MISSISSAUGA, ON, Dec. 22, 2015 /PRNewswire/ - Nuvo Research Inc. (TSX:NRI) (Nuvo or the Company), a life sciences company with growing revenues and a diverse portfolio of topical products, today announced it has reacquired Pliaglis development and marketing rights for the U.S., Canada and Mexico.
"We are pleased to reacquire the Pliaglis rights for the U.S., Canada and Mexico," said Dan Chicoine, Nuvo's Chairman and Co-CEO. "Our plan is to reevaluate the marketing strategy for the product and determine the optimal way to reenter the market to allow the product to reach its full potential."
Pliaglis is approved for sale in all three countries and is currently being marketed and sold by Nuvo's global licensee, Galderma S.A. (Galderma), in the U.S and Canada. During a transition period, Galderma will continue to market Pliaglis in the U.S., Canada and Mexico and pay Nuvo a royalty on such sales. Under terms of the agreement, Nuvo 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, Nuvo 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.
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 Nuvo Research Inc.
Nuvo (TSX:NRI) is a life sciences company with a diverse portfolio of products and technologies. On September 15, 2015, Nuvo announced that it plans to split Nuvo into two separate, publicly traded companies. One company, to be known as Nuvo Pharmaceuticals Inc. (Nuvo Pharma), would be a commercial healthcare company that would own the Company's Pennsaid and Pennsaid 2% franchises and related assets and have revenue and EBITDA. The other company, to be known as Crescita Therapeutics Inc. (Crescita), would be a drug development company that would own the Company's existing drug development business including its pipeline of product candidates. The companies would be distinct and separately traded public companies. Nuvo shareholders would receive shares of both companies. Complete details of the proposed transaction will be set forth in information circular that will be mailed to Nuvo's shareholders in Q1 2016 in connection with a special meeting that will be called by Nuvo to approve the proposed transaction. Completion of the proposed transaction is subject to certain conditions, including final approval by the Nuvo Board of Directors, confirmation of the potential tax-free nature of the transaction for Canadian shareholders, regulatory approval requirements and the approval of Nuvo's shareholders. If approved by shareholders, Nuvo expects the proposed transaction would be completed in Q1 2016 (subject to the satisfaction of all conditions). However, there can be no assurances regarding the ultimate timing of the proposed transaction or that the proposed transaction will be completed. For additional company information visit www.nuvoresearch.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 statements concerning the Company's future objectives, strategies to achieve those objectives, plans for and timing of the potential development of the Company's product candidates, the proposed reorganization of the Company into two separate publicly-traded companies, as well as statements with respect to management's beliefs, plans, estimates, and intentions, 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 "may", "will", "proposed", "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 that may delay or negatively impact the proposed reorganization or cause the proposed reorganization to not occur, including the failure to obtain any required approvals; as well as other risk factors included in the Company's Annual Information Form dated February 19, 2015 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. 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, 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.