Crescita Therapeutics Inc. (TSX: CTX and OTC US: CRRTF)
(“Crescita” or the “Company”), a growth-oriented, innovation-driven
Canadian commercial dermatology company, today announced that it
has entered into an exclusive commercialization and development
license agreement with Croma Pharma GmbH, a globally acclaimed
pharmaceutical company with specializations in medical aesthetics,
ophthalmology and orthopaedics for the rights to Pliaglis® in nine
countries including Germany, the United Kingdom, Ireland,
Switzerland, Brazil, Romania, Belgium, the Netherlands and
Luxembourg (the “Territories”).
Croma will promote Pliaglis directly to physicians through its
sales network consisting of approximately 130 members across the
Territories. As part of the agreement, Crescita is eligible to
receive a combination of upfront, cumulative sales and other
milestone payments that could reach €1.25 million over the term of
the agreement with a potential for further cumulative sales
milestones based on tranches of incremental sales. Crescita will be
the sole supplier of Pliaglis under the agreement at a price per
unit including a profit margin. Croma expects to launch Pliaglis in
most of the Territories throughout 2022.
“We are thrilled about our new partnership with Croma, a strong
player in the international medical aesthetics space,” said Serge
Verreault, President and CEO of Crescita. “This agreement is an
important step forward as it not only allows us to expand our
international footprint and secure future recurring revenue, but it
also allows us to support customer access to Pliaglis, as we
continue to see growth in minimally invasive aesthetic procedures
globally,” added Mr. Verreault.
“We are looking forward to collaborating with Crescita, an
innovation-driven dermatology company on Pliaglis, which perfectly
complements our portfolio of aesthetic injectable products, right
at a time when we are about to enter the market of pharmaceuticals.
We are delighted to launch Pliaglis in some of our most important
markets where it will certainly become an important pillar within
Croma’s product family”, explains Croma’s Managing Director,
Andreas Prinz.
About Croma Pharma GmbH
Founded in 1976, Croma is an Austrian family-owned company that
specializes in the industrial production of hyaluronic acid (“HA”)
syringes for the fields of medical aesthetics, ophthalmology, and
orthopaedics. Croma currently runs 12 international sales companies
and distributes its products in more than 70 countries. Within its
global sales network, Croma focuses on minimally invasive aesthetic
medicine with its own branded products. Besides a broad range of HA
fillers from its own production site, Croma markets polydioxanone
(“PDO”) lifting threads, a Platelet Rich Plasma (“PRP”) system and
a personalized skincare technology in its core strategic
markets.
About Crescita Therapeutics Inc.
Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented,
innovation-driven Canadian commercial dermatology company with
in-house R&D and manufacturing capabilities. The Company offers
a portfolio of high-quality, science-based non-prescription
skincare products and early to commercial stage prescription
products. In addition, we own multiple proprietary transdermal
delivery platforms that support the development of patented
formulations that facilitate the delivery of active ingredients
into or through the skin.
Our non-prescription portfolio includes a wide variety of
premium quality dermocosmetic products which include facial creams,
cleansers, exfoliants, masks, serums and suncare, that each serve a
different and personalized consumer need. The portfolio is designed
to address preventive care to combating the first signs of aging,
as well as all primary aesthetic skin concerns. Our dermocosmetic
products address two sub-sets of the skincare market: aesthetics
and medical aesthetics. Our national sales force calls on aesthetic
practitioners and medical aesthetic clinics and medispas across
Canada.
In addition, our skincare brands are sold in certain Asian
markets, such as Malaysia, South Korea and China through
international distributors and various e-commerce platforms.
Crescita’s portfolio also includes Pliaglis, our lead
prescription product, that utilizes our proprietary phase-changing
topical cream Peel technology. Pliaglis is a topical local
anesthetic cream that provides safe and effective local dermal
analgesia on intact skin prior to superficial dermatological
procedures. The product is currently approved in over 25 different
countries, is sold by commercial partners in the U.S., Italy, Spain
and Brazil, and was most recently licensed to commercial partners
in Austria, Mexico and China. We also market Pliaglis in the
Canadian physician-dispensed skincare market through our existing
sales force.
Our expertise in topical product formulation and development can
be leveraged in combination with our patented transdermal delivery
technologies to develop and manufacture creams, liquids, gels,
ointments and serums under our contract development and
manufacturing organization infrastructure. We run our operations
from our head office located in the heart of the Biotech City in
Laval, Québec, where we also manufacture the majority of our
non-prescription skincare products in our 50,000 square-foot
facility.
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. Examples of
forward-looking statements include, but are not limited to,
statements regarding the Company’s objectives, plans, goals,
strategies, growth, performance, operating results, financial
condition, our belief that we have sufficient liquidity to fund our
business operations during the upcoming fiscal year, strategy for
customer retention, growth, product development, market position,
financial results and reserves, strategy for risk management,
business prospects, opportunities and industry trends, the expected
impact of, and responses taken by the Company with respect to, the
COVID-19 pandemic, and similar statements concerning anticipated
future events, results, circumstances, performance or expectations.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our 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. Crescita’s actual
results and financial condition may differ materially from those
indicated in the forward-looking statements. Therefore, you should
not unduly rely on any of these forward-looking statements.
Important factors that could cause Crescita’s actual results and
financial condition to differ materially from those indicated in
the forward-looking statements include, among others: economic and
market conditions, the impact of the COVID-19 pandemic and the
response thereto of governments and consumers, the Company’s
ability to execute its growth strategies, reliance on third parties
for clinical trials, marketing, distribution and commercialization,
the impact of changing conditions in the regulatory environment and
product development processes, manufacturing and supply risks,
increasing competition in the industries in which the Company
operates, the Company’s ability to meet its debt commitments, the
impact of unexpected product liability matters, the impact of
litigation involving the Company and/or its products, the impact of
changes in relationships with customers and suppliers, the degree
of intellectual property protection of the Company’s products, the
degree of market acceptance of the Company’s products, developments
and changes in applicable laws and regulations, as well as other
risk factors discussed in the “Risk Factors” sections of our annual
management’s discussion and analysis for the year ended December
31, 2020 and the Company’s annual information form dated March 24,
2021. Any forward-looking statement made by the Company in this
press release is based only on information currently available to
management and speaks only as of the date on which it is made.
Except as required by applicable securities laws, Crescita
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210628005361/en/
Investor Relations Linda Kisa, CPA, CA lkisa@crescitatx.com
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