- Nuvo Pharmaceuticals Inc. and Crescita
Therapeutics Inc.
to commence independent trading on March 7,
2016 -
MISSISSAUGA, ON, March 1, 2016 /CNW/ - Nuvo Pharmaceuticals Inc.
(TSX:NRI) (Nuvo Pharma or the Company), formerly known as Nuvo
Research Inc. and Crescita Therapeutics Inc. (TSX:CTX) (Crescita),
today announced the completion of the reorganization of Nuvo
Research Inc. into two separate publicly traded companies (the
Reorganization). As a result of the Reorganization, the
shareholders of what was formerly Nuvo Research Inc., now own 100%
of Nuvo Pharma, a revenue and EBITDA generating commercial
healthcare company, and 100% of Crescita, a drug development
company. The Reorganization was approved by the shareholders
of Nuvo Research Inc. at a special shareholders meeting on
February 18, 2016 and by the Ontario
Superior Court of Justice on February 24,
2016.
"This transaction gives both businesses greater flexibility to
focus on, and pursue, their respective growth strategies," said
John London, President and CEO of
Nuvo Pharma. "Nuvo Pharma is a profitable business with
significant revenue and EBITDA growth potential." "We are
very excited about the launch of Crescita," added Dan Chicoine, Chairman and CEO of
Crescita. "We have exciting technologies, a proven management
team that has obtained FDA approval for four topical pharmaceutical
products and a strong balance sheet to support our growth."
Under the Reorganization, existing Nuvo Research Inc. share
certificates now represent common shares of Nuvo Pharma and the
right to receive a share certificate representing an equal number
of Crescita common shares. The distribution record date (the
Record Date) for certificates representing Crescita common shares
is Thursday March 3, 2016.
However, the TSX has implemented due bill trading for the Nuvo
Pharma common shares (TSX: NRI) until the close of trading on
Friday March 4, 2016.
Accordingly, shareholders who purchase Nuvo Pharma common shares
through the facilities of the TSX prior to the close of trading on
Friday March 4, 2016 will
automatically receive one Crescita common share for each Nuvo
Pharma common share purchased. Crescita common shares
(TSX:CTX) are expected to commence trading on the TSX on
Monday March 7, 2016. Nuvo
Pharma and Crescita shareholders are encouraged to contact their
brokers for additional information.
As part of the Reorganization, Nuvo has changed its name from
"Nuvo Research Inc." to "Nuvo Pharmaceuticals Inc."
About Nuvo Pharmaceuticals
Inc.
Effective with the Reorganization, Nuvo Pharma (TSX:NRI) is a
commercial healthcare company with a portfolio of commercial
products and pharmaceutical manufacturing capabilities. Nuvo
Pharma has three commercial products that are available in a number
of countries; Pennsaid 2%, Pennsaid and the heated
lidocaine/tetracaine patch. Pennsaid 2% is sold in the
U.S. by Horizon Pharma plc (NASDAQ:HZNP) and is available for
partnering in certain other territories around the world.
Nuvo Pharma manufactures Pennsaid for the global market and
Pennsaid 2% for the U.S. market at its FDA licensed GMP facility in
Varennes, Québec. For
additional information, please visit
www.nuvopharmaceuticals.com.
About Crescita Therapeutics Inc.
Effective with the Reorganization, Crescita (TSX:CTX) is a
well-capitalized biotech company that owns a pipeline of topical
and transdermal product candidates for treating medical conditions
in a number of therapeutic areas, including pain and dermatology.
Crescita owns multiple proprietary drug delivery platforms
that support the development of patented formulations that can
facilitate the delivery of active drugs into or through the skin.
Crescita has one commercial product, Pliaglis that is licensed
globally (except for Canada,
the United States and Mexico where Crescita owns the
rights). Crescita's board and management team have
demonstrated success in building Nuvo Research Inc., including
developing multiple drugs that are now approved and commercialized
and negotiating multiple transactions that have generated more than
$100 million in non-dilutive
funding. For additional information, please visit
www.crescitatherapeutics.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, 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",
"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 related to each company's ability to
realize the anticipated benefits of the Arrangement; risks and
uncertainties related to obtaining approvals, rulings and consents,
or satisfying other requirements, necessary or desirable to permit
or facilitate the trading of the Crescita common shares; trading
disruption; less diverse businesses of the separate companies
resulting from the reorganization; as well as other risk factors
included in Nuvo's Management Information Circular dated
December 31, 2015 and most recent
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
Nuvo with Canadian securities regulatory agencies and commissions.
Certain risks and uncertainties specific to the reorganization and
Crescita are further described in the information circular dated
December 31, 2015 for the special
shareholder meeting to consider the Arrangement. These and other
factors should be considered carefully and readers should not place
undue reliance on the Nuvo'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 Nuvo 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,
Nuvo 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 Pharmaceuticals Inc.