LAVAL, QC, Nov. 5, 2020 /CNW
Telbec/ - Crescita Therapeutics Inc. (TSX: CTX) (OTC US:
CRRTF) ("Crescita" or the "Company"), a growth-oriented,
innovation-driven Canadian commercial dermatology company with
in-house research & development ("R&D") and manufacturing
capabilities, today announced that it has entered into an
exclusive agreement with Juyou-Biotechnology Co. Ltd ("Juyou"),
a biotechnology company that develops and sells medical and
cosmetic skincare products, for the commercialization and
development of Pliaglis® in mainland China (the "License Agreement").
Juyou will be responsible for the overall clinical development
and regulatory filings for Pliaglis with the National Medical
Products Administration (the "NMPA", formerly the China State Food
and Drug Administration). As part of the License Agreement,
Crescita will receive an upfront payment in cash of US$125,000 and will be eligible for regulatory
and sales milestones of up to US$1.0
million and US$1.8 million.
Crescita will supply Pliaglis at a pre-determined price per unit
including a profit margin and will also be eligible for
double-digit royalties once the product is available for commercial
sale.
"We are excited about this new license agreement for Pliaglis in
China, the third partnering
agreement secured over the last three months, in addition to
Austria and Mexico. We see this both as an opportunity to
strengthen our geographic presence but to also add a healthy
recurring revenue stream in the long-term," said Serge Verreault, President and CEO of Crescita.
"While the clinical requirements still need to be validated with
NMPA, we estimate that the product could be launched as early as
2023 if no additional studies are required," emphasized Mr.
Verreault.
About Juyou Bio-Technology
Co. Ltd.
Juyou Bio-Technology Co., Ltd. is an
innovative leading enterprise specializing in the research and
development, production and sales of biomedical materials,
functional skincare products and medical and aesthetic drugs. The
scope of the business covers medical beauty services, functional
skincare, homecare, and raw materials. With years of extensive
experience in the field of skin health, the Company has
successively built the "Juyou" brand for skin barrier repair, now
recommended by thousands of public hospitals in China; the professional baby skincare brand
"Juyou Baby", as well as the "Dermacid" brand, just to name a few.
The Company's main sales channels include: public hospitals,
medical beauty institutions, dermatology clinics and online
e-commerce channels (TMALL flagship store and JD flagship store),
international e-commerce channels (Alibaba.com, AliExpress) and its
own e-commerce platform.
Relying on independent research and development, the Company has
formed gene recombination and fermentation engineering technology,
and developed a number of core technologies, such as recombinant
collagen, enzymatic and genetic engineering synthesis of bioactive
peptides. At present, Juyou has 26 patents, and has established the
Juyou research and development center for skin barrier repair with
local dermatologists and professional institutions. It is the first
such project in China to develop
recombinant mussel adhesive protein by gene recombination,
fermentation engineering technology and specific enzyme catalytic
fusion technology, and is expected to become a leader in this
field. For additional information, please visit
http://zhanyan.com.cn/en.html.
About Crescita
Therapeutics Inc.
Crescita is a growth-oriented,
innovation-driven Canadian commercial dermatology company with
in-house R&D and manufacturing capabilities. The Company offers
a portfolio of non-prescription skincare products and early to
commercial stage prescription drug products and owns multiple
proprietary drug delivery platforms that support the development of
patented formulations that can facilitate the delivery of active
ingredients into or through the skin.
Supported by a sales force covering Canada and executing a business to business to
consumer marketing approach, Crescita sells its non-prescription
skincare products domestically through spas, medispas, and medical
clinics, as well as internationally, through distributors.
Crescita's portfolio also includes a prescription product called
Pliaglis®, that utilizes the Company's proprietary
phase-changing topical cream Peel technology, a part of the
DuraPeel™ family, which are
self-occluding, film-forming cream/gel formulations that provide
extended release delivery of the active ingredients to the site of
application.
Crescita's expertise in product formulation and development can
be leveraged in combination with its patented transdermal delivery
technologies to develop and manufacture creams, liquids, gels,
ointments and serums under its contract development and
manufacturing organization ("CDMO") infrastructure. The Company
operates out of a 50,000 square-foot facility located in
Laval, Québec, which produces the
majority of its non-prescription skincare products, such as
Laboratoire Dr Renaud, Pro-Derm, Dermazulene and Alyria.
Formulations manufactured by or for Crescita include cosmetics,
natural health products ("NHP") and products with Drug
Identification Numbers ("DIN"). For additional information, please
visit www.crescitatherapeutics.com.
About Pliaglis®
Pliaglis is a
topical local anaesthetic cream that provides safe and effective
local dermal analgesia on intact skin prior to superficial
dermatological procedures. The formulation contains a
eutectic mixture of 7% lidocaine and 7% tetracaine that utilizes
the Company's proprietary phase-changing topical cream Peel
technology. The Peel technology consists of a drug-containing cream
which, once applied to a patient's skin, dries to form a pliable
layer that releases drug into the skin. Pliaglis is applied to
intact skin for 20 to 30 minutes prior to superficial
dermatological procedures such as dermal filler injections,
non-ablative laser facial resurfacing, or pulsed-dye laser therapy
and 60 minutes prior to procedures such as laser-assisted tattoo
removal. Following the application period, the pliable layer is
easily removed from the skin allowing the procedure to be performed
with minimal to no pain. In clinical studies, the mean duration of
anesthesia has been shown to be in the range of 7 to 9 hours after
the application of Pliaglis. Pliaglis is currently approved in over
25 different countries and sold by commercial partners in the U.S.,
Italy, and Brazil, sold in Canada by the Company, and was most recently
licensed to partners in Austria and Mexico.
Forward-Looking Statements
This press release
contains "forward-looking information" as defined under Canadian
securities laws (collectively, "forward-looking statements"). The
words "plans", "expects", "does not expect", "goals", "seek",
"strategy", "future", "estimates", "intends", "anticipates", "does
not anticipate", "projected", "believes" or variations of such
words and phrases or statements to the effect that certain actions,
events or results "may", "will", "could", "would", "should",
"might", "likely", "occur", "be achieved" "continue" or "temporary"
and similar expressions identify forward-looking statements
and include statements regarding the Company's plans, objectives
and responses to the COVID-19 pandemic. In addition, any statements
that refer to expectations, intentions, projections or other
characterizations of future events or circumstances contain
forward-looking statements.
Forward-looking statements are not historical facts but instead
represent management's expectations, estimates, projections and
assumptions regarding future events or circumstances. Such
forward-looking statements are qualified in their entirety by the
inherent risks, uncertainties and changes in circumstances
surrounding future expectations which are difficult to predict and
many of which are beyond the control of the Company.
Forward-looking statements are necessarily based on a number of
estimates and assumptions that, while considered reasonable by
management of the Company as of the date of this press release, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Material factors and
assumptions used to develop the forward-looking statements, and
material risk factors that could cause actual results to differ
materially from the forward-looking statements, include but are not
limited to the risks of, and future impacts related to, COVID-19,
including the response of domestic and international governments to
the virus; the impact of COVID-19 on the Company's operations,
personnel, supply chain, product sales, royalties, customer demand
and financial flexibility; changes in the business or affairs
of Crescita; the ability of Crescita's licensees to successfully
market its products; competitive factors in the industries in which
Crescita operates; relationships with customers, suppliers and
licensees; changes in legal and regulatory requirements; foreign
exchange and interest rates; prevailing economic conditions; and
other factors, many of which are beyond the control of
Crescita.
Additional factors that could cause Crescita's actual results
and financial condition to differ materially from those indicated
in the forward-looking statements include, among others, the risk
factors included in Crescita's most recent Annual Information Form
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 authorities and commissions. These
and other factors should be considered carefully, and readers
should not place undue reliance on Crescita's forward-looking
statements when making decisions, as forward-looking statements
involve significant risks and uncertainties. Forward-looking
statements should not be read as guarantees of future performance
or results and will not necessarily be accurate indications of
whether or not the times at or by which such performance or results
will be achieved.
All forward-looking statements are based only on information
currently available to the Company and are made as of the date of
this press release. Except as expressly required by applicable
Canadian securities law, the Company assumes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise. All
forward-looking statements in this press release are qualified by
these cautionary statements.
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SOURCE Crescita Therapeutics Inc.
