MISSISSAUGA, ON, April 4, 2016 /CNW/ - Nuvo Pharmaceuticals Inc.
(TSX:NRI) (Nuvo or the Company) today announced that Jesse Ledger has been appointed to the newly
created position of Vice President, Business Development. Mr.
Ledger will be responsible for all business development activities
with an initial focus on maximizing the value of the Company's
Pennsaid 2% franchise through global out-licensing.
Mr. Ledger most recently served as Vice President, Business
Development & International Business of Tribute Pharmaceuticals
Canada Inc. While at Tribute, Mr. Ledger was a member of the
senior management team that completed six transactions with an
aggregate value of over CDN$250
million, culminating in a merger with Pozen Inc. and the
subsequent formation of Aralez Pharmaceuticals plc. Prior to
joining Tribute, Mr. Ledger was Director, Business Development at
SteriMax Inc.
Mr. Ledger holds an honours Bachelor of Business Administration
degree from Trent University.
"Jesse's breadth of experience and international pharmaceutical
industry contacts will be invaluable to Nuvo Pharma," said
John London, President and
CEO, "Our goal and Jesse's first priority is to build upon
the commercial success of Pennsaid 2% in the U.S., where sales more
than quadrupled in 2015, to make Pennsaid 2% a global brand."
About Pennsaid 2%
Pennsaid 2% is topical non-steroidal
anti-inflammatory drug (NSAID) containing 2% diclofenac
sodium. It is approved by the U.S. Food and Drug
Administration (FDA) for treating the pain of osteoarthritis (OA)
of the knee(s). Pennsaid 2% is a gel formulation that
is supplied in a metered dose pump bottle. It is the
only topical NSAID approved by the FDA for twice daily
dosing. Pennsaid 2% is protected by multiple 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 Pharmaceuticals
Inc.
Nuvo (TSX:NRI) is a commercial healthcare company with a portfolio
of commercial products and pharmaceutical manufacturing
capabilities. Nuvo 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 manufactures Pennsaid for the global market and Pennsaid 2%
for the U.S. market at its FDA, Health Canada and EU approved
manufacturing facility in Varennes, Québec.
For additional information, please visit
www.nuvopharmaceuticals.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, the future approval, marketing and sale of
Pennsaid 2% in certain jurisdictions, 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", "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; as well as
other risk factors included in the Company's Management Information
Circular dated December 31, 2015 and
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. 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 Pharmaceuticals Inc.