Crescita Therapeutics Inc. Receives 2nd Instalment of Up-Front Payment of €1.25 Million Following First Commercial Sale of Pliaglis by Cantabria in Italy
LAVAL, QC, July 4, 2019 /CNW/ - Crescita Therapeutics Inc. ("Crescita" or the "Company") (TSX: CTX) (OTC US: CRRTF), a commercial dermatology company with a portfolio of non-prescription skincare products and prescription drug products for the treatment and care of skin conditions, diseases and their symptoms, today announced that it has received the second instalment of € $1.25 million (~CDN $1.88 million) of the up-front payment related to the out-licensing of Pliaglis in Italy, France, Spain and Portugal, from its partner, Cantabria Labs. The 2nd instalment was received following the completion of the transition activities from Galderma to Cantabria leading to the first commercial sale of Pliaglis in Italy by the Cantabria sales team.
"We are delighted with how smoothly the transition was completed," said Serge Verreault, President and CEO of Crescita. "Receiving the second instalment solidifies our cash position and allows us to be opportunistic in the pursuit of accretive acquisition targets as we continue executing our four-pillar growth strategy."
About Crescita
Crescita (TSX: CTX and OTC US: CRRTF) is a publicly traded, Canadian commercial dermatology company with a portfolio of non-prescription skincare products for the treatment and care of skin conditions and diseases and their symptoms and prescription drug products for the treatment of pain. Crescita owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active drugs into or through the skin. For additional information, please visit www.crescitatherapeutics.com.
About Cantabria Labs
Cantabria Labs is a pharmaceutical company with subsidiaries in Spain, Italy, Portugal, France, Mexico, Morocco and China. With its innovative products and entrepreneurial spirit, today, Cantabria Labs is a leading brand in dermatological prescription in Europe with the aim of improving people's health and quality of life. Its presence in over 80 countries has earned it an excellent international reputation and support. Cantabria Labs' production centres work in accordance with the highest quality standards for manufacturing and distributing its over 30 million product units yearly. Please visit www.cantabrialabs.com for additional information.
About Pliaglis
Pliaglis, a lidocaine and tetracaine (7%/7%) formulation, is prescription topical local anesthetic cream approved in 29 countries that provides safe and effective local dermal anesthesia 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 utilizes the 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. Following the application period, Pliaglis forms a pliable layer that is removed from the skin allowing the dermatological procedure to be performed with minimal to no pain.
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" or "continue" and similar expressions identify forward-looking statements. 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 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 dated March 18, 2019 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 agencies and commissions. These and other factors should be considered carefully, and readers should not place undue reliance on Crescita's forward-looking statements, 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.
SOURCE Crescita Therapeutics Inc.
Crescita Therapeutics Inc., Investor Relations, Glen Akselrod, Bristol Capital, 905-326-1888 extension 10, [email protected], www.bristolir.com Or Email: [email protected]; Business Development, Email: [email protected]
Share this article