Crescita Therapeutics Inc. (TSX: CTX and OTC US: CRRTF)
(“Crescita”), a growth-oriented, innovation-driven Canadian
commercial dermatology company, is pleased to announce that it has
signed an exclusive commercialization and supply agreement with
Egis Pharmaceuticals PLC (“Egis”), a leading generic pharmaceutical
company in Central Eastern Europe (the “CEE”) for the rights to
Pliaglis in eight countries comprising: Hungary, Bulgaria, Czech
Republic, Slovakia, Poland, Russia, Latvia and Lithuania (the
“Territories”).
Under the terms of the agreement, Crescita will receive an
upfront payment of €0.65M (CAD$0.94M) and is eligible for further
cumulative sales and regulatory milestone payments over the term of
the agreement. Egis will sell Pliaglis through its own commercial
infrastructure in CEE and Russia, where the company is well
established. Crescita will be the exclusive supplier of Pliaglis at
a defined price per unit and will also provide regulatory support
to Egis in seeking approval for Pliaglis in the Territories. Egis
expects to launch Pliaglis in Poland in early 2023 and will submit
the requisite regulatory filings as soon as practicable to ensure
that Pliaglis is launched promptly in the other territories.
“We are extremely pleased to partner with Egis. With its
commitment to innovation, strong international presence and robust
sales network, Egis represents a partner of choice in these
Territories,” said Serge Verreault, President and CEO of Crescita.
“Yet again, we have further expanded the footprint of Pliaglis
worldwide, where it is now licensed in a total of 40 countries.
Pliaglis is a pivotal asset for Crescita and is key to helping
unlock the long-term value of our company. We look forward to a
strong collaboration with Egis as we continue to secure recurring
revenue streams,” added Mr. Verreault.
“We are glad to enter such a great and promising partnership
with Crescita. Pliaglis will be a flagship product in our new
portfolio providing an excellent therapeutic solution in aesthetic
dermatology. With its strong R&D focus in dermatology, we hope
to further build this partnership and bring additional value-added
medical solutions for patients via Egis’ excellent commercial
capabilities in the region,” stated Dr. István Hodász, CEO of
Egis.
About Crescita Therapeutics Inc.
Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented,
innovation-driven Canadian commercial dermatology company with
in-house R&D and manufacturing capabilities. The Company offers
a portfolio of high-quality, science-based non-prescription
skincare products and early to commercial stage prescription
products. We also own multiple proprietary transdermal delivery
platforms that support the development of patented formulations
that facilitate the delivery of active ingredients into or through
the skin.
About Egis Pharmaceuticals PLC
Egis (member of the Servier Group) headquartered in Budapest,
Hungary, is one of the leading generic pharmaceutical companies in
Central and Eastern Europe. The company’s activities extend to
every field of the pharmaceutical value chain: from research and
development through the production of active pharmaceutical
ingredients and finished drug products to sales and marketing. Egis
products are available in 60 countries through its network of
subsidiaries and representative offices or partners.
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
Crescita'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 the active ingredients into the skin. Pliaglis
is applied to intact skin 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 various
countries.
Forward-looking Statements
This press release contains “forward-looking information” within
the meaning of applicable securities laws (collectively,
“forward-looking statements”). Forward-looking statements can be
identified by words such as: “anticipate”, “intend”, “plan”,
“goal”, “seek”, “believe”, “project”, “estimate”, “expect”,
“strategy”, “future”, “likely”, “may”, “should”, “will” and similar
references to future periods. Examples of forward-looking
statements include, but are not limited to, statements regarding
the Company’s objectives, plans, goals, strategies, growth,
performance, operating results, strategy for customer retention,
product development, market position, business prospects,
opportunities and industry trends and similar statements concerning
anticipated future events, results, circumstances, performance or
expectations. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based
only on current beliefs, expectations and assumptions regarding the
future of the Company’s business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company’s control. Crescita’s actual
results and financial condition may differ materially from those
indicated in the forward-looking statements. Therefore, you should
not unduly rely on any of these forward-looking statements.
Important 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: economic and
market conditions, the impact of the COVID-19 pandemic and the
response thereto of governments and consumers, the Company’s
ability to execute its growth strategies, reliance on third parties
for clinical trials, marketing, distribution and commercialization,
the impact of changing conditions in the regulatory environment and
product development processes, manufacturing and supply risks,
increasing competition in the industries in which the Company
operates, the Company’s ability to meet its debt commitments, the
impact of unexpected product liability matters, the impact of
litigation involving the Company and/or its products, the impact of
changes in relationships with customers and suppliers, the degree
of intellectual property protection of the Company’s products, the
degree of market acceptance of the Company’s products, developments
and changes in applicable laws and regulations, as well as other
risk factors discussed in the “Risk Factors” sections of the
Company’s most recent annual MD&A for the year ended December
31, 2020 and the Company’s AIF dated March 24, 2021. Any
forward-looking statement made in this press release is based only
on information currently available and speaks only as of the date
on which it is made. Except as required by applicable securities
laws, Crescita undertakes no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211213005486/en/
Crescita Therapeutics Investor Relations Linda Kisa, CPA,
CA Email: lkisa@crescitatx.com
Crescita Therapeutics (TSX:CTX)
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