MISSISSAUGA, ON, Nov. 16, 2016 /CNW/ - Nuvo Pharmaceuticals Inc.
(Nuvo or the Company) (TSX:NRI), formerly Nuvo Research Inc., a
commercial healthcare company with a portfolio of commercial
products and pharmaceutical manufacturing capabilities, today
announced that its board of directors has appointed Jesse Ledger to the position of President
effective immediately.
Mr. Ledger was previously Nuvo's Vice-President of Business
Development. In his new role, Mr. Ledger will assume
additional operational responsibilities and lead the Company's
initiative to diversify its revenue streams by out-licensing global
rights for its lead product, Pennsaid 2% and by acquiring
complementary products or businesses. John London, who was previously Nuvo's President
and Chief Executive Officer will continue to lead the Company as
its CEO.
"Jesse is an extremely talented executive who has demonstrated
an expansive knowledge of the pharmaceutical industry and strong
organizational and leadership qualities," said John London, Nuvo's CEO. "We are pleased
to expand his responsibilities and entrust him with the Company's
highest priority strategic initiative of expanding and diversifying
Nuvo's revenue stream."
Mr. Ledger joined Nuvo in April
2016 as its Vice-President of Business Development.
Prior to joining Nuvo, he was Vice-President, Business
Development and 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 the Director, Business Development
at SteriMax Inc. Mr. Ledger holds an honours Bachelor of
Business Administration degree from Trent
University.
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 E.U. 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.