Waverley Pharma Provides Business Update

WINNIPEG, MB, March 20, 2023 /CNW/ - Waverley Pharma Inc. ("Waverley Pharma" or the "Company") (TSXV: WAVE), a Canadian pharmaceutical company, provides an update on its oncology products in various markets. Currently Waverley Pharma has four generic products approved for sale in the United Kingdom and two generic products, Pemetrexed and Bortezomib, approved for sale in other parts of Europe and the United States. Similar to the situation in Europe, Waverley Pharma is experiencing significant price erosion on these products in the US due to fierce generic competition. The Company has won some contracts for its products in the United Kingdom, but in order to do so has had to be extremely aggressive with pricing resulting in very thin margins in an era of rising costs. Facing these realities in both the Unites States and Europe, Waverley Pharma is evaluating the best strategy for these products going forward. At the same time, the PARP-1 inhibitor program is showing promising early results and the Company is committing additional resources to this program in order to attract a development partner or buyer for its lead compound. 

About Waverley Pharma

Waverley Pharma is a pharmaceutical company focused on the development and commercialization of safe, effective, and affordable cancer therapeutics in the EU, United Kingdom and North American markets. The Company, through its subsidiary, is currently selling two generic oncology products in the United Kingdom, namely capecitabine and temozolomide. In addition, the Company is developing two generic oncology products in both Europe and the United States, namely pemetrexed and bortezomib. Waverley Pharma is committed to providing patients with affordable prescription medicines that lower healthcare costs and provide a better quality of life. For more information on Waverley Pharma please visit www.waverleypharma.com.

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Forward Looking Information: Statements contained in this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes", "may", "plans", "will", "estimates", "continues", "anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are hereinafter collectively referred to as "forward-looking statements"). Forward-looking statements include estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which the Company believes to be relevant and reasonable in the circumstances. Inherent in forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's potential product revenues, stage of development, additional capital requirements, risks associated with obtaining regulatory approval to market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicable Canadian securities regulatory authorities.

SOURCE Waverley Pharma Inc.

Haaris Uddin, Chief Financial Officer by phone: [phone] or by E-mail: [email protected], or visit www.waverleypharma.com