MISSISSAUGA, Jan. 21, 2016 /CNW/ - Nuvo Research Inc.
(TSX:NRI), a life sciences company with growing revenues and a
diverse portfolio of topical products, today provided unaudited
estimated total revenue for the fourth quarter and full year ended
December 31, 2015. All amounts
referenced herein are in Canadian dollars.
- Estimated total revenue of $7.5
million for the quarter ended December 31, 2015 compared to total revenue of
$5.7 million for the quarter ended
September 30, 2015 and $3.4 million for the quarter ended December 31, 2014.
- Estimated total revenue of $21.0
million for the year ended December
31, 2015 compared to total revenue of $13.1 million for the year ended December 31, 2014.
"The continued growth in Nuvo's revenue is largely attributable
to increasing Pennsaid 2% sales in the U.S. by Horizon Pharma,"
said John London, Nuvo's President
and Co-CEO. "This bodes well for Nuvo Pharmaceuticals, the
commercial healthcare company to be owned by Nuvo shareholders upon
completion of our previously announced reorganization of Nuvo into
two separate publicly traded companies."
About the Reorganization of Nuvo into two separate publicly
traded companies
The Company will hold a special meeting of
shareholders on February 18, 2016 at
which shareholders will be asked to approve the previously
announced reorganization of Nuvo into two separate publicly traded
companies. If approved, one company, Nuvo Pharmaceuticals
Inc. (Nuvo Pharma) would be a revenue and EBITDA generating
commercial healthcare company to be owned 100% by Nuvo
shareholders. The second company, Crescita Therapeutics Inc.
(Crescita) would be a drug development company also initially owned
100% by Nuvo shareholders. Crescita would have a diversified
pipeline of product candidates and sufficient cash resources to
execute its current business plan for the next 24
months. Completion of the reorganization is subject to a
number of conditions including shareholder and court approval. If
the proposed transaction is approved by shareholders and all other
conditions are satisfied, Nuvo expects the transaction to be
completed in Q1 2016.
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 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 multiple U.S. patents that are
listed in the U.S. Food and Drug Administration's (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 growing
specialty pharmaceutical company with a diverse portfolio of
products and technologies for pain and topical indications.
Nuvo's products range from FDA approved, commercial products
to development stage drug candidates and technology
platforms. 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 or 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.