MISSISSAUGA, ON, Nov. 22, 2017 /CNW/ - Nuvo Pharmaceuticals Inc.
(Nuvo or the Company) (TSX:NRI), a commercial healthcare company
with a portfolio of commercial products and pharmaceutical
manufacturing capabilities, today announced the appointment of
Jesse Ledger as its President &
Chief Executive Officer. Mr. Ledger was previously President
of the Company. Mr. Ledger assumes the CEO role from
John London who will become the
Company's Executive Chairman and continue to serve on its board of
directors. Dan Chicoine, previously Chairman of the Company,
will continue as a member of the board. The appointment of
Mr. Ledger is the final step in a CEO succession plan adopted by
the Nuvo board of directors in 2016.
"We are pleased that Jesse will assume this new leadership role
at Nuvo," said John London, Nuvo's
Executive Chairman. "Nuvo is well positioned for future
growth based on our solid, profitable U.S. Pennsaid 2% franchise
and a strong balance sheet that includes $17.7 million of cash (as of September 30 2017) and no debt. Jesse has
proven himself to be a strong energetic leader with business
development acumen and contacts and the drive to make Nuvo a
bigger, more diversified and more profitable pharmaceutical
company. We are proud of what we have achieved to-date at
Nuvo and our board is confident that Jesse is the right leader to
direct Nuvo through this next phase of its growth."
"My goal is to make Nuvo a growth oriented pharmaceutical
company through the expansion and diversification of our
proprietary-product portfolio and the continued global expansion of
our Pennsaid 2% business," said Jesse
Ledger, Nuvo's President & CEO. "I look forward to
leading our talented and motivated team in our collective pursuit
of this strategic goal."
Mr. Ledger has over 15 years of pharmaceutical experience with a
proven expertise in business development. Prior to joining
Nuvo in April of 2015, he was Vice President of Business
Development and International Business at Tribute Pharmaceuticals
Canada. 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
This Press Release contains "forward-looking statements" within the
meaning of applicable securities laws. Forward-looking statements
can be identified by words such as: "anticipate," "intend," "plan,"
"goal," "seek," "believe," "project," "estimate," "expect,"
"strategy," "future," "likely," "may," "should," "will" and similar
references to future periods.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
the Company's current beliefs, expectations and assumptions
regarding the future of its business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. Nuvo's actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, readers should not
rely on any of these forward-looking statements. Important factors
that could cause Nuvo's actual results and financial condition to
differ materially from those indicated in the forward-looking
statements include, among others, the risk factors included in
Nuvo's most recent Annual Information Form dated March 1, 2017 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. These and other factors should be
considered carefully and readers should not place undue reliance on
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 none of Nuvo or any
other person assumes responsibility for the accuracy and
completeness of these forward-looking statements.
Any forward-looking statement made by the Company in this
Press Release is based only on information currently available to
it and speaks only as of the date on which it is made. Except as
required by applicable securities laws, Nuvo undertakes no
obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
SOURCE Nuvo Pharmaceuticals Inc.