MISSISSAUGA, ON, Dec. 22, 2015 /PRNewswire/ - Nuvo Research
Inc. (TSX:NRI) (Nuvo or the Company), a life sciences company with
growing revenues and a diverse portfolio of topical products, today
announced it has reacquired Pliaglis development and marketing
rights for the U.S., Canada and
Mexico.
"We are pleased to reacquire the Pliaglis rights
for the U.S., Canada and
Mexico," said Dan Chicoine, Nuvo's Chairman and Co-CEO.
"Our plan is to reevaluate the marketing strategy for the product
and determine the optimal way to reenter the market to allow the
product to reach its full potential."
Pliaglis is approved for sale in all three
countries and is currently being marketed and sold by Nuvo's global
licensee, Galderma S.A. (Galderma), in the U.S and Canada.
During a transition period, Galderma will continue to market
Pliaglis in the U.S., Canada and
Mexico and pay Nuvo a royalty on
such sales. Under terms of the agreement, Nuvo paid Galderma
125,000 Swiss Francs (approximately
$174,000 Canadian) and will pay an
additional 125,000 Swiss Francs upon
transfer of certain rights and documents. Beginning in 2021,
Nuvo has the right to reacquire the rest of world rights on a
country-by-country basis without additional compensation if
Galderma does not achieve minimum sales targets.
About Pliaglis
Pliaglis is a topical
local anesthetic cream that provides safe and effective local
dermal analgesia on intact skin prior to superficial dermatological
procedures, such as dermal filler injection, pulsed dye laser
therapy, facial laser resurfacing and laser-assisted tattoo
removal. This product consists of a proprietary formulation
of lidocaine and tetracaine that utilizes proprietary
phase-changing topical cream Peel technology.
About Nuvo Research Inc.
Nuvo (TSX:NRI)
is a life sciences company with a diverse portfolio of products and
technologies. On September 15, 2015,
Nuvo announced that it plans to split Nuvo into two separate,
publicly traded companies. One company, to be known as Nuvo
Pharmaceuticals Inc. (Nuvo Pharma), would be a commercial
healthcare company that would own the Company's Pennsaid and
Pennsaid 2% franchises and related assets and have revenue and
EBITDA. The other company, to be known as Crescita
Therapeutics Inc. (Crescita), would be a drug development company
that would own the Company's existing drug development business
including its pipeline of product candidates. The companies
would be distinct and separately traded public companies.
Nuvo shareholders would receive shares of both companies.
Complete details of the proposed transaction will be set
forth in information circular that will be mailed to Nuvo's
shareholders in Q1 2016 in connection with a special meeting that
will be called by Nuvo to approve the proposed transaction.
Completion of the proposed transaction is subject to certain
conditions, including final approval by the Nuvo Board of
Directors, confirmation of the potential tax-free nature of the
transaction for Canadian shareholders, regulatory approval
requirements and the approval of Nuvo's shareholders. If
approved by shareholders, Nuvo expects the proposed transaction
would be completed in Q1 2016 (subject to the satisfaction of all
conditions). However, there can be no assurances regarding
the ultimate timing of the proposed transaction or that the
proposed transaction will be completed. For additional company
information visit www.nuvoresearch.com
Forward-Looking Statements
Certain
statements in this press release constitute forward-looking
information and/or forward-looking statements (collectively,
"forward-looking statements") within the meaning of applicable
securities laws. Forward-looking statements include, but are not
limited to statements concerning the Company's future objectives,
strategies to achieve those objectives, plans for and timing of the
potential development of the Company's product candidates, the
proposed reorganization of the Company into two separate
publicly-traded companies, as well as statements with respect to
management's beliefs, plans, estimates, and intentions, 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 "may", "will",
"proposed", "expect", "intend", "believe", "should" or "plans", 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, but are not limited to, general business and
economic uncertainties and adverse market conditions; uncertainties
that may delay or negatively impact the proposed reorganization or
cause the proposed reorganization to not occur, including the
failure to obtain any required approvals; as well as other risk
factors included in the Company's Annual Information Form dated
February 19, 2015 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.
Although the forward-looking information contained in this press
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 press release are qualified by
these cautionary statements. The forward-looking statements
contained herein are made as of the date of this press 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.