MISSISSAUGA, ON, April 23, 2014 /CNW/ - Nuvo Research Inc.
(TSX: NRI), a specialty pharmaceutical company with a diverse
portfolio of topical and immunology products, today announced a
collaboration involving Ferndale Laboratories, Inc. (Ferndale) and
a leading Contract Research Organization (CRO) with significant
dermatology experience to develop two topical dermatology products
based on Nuvo's patented Multiplexed Molecular Penetration Enhancer
(MMPE™) technology.
"This exciting opportunity demonstrates how Nuvo can leverage
one of our four proprietary technologies that enhances the delivery
of active drugs into or through the skin," said Dan Chicoine, Nuvo's Chairman and Co-CEO.
"This agreement validates our patented drug delivery platforms and
highlights our ability to expand our development product pipeline
through strategic collaborations with partners who will fund the
costs of clinical development."
Under the terms of the collaboration agreement, Nuvo will
utilize its proprietary MMPE technology to formulate two patented
topical dermatology product candidates. Once the formulations
are complete, Ferndale in collaboration with the CRO, will oversee
and fund the formulations' advancement through Phase 2 clinical
studies. It is anticipated that the product candidates will
then be made available for out-licensing. Licensing revenues,
including upfront payments, milestone payments and royalties will
be shared by the parties based on a formula that includes
compensation to Nuvo for contributing the patented
formulations.
About Nuvo's Multiplexed Molecular Penetration Enhancer
(MMPE™) Technology
This proprietary technology uses special
combinations of molecular penetration enhancers to enhance delivery
of a given drug into or through the skin. Nuvo holds U.S.
patents that cover formulations utilizing certain combinations of
particular molecular penetration enhancers (MPEs) together with
active drugs in topical formulations. The Company also holds
a royalty-free license for devices useful in assessing MMPEs on the
barrier properties of membranes (including human skin) which are
covered by an issued U.S. patent.
About Ferndale Laboratories
Ferndale Laboratories
Inc., (FLI) is a wholly owned subsidiary of the Ferndale Pharma
Group. The Group comprises several independent subsidiary
business units that are involved in researching, developing and
delivering unique, value added skin care products designed to
protect, heal, rejuvenate and beautify the skin.
The Ferndale Laboratories business unit specializes in
pharmaceutical development and manufacturing of topically
administered prescription drugs, OTC drugs, medical devices and
cosmetics, including several NDA/ANDA products. FLI's full
service GMP/GLP facility performs analytical method and formulation
development along with production scale-up for clinical trial
supplies through to commercial batch manufacture, filling,
packaging and distribution.
About Nuvo Research Inc.
Nuvo (TSX:NRI) is a specialty
pharmaceutical company focused on improving patient's lives by
developing and commercializing innovative products that address
unmet medical needs. The Company has a diverse portfolio of
products in the areas of topical pain and immunology.
Nuvo's marketed products include Pennsaid (a topical treatment
for the signs and symptoms of osteoarthritis of the knee), Pennsaid
2% (a topical treatment for the pain of osteoarthritis of the
knee), Pliaglis (a topical local anesthetic) and the heated
lidocaine/tetracaine patch (HLT Patch). For additional
Company information visit www.nuvoresearch.com.
Forward-Looking Statements
Certain statements in
this news release constitute forward-looking statements within the
meaning of applicable securities laws. Forward-looking statements
include, but are not limited to the Company's anticipated use of
proceeds from the Private Placement, the Company's future share
price and the Company's possible election to accelerate the expiry
date of any of the warrants or the brokers warrants and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "outlook",
"objective", "may", "will", "expect", "intend", "estimate",
"anticipate", "believe", "should", "plans" or "continue", or
similar expressions suggesting future outcomes or events. Such
forward-looking statements reflect management's current beliefs and
are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such
differences include general business and economic uncertainties and
adverse market conditions as well as other risk factors included in
the Company's Annual Information Form dated February 20, 2014 under the heading "Risks
Factors" and as described from time to time in the reports and
disclosure documents filed by the Company with Canadian securities
regulatory agencies and commissions. This list is not exhaustive of
the factors that may impact the Company's forward-looking
statements. These and other factors should be considered carefully
and readers should not place undue reliance on the Company's
forward-looking statements. As a result of the foregoing and other
factors, no assurance can be given as to any such future results,
levels of activity or achievements and neither the Company nor any
other person assumes responsibility for the accuracy and
completeness of these forward-looking statements. The factors
underlying current expectations are dynamic and subject to change.
Although the forward-looking information contained in this news
release is based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. All
forward-looking statements in this news release are qualified by
these cautionary statements. The forward-looking statements
contained herein are made as of the date of this news release and
except as required by applicable law, the Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Nuvo Research Inc.