MISSISSAUGA,
ON, Nov. 13, 2014 /CNW/
- Nuvo Research Inc. (TSX:NRI), a specialty pharmaceutical
company with a diverse portfolio of topical and immunology
products, today announced that it has reacquired Pennsaid 2%
marketing rights to South America,
Central America, South Africa and Israel from Paladin Labs Inc. for non-cash
consideration. The Company now owns all ex-U.S. Pennsaid 2%
rights and will be seeking a partner or partners to market Pennsaid
2% internationally except in Canada, Russia and Greece where it already has marketing
partnerships in place.
"We are pleased to have reacquired these rights
for key promising territories," said Dan
Chicoine, Nuvo's Chairman and Co-CEO. "Outlicensing
Pennsaid 2% for these and other territories to a capable partner or
partners is an important part of our plan to make Pennsaid 2% a
global brand."
About Pennsaid 2%
Pennsaid 2% is a
topical product containing 2% diclofenac sodium compared to 1.5%
for original Pennsaid. It is approved in the U.S. for pain of
osteoarthritis (OA) of the knee(s). It is more viscous than
Pennsaid, is supplied in a metered dose pump bottle and has been
approved in the U.S. for twice daily dosing compared to four times
a day for Pennsaid. Pennsaid 2% is protected by 6 U.S. patents that
are listed in the FDA's Approved Drug Products with Therapeutic
Equivalence Evaluations database or "Orange Book". Pennsaid 2% has
not yet received regulatory approval outside of the U.S. Patents
protecting Pennsaid 2% have been issued or are pending in multiple
major international territories.
About Nuvo Research Inc.
Nuvo (TSX:NRI)
is a specialty pharmaceutical company with a diverse portfolio of
products and technologies. The Company operates two distinct
business units: the Topical Products and Technology (TPT) Group and
the Immunology Group. The TPT Group has four U.S. Food and
Drug Administration (FDA) approved commercial products, a pipeline
of topical and transdermal products focusing on pain and
dermatology and four drug delivery platforms that support the
development of patented formulations that can deliver actives into
or through the skin. The Immunology Group has two commercial
products, a development program for the treatment of allergic
rhinitis and an immune system modulation platform that has the
potential to support treatments for a broad range of immune system
related disorders. For additional company information visit
www.nuvoresearch.com.
Forward-Looking Statements
Certain
statements in this MD&A 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 sale of Pennsaid 2% U.S.
rights to Horizon Pharma plc, the litigation settlement with
Mallinckrodt Inc. and from the March
2014 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.