LAVAL, QC, Nov. 26, 2020 /CNW/ - Crescita Therapeutics Inc.
(TSX: CTX) (OTC US: CRRTF) ("Crescita" or the "Company") announced
today that the Toronto Stock Exchange (the "TSX") has approved the
Company's intention to make a normal course issuer bid ("NCIB") for
a portion of its common shares ("Common Shares") as appropriate
opportunities arise from time to time.
Pursuant to the NCIB notice filed with the TSX, the Company
intends to acquire up to a maximum of 1,000,000 Common Shares, or
approximately 5.5% of its public float as of November 25, 2020 for cancellation over the next
12 months. As of November 25, 2020,
the Company had 20,648,448 issued and outstanding Common
Shares.
Purchases under the NCIB will be made through the facilities of
the TSX or through a Canadian alternative trading system and in
accordance with applicable regulatory requirements at a price per
Common Share representative of the market price at the time of
acquisition. The number of Common Shares that can be purchased
pursuant to the NCIB is subject to a current daily maximum of 5,152
Common Shares (which is equal to 25% of 20,609, being the average
daily trading volume from May 1, 2020
through to October 31, 2020), subject
to the Company's ability to make one block purchase of Common
Shares per calendar week that exceeds such limits. All Common
Shares purchased under the NCIB will be cancelled upon their
purchase. The Company intends to fund the purchases out of its
available resources.
The Company may begin to purchase Common Shares on November 30, 2020 and the NCIB will terminate on
November 29, 2021 or such earlier
time as the Company completes its purchases pursuant to the NCIB or
provides notice of termination.
The Company has adopted an automatic securities purchase plan in
connection with its NCIB that contains strict parameters regarding
how its Common Shares may be repurchased during times when it would
ordinarily not be permitted to purchase Common Shares due to
regulatory restrictions or self-imposed blackout periods. The
automatic securities purchase plan is effective immediately.
Pursuant to the Company's previous normal course issuer bid that
commenced on June 28, 2019 and ended
on June 27, 2020, 367,611 Common
Shares were purchased at a weighted average price of $0.88 per share. Purchases were made on behalf of
the Company by its broker through the facilities of the TSX.
Crescita was permitted to acquire up to 1,000,000 Common Shares
under its previous normal course issuer bid.
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 non-
prescription skincare products and early to commercial stage
prescription drug products and owns multiple proprietary drug
delivery platforms that support the development of patented
formulations that can facilitate the delivery of active ingredients
into or through the skin.
Supported by a sales force covering Canada and executing a business to business to
consumer marketing approach, Crescita sells its non-prescription
skincare products domestically through spas, medispas, and medical
aesthetic clinics, as well as internationally, through
distributors. Crescita's portfolio also includes a prescription
product called Pliaglis®, that utilizes the Company's
proprietary phase-changing topical cream Peel technology, a part of
the DuraPeel™ family, which are self-occluding, film-forming
cream/gel formulations, that provide extended release delivery of
the active ingredients to the site of application. Pliaglis is a
topical local anesthetic cream that provides safe and effective
local dermal analgesia on intact skin prior to superficial
dermatological procedures. The product is currently approved in
over 25 different countries and sold by commercial partners in the
U.S., Italy, Brazil, sold in Canada by the Company, and was most recently
licensed to partners in Austria
and Mexico and China.
Crescita's expertise in product formulation and development can
be leveraged in combination with its patented transdermal delivery
technologies to develop and manufacture creams, liquids, gels,
ointments and serums under its CDMO infrastructure. The Company
operates out of a 50,000 square-foot facility located in
Laval, Québec, which produces the
majority of its non-prescription skincare products, such as LDR,
Pro-Derm, Dermazulene and Alyria. Formulations manufactured by or
for Crescita include cosmetics, natural health products and
products with Drug Identification Numbers. For additional
information, please visit www.crescitatherapeutics.com.
Forward Looking Statements
Certain statements
contained in this news release constitute forward-looking
information within the meaning of applicable securities laws. In
some cases, forward-looking information can be identified by such
terms such as "may", "might", "will", "could", "should", "would",
"occur", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue", "likely",
"schedule", or the negative thereof or other similar expressions
concerning matters that are not historical facts. Some of the
specific forward-looking statements in this news release include,
but are not limited to, statements with respect to the number of
Common Shares to be acquired under the NCIB and other related
matters. The Company has based these forward-looking statements on
factors and assumptions about future events and financial trends
that it believes may affect its financial condition, financial
performance, business strategy and financial needs. Although the
forward-looking statements contained in this news release are based
upon assumptions that management of the Company believe are
reasonable based on information currently available to management,
there can be no assurance that actual results will be consistent
with these forward-looking statements. Forward-looking statements
necessarily involve known and unknown risks and uncertainties, many
of which are beyond the Company's control, including, among other
things, the risks identified in materials filed under the Company's
profile at www.sedar.com from time to time. The forward-looking
statements made in this news release relate only to events or
information as of the date hereof. Except as required by applicable
Canadian law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/crescita-therapeutics-announces-approval-of-normal-course-issuer-bid-301180979.html
SOURCE Crescita Therapeutics Inc.