Nuvo Research Announces Collaboration to Develop Topical Dermatology Products
MISSISSAUGA, ON, April 23, 2014 /PRNewswire/ - Nuvo Research Inc. (TSX: NRI), a specialty pharmaceutical company with a diverse portfolio of topical and immunology products, today announced a collaboration involving Ferndale Laboratories, Inc. (Ferndale) and a leading Contract Research Organization (CRO) with significant dermatology experience to develop two topical dermatology products based on Nuvo's patented Multiplexed Molecular Penetration Enhancer (MMPE™) technology.
"This exciting opportunity demonstrates how Nuvo can leverage one of our four proprietary technologies that enhances the delivery of active drugs into or through the skin," said Dan Chicoine, Nuvo's Chairman and Co-CEO. "This agreement validates our patented drug delivery platforms and highlights our ability to expand our development product pipeline through strategic collaborations with partners who will fund the costs of clinical development."
Under the terms of the collaboration agreement, Nuvo will utilize its proprietary MMPE technology to formulate two patented topical dermatology product candidates. Once the formulations are complete, Ferndale in collaboration with the CRO, will oversee and fund the formulations' advancement through Phase 2 clinical studies. It is anticipated that the product candidates will then be made available for out-licensing. Licensing revenues, including upfront payments, milestone payments and royalties will be shared by the parties based on a formula that includes compensation to Nuvo for contributing the patented formulations.
About Nuvo's Multiplexed Molecular Penetration Enhancer (MMPE™) Technology
This proprietary technology uses special combinations of molecular penetration enhancers to enhance delivery of a given drug into or through the skin. Nuvo holds U.S. patents that cover formulations utilizing certain combinations of particular molecular penetration enhancers (MPEs) together with active drugs in topical formulations. The Company also holds a royalty-free license for devices useful in assessing MMPEs on the barrier properties of membranes (including human skin) which are covered by an issued U.S. patent.
About Ferndale Laboratories
Ferndale Laboratories Inc., (FLI) is a wholly owned subsidiary of the Ferndale Pharma Group. The Group comprises several independent subsidiary business units that are involved in researching, developing and delivering unique, value added skin care products designed to protect, heal, rejuvenate and beautify the skin.
The Ferndale Laboratories business unit specializes in pharmaceutical development and manufacturing of topically administered prescription drugs, OTC drugs, medical devices and cosmetics, including several NDA/ANDA products. FLI's full service GMP/GLP facility performs analytical method and formulation development along with production scale-up for clinical trial supplies through to commercial batch manufacture, filling, packaging and distribution.
About Nuvo Research Inc.
Nuvo (TSX:NRI) is a specialty pharmaceutical company focused on improving patient's lives by developing and commercializing innovative products that address unmet medical needs. The Company has a diverse portfolio of products in the areas of topical pain and immunology.
Nuvo's marketed products include Pennsaid (a topical treatment for the signs and symptoms of osteoarthritis of the knee), Pennsaid 2% (a topical treatment for the pain of osteoarthritis of the knee), Pliaglis (a topical local anesthetic) and the heated lidocaine/tetracaine patch (HLT Patch). For additional Company information visit www.nuvoresearch.com.
Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to the Company's anticipated use of proceeds from the Private Placement, the Company's future share price and the Company's possible election to accelerate the expiry date of any of the warrants or the brokers warrants 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 "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", 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 general business and economic uncertainties and adverse market conditions as well as other risk factors included in the Company's Annual Information Form dated February 20, 2014 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. This list is not exhaustive of the factors that may impact the Company's forward-looking statements. 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. The factors underlying current expectations are dynamic and subject to change. Although the forward-looking information contained in this news 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 news release are qualified by these cautionary statements. The forward-looking statements contained herein are made as of the date of this news 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 Research Inc.