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.
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SOURCE Crescita Therapeutics Inc.