MISSISSAUGA, ON, Feb. 8, 2016 /PRNewswire/ - Nuvo Research Inc.
(TSX:NRI), a life sciences company with growing revenues and a
diverse portfolio of topical products, today announced it has
agreed with Horizon Pharma plc (NASDAQ:HZNP) (Horizon) to extend
the term of their manufacturing agreement for the production of
PENNSAID® 2% for the U.S. market to December 31, 2029, which extends the agreement by
an additional seven years. The amended agreement also
provides for tiered pricing based on volumes of product
supplied.
"This amendment secures the long-term future of the core
business of Nuvo Pharmaceuticals, the commercial healthcare company
to be 100% owned by Nuvo shareholders upon completion of our
previously announced reorganization of Nuvo into two separate,
publicly traded companies," said John
London, Nuvo's President and Co-CEO. "We intend to
build upon that core business by out-licensing PENNSAID 2%
internationally and by seeking to acquire complementary, accretive
businesses or products."
About the Reorganization of Nuvo into two separate publicly
traded companies
The Company will hold a special meeting of
shareholders on February 18, 2016, at
which shareholders will be asked to approve the previously
announced reorganization of Nuvo into two separate publicly traded
companies. If approved, 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. Completion of the reorganization is subject to a
number of conditions including shareholder and court approval.
Kingsdale Shareholder Services (Kingsdale) has been retained
as proxy solicitation agent on behalf of Nuvo. If you have
any questions regarding the voting of your shares, please contact
Kingsdale, toll-free in North
America at 1-866-581-0510 or call collect outside
North America at 416-867-2272 or
by email at contactus@kingsdaleshareholder.com.
If the proposed transaction is approved by shareholders and all
other conditions are satisfied, Nuvo expects the transaction to be
completed in Q1 2016.
About PENNSAID 2%
PENNSAID 2% is a topical product
containing 2% diclofenac sodium compared to 1.5% for original
Pennsaid. It is approved in the U.S. for pain of
osteoarthritis of the knee(s). It is more viscous than
Pennsaid, is supplied in a metered dose pump bottle and has been
approved in the U.S. for twice daily dosing compared to four times
a day for Pennsaid. PENNSAID 2% is protected by multiple U.S.
patents that are listed in the U.S. Food and Drug Administration's
(FDA's) Approved Drug Products with Therapeutic Equivalence
Evaluations database or Orange Book. PENNSAID 2% has not yet
received regulatory approval outside of the U.S. Patents
protecting PENNSAID 2% have been issued or are pending in multiple
major international territories.
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.
Forward-Looking Statements
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 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 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.