MISSISSAUGA, ON, Feb. 18, 2016 /CNW/ - Nuvo Research Inc.
(TSX:NRI) ("Nuvo" or the "Company"), a life sciences company with
growing revenues and a diverse portfolio of topical products, is
pleased to announce that the proposed reorganization of Nuvo into
two separate publicly traded companies, Nuvo Pharmaceuticals Inc.
(Nuvo Pharma), a revenue and EBITDA generating commercial
healthcare company, and Crescita Therapeutics Inc. (Crescita), a
drug development company, was approved by Nuvo's shareholders
shares at today's special meeting. The exact number of votes
cast for and against each of the resolutions approved at the
meeting will be available under Nuvo's profile at
www.sedar.com.
Under the proposed reorganization, Nuvo would be separated into
two public companies. 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.
Complete details of the proposed reorganization and each company
are set forth in the information circular that was mailed to Nuvo's
shareholders in connection with the special meeting, a copy of
which is available under Nuvo's profile at www.sedar.com.
Completion of the proposed reorganization remains subject to
certain conditions, including final approval of the Ontario
Superior Court of Justice (Commercial List). In addition,
Nuvo's board of directors retains the discretion to determine
whether or not to proceed with the proposed reorganization and, if
so, the timing of the proposed reorganization. If the
remaining conditions are satisfied and the proposed reorganization
proceeds, Nuvo expects the proposed reorganization to become
effective on or about March 1,
2016.
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; risks relating to the
Company's ability to successfully identify, negotiate, implement
and/or integrate potential acquisitions of businesses or products;
as well as other risk factors included in the Company's Annual
Information Form dated February 17,
2016 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 statements
contained in this press release are 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.