4.56 |
-6.86 |
-16.36 |
-19.64 |
|
|
|
|
|
|
|
|
|
|
|
Income minus dividends |
-0.28 |
-0.83 |
1.30 |
3.65 |
4.56 |
6.86 |
5.46 |
6.55 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
0.43 |
2.50 |
3.66 |
3.64 |
3.61 |
4.09 |
4.57 |
5.35 |
|
Debtors |
0.00 |
0.00 |
1.31 |
0.83 |
1.56 |
2.24 |
3.50 |
4.17 |
|
Cash Disposable |
0.35 |
-0.40 |
0.07 |
4.21 |
8.07 |
13.76 |
17.48 |
22.58 |
|
|
|
|
|
|
|
|
|
|
|
Assets Total |
0.78 |
2.10 |
5.04 |
8.68 |
13.24 |
20.09 |
25.55 |
32.10 |
|
|
|
|
|
|
|
|
|
|
|
Share Capital Total |
0.73 |
1.90 |
5.03 |
8.68 |
13.24 |
20.09 |
25.55 |
32.10 |
|
Debts |
0.05 |
0.21 |
0.01 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity and
Liabilities |
0.78 |
2.10 |
5.04 |
8.68 |
13.24 |
20.09 |
25.55 |
32.10 | | | 
