Sonoma Pharmaceuticals Receives Final $1.5 Million Payment From Sale of Latin America Business to Invekra S.A.P.I. de C.V.
23 March 2017 - 7:05PM
Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA, warrants SNOAW), a
specialty pharmaceutical company that develops and markets unique
and effective solutions for the treatment of dermatological
conditions and advanced tissue care, today announced receipt of
$1.5 million in final payment for the sale of the company’s Latin
American-related assets to Invekra S.A.P.I. de C.V. of Mexico for
$19.5 million in cash. The sale, which was finalized on
October 28, 2016, included an initial upfront payment of $18
million with final payment of the additional $1.5 million
predicated upon delivery of certain manufacturing equipment from
Sonoma to Invekra.
As part of the sales agreement, Sonoma is maintaining its
current manufacturing facility in Guadalajara, Mexico for
production of its Microdacyn®-based products for all countries
outside of the United States and Latin America. In addition,
Sonoma will continue to provide technical assistance to Invekra and
work closely with Invekra to protect respective intellectual
property ownership.
About InvekraInvekra S.A.P.I.
de C.V. is the holding company of Laboratorios Sanfer, one of
Mexico’s leading private market pharmaceutical companies, with
sales throughout Latin America and the Caribbean. With over
75 years of experience in the pharmaceutical industry and over
1,000 sales people in Mexico, and 200-plus in other Latin American
countries, Invekra’s business model is primarily focused on the
development, manufacture and commercialization of patented and
off-patent branded specialty pharmaceuticals products. The
company’s product portfolio in Mexico consists of 185 brands and
371 SKUs spanning multiple therapeutic areas of human and animal
health, such as metabolic, cardiovascular, respiratory, oncology
and antibiotics. More information is available at
www.sanfer.com.mx.
About Sonoma Pharmaceuticals, Inc.Sonoma is a
specialty pharmaceutical company that develops and markets unique
and effective solutions for the treatment of dermatological
conditions and advanced tissue care. The company’s
products, which are sold throughout the United States and
internationally, have improved outcomes for more than five million
patients globally by reducing infections, itch, pain, scarring
and harmful inflammatory responses. The company's headquarters are
in Petaluma, California, with manufacturing operations in the
United States and Latin America. European marketing and sales
are headquartered in Roermond, Netherlands. More information can be
found at www.sonomapharma.com
Forward-Looking StatementsExcept for historical
information herein, matters set forth in this press release
are forward-looking within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995,
including statements about the commercial and technology progress
and future financial performance of Sonoma Pharmaceuticals,
Inc. and its subsidiaries (the “Company”). These forward-looking
statements are identified by the use of words such as “believe,”
“achieve,” and “strive,” among others. Forward-looking statements
in this press release are subject to certain risks and
uncertainties inherent in the Company’s business that could cause
actual results to vary, including such risks
that regulatory clinical and guideline developments may
change, scientific data may not be sufficient to meet
regulatory standards or receipt of required regulatory clearances
or approvals, clinical results may not be replicated in actual
patient settings, protection offered by the
Company’s patents and patent applications may be challenged,
invalidated or circumvented by its competitors, the available
market for the Company’s products will not be as
large as expected, the Company’s products will not be able to
penetrate one or more targeted markets, revenues will not be
sufficient to fund further development and clinical studies, the
Company may not meet its future capital needs, as well as
uncertainties relative to varying product formulations and a
multitude of diverse regulatory and marketing requirements in
different countries and municipalities, and other risks detailed
from time to time in the Company’s filings with the Securities and
Exchange Commission including its annual report on Form 10-K for
the fiscal year ended March 31, 2016. The Company disclaims
any obligation to update these forward-looking statements, except
as required by law.
Sonoma Pharmaceuticals® and Microdacyn® are trademarks or
registered trademarks of Sonoma Pharmaceuticals, Inc. All other
trademarks and service marks are the property of their respective
owners.
Media and Investor Contact:
Sonoma Pharmaceuticals, Inc.
Dan McFadden
VP of Public and Investor Relations
(425) 753-2105
dmcfadden@sonomapharma.com
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