Gedeon Richter Underwrites Prima-Temp Convertible Notes for $5 Million

Gedeon Richter Plc. announced on March 27, 2019, that it has underwritten $5 million in convertible notes issued by Prima-Temp Inc. This funding reinforces Richter's commitment to its partner and the device under development.

The transaction follows an exclusive license and distribution agreement signed in late 2017 between Richter and Prima-Temp for the global commercialization of its Ayola device (Priya in the USA), excluding the United States and Canada. This initial agreement was previously supplemented by a $5 million acquisition of a minority stake.

"This funding support of Prima-Temp is a clear sign of our commitment towards our partner and it proves our trust in the device under development. In our view female fertility is a paramount market within Women’s Healthcare, which is our core business," said Gábor Orbán, Chief Executive Officer of Richter. "Extending our involvement in the business Richter expects to make consecutive steps forward both within this important market segment and in the field of digital medical devices."

The Ayola/Priya is a vaginal ring that functions as an ovulation predictor. It measures core body temperature every six minutes and wirelessly transmits data to a smartphone every two hours. The data is then stored and analyzed in the cloud using a proprietary Prima-Temp algorithm. The device detects subtle temperature changes preceding ovulation and sends a notification to the smart device, aiding in conception.

Gedeon Richter Plc., headquartered in Budapest, Hungary, is a major pharmaceutical company in Central and Eastern Europe. Its product portfolio covers key therapeutic areas including Women's Healthcare, Central Nervous System, and Cardiovascular diseases. The company operates the largest R&D unit in Central and Eastern Europe.