MISSISSAUGA, ON, Sept. 9, 2016 /PRNewswire/ - Crescita Therapeutics Inc. (TSX: CTX) (Crescita or the Company), a commercial dermatology company with a portfolio of over-the-counter and prescription products for the treatment and care of skin diseases and their symptoms, today announced that its topical anesthetic cream, Pliaglis, has been granted regulatory approval for commercial sale in Mexico.
In December 2015, Crescita reacquired the Pliaglis development and marketing rights for the U.S., Canada and Mexico. Pliaglis is currently being marketed and sold by Crescita's global licensee, Galderma S.A. (Galderma), in the U.S and Canada and pays a royalty on net sales during the agreed upon transition period. The Company is transitioning these rights from Galderma and expects this process to be completed early in the fourth quarter. The Company will be seeking a licensing partner for Pliaglis in Mexico.
Under terms of the December 2015 agreement, Crescita paid Galderma 125,000 Swiss Francs (approximately $174,000 Canadian) and will pay an additional 125,000 Swiss Francs upon transfer of certain rights and documents. Beginning in 2021, Crescita has the right to reacquire the rest of world rights on a country-by-country basis without additional compensation, if Galderma does not achieve minimum sales targets.
"We are pleased that Pliaglis has received approval in Mexico," said Dan Chicoine, Crescita's Executive Chairman. "We are evaluating strategies to optimize product sales in Canada, the United States and Mexico of Pliaglis."
Pliaglis is a topical local anesthetic cream that provides safe and effective local dermal analgesia on intact skin prior to superficial dermatological procedures, such as dermal filler injection, pulsed dye laser therapy, facial laser resurfacing and laser-assisted tattoo removal. This product consists of a proprietary formulation of lidocaine and tetracaine that utilizes proprietary phase-changing topical cream Peel technology.
About Crescita Therapeutics Inc.
Crescita (TSX:CTX) is a publicly traded, Canadian commercial dermatology company with a portfolio of over-the-counter and prescription products for the treatment and care of skin diseases and their symptoms. Crescita owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active drugs into or through the skin. Crescita's board of directors and management team have demonstrated success in building Crescita's predecessor company, Nuvo Research Inc., including developing multiple drugs that are now approved and commercialized and negotiating multiple licensing transactions. For additional information, please visit www.crescitatherapeutics.com.
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 Crescita's future governance plans and the expected benefits of the transaction to Crescita's shareholders. 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; uncertainties related to Crescita's ability to realize the anticipated benefits of the acquisition; the expected future attributes and success of Crescita and INTEGA; the successful execution of Crescita's and INTEGA's priorities and strategies; the reliability of Nuvo Research's historical financial information as an indicator of Crescita's historical or future results; as well as other risk factors included in Nuvo Research's Management Information Circular dated December 31, 2015 (the Reorganization Circular) and the most recent Crescita Annual Information Form dated March 23, 2016 under the heading "Risks Factors", and as described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on Crescita'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 Crescita, INTEGA or 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, Crescita undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Crescita Therapeutics Inc.