WINNIPEG, MB, April 30,
2024 /CNW/ - Waverley Pharma Inc. ("Waverley
Pharma" or the "Company") (TSXV: WAVE), a Canadian
pharmaceutical company, is announcing a business update.
As mentioned in the previous business update dated August 2, 2023, opportunities Waverley Pharma
envisioned of marketing generic oncology drugs capecitabine,
temozolomide, bortezomib and pemetrexed in the United Kingdom (UK) and recently approved
bortezomib and pemetrexed in Europe and the
United States (US) have not come to fruition. This is a
result of the unparalleled discounts currently taking place in
generic drug pricing along with the large number of generic players
vying for business in each of these markets. With this in
mind, Waverley Pharma has agreed to transfer the US
Abbreviated New Drug Applications (ANDAs) for bortezomib and
pemetrexed back to the manufacturer, Reliance Life Sciences Private
Limited, for an undisclosed fee. As such, the Company will no
longer hold commercial rights to these two products in the US.
Moving forward, Waverley Pharma's resources will focus on the
continued development of its novel PARP-1 inhibitor.
About Waverley Pharma
Waverley Pharma is a pharmaceutical company focused on the
development and commercialization of safe and effective
therapeutics. For more information on Waverley Pharma please visit
www.waverleypharma.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Information: Statements
contained in this press release that are not statements of
historical fact, including, without limitation, statements
containing the words "believes", "may", "plans", "will",
"estimates", "continues", "anticipates", "intends", "expects" and
similar expressions, may constitute "forward-looking information"
within the meaning of applicable Canadian and U.S. federal
securities laws (such forward-looking information and
forward-looking statements are hereinafter collectively referred to
as "forward-looking statements"). Forward-looking statements
include estimates, analysis and opinions of management of the
Company made in light of its experience and its perception of
trends, current conditions and expected developments, as well as
other factors which the Company believes to be relevant and
reasonable in the circumstances. Inherent in forward-looking
statements are known and unknown risks, uncertainties and other
factors beyond the Company's ability to predict or control that may
cause the actual results, events or developments to be materially
different from any future results, events or developments expressed
or implied by such forward-looking statements, and as such, readers
are cautioned not to place undue reliance on forward-looking
statements. Such risk factors include, among others, the Company's
potential product revenues, stage of development, additional
capital requirements, risks associated with obtaining regulatory
approval to market the Company's products, the ability to protect
its intellectual property, dependence upon collaborative partners,
changes in government regulation or regulatory approval processes,
and rapid technological change in the industry. Such statements are
based on a number of assumptions which may prove to be incorrect,
including, but not limited to, assumptions about: general business
and economic conditions; the impact of changes in Canadian-US
dollar and other foreign exchange rates on the Company's revenues,
costs and results; the timing of the receipt of regulatory and
governmental approvals for the Company's research and development
projects; the availability of financing for the Company's
commercial operations and/or research and development projects, or
the availability of financing on reasonable terms; the
uncertainties associated with the acceptance and demand for new
products and market competition. The foregoing list of important
factors and assumptions is not exhaustive. The Company undertakes
no obligation to update publicly or otherwise revise any
forward-looking statements or the foregoing list of factors, other
than as may be required by applicable legislation. Additional
discussion regarding the risks and uncertainties relating to the
Company and its business can be found in the Company's other
filings with the applicable Canadian securities regulatory
authorities.
SOURCE Waverley Pharma Inc.