MISSISSAUGA, ON, Feb. 18, 2016 /PRNewswire/ - Nuvo Research Inc. (TSX:NRI) ("Nuvo" or the "Company"), a life sciences company with growing revenues and a diverse portfolio of topical products, is pleased to announce that the proposed reorganization of Nuvo into two separate publicly traded companies, Nuvo Pharmaceuticals Inc. (Nuvo Pharma), a revenue and EBITDA generating commercial healthcare company, and Crescita Therapeutics Inc. (Crescita), a drug development company, was approved by Nuvo's shareholders shares at today's special meeting. The exact number of votes cast for and against each of the resolutions approved at the meeting will be available under Nuvo's profile at www.sedar.com.
Under the proposed reorganization, Nuvo would be separated into two public companies. One company, Nuvo Pharmaceuticals Inc. (Nuvo Pharma), would be a revenue and EBITDA generating commercial healthcare company to be owned 100% by Nuvo shareholders. The second company, Crescita Therapeutics Inc. (Crescita), would be a drug development company also initially owned 100% by Nuvo shareholders. Crescita would have a diversified pipeline of product candidates and sufficient cash resources to execute its current business plan for the next 24 months.
Complete details of the proposed reorganization and each company are set forth in the information circular that was mailed to Nuvo's shareholders in connection with the special meeting, a copy of which is available under Nuvo's profile at www.sedar.com. Completion of the proposed reorganization remains subject to certain conditions, including final approval of the Ontario Superior Court of Justice (Commercial List). In addition, Nuvo's board of directors retains the discretion to determine whether or not to proceed with the proposed reorganization and, if so, the timing of the proposed reorganization. If the remaining conditions are satisfied and the proposed reorganization proceeds, Nuvo expects the proposed reorganization to become effective on or about March 1, 2016.
About Nuvo Research Inc.
Nuvo (TSX:NRI) is a growing specialty pharmaceutical company with a diverse portfolio of products and technologies for pain and topical indications. Nuvo's products range from FDA approved, commercial products to development stage drug candidates and technology platforms. 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; risks relating to the Company's ability to successfully identify, negotiate, implement and/or integrate potential acquisitions of businesses or products; as well as other risk factors included in the Company's Annual Information Form dated February 17, 2016 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 or completeness of these forward-looking statements. Although the forward-looking statements contained in this press release are 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.