WINNIPEG, June 25, 2018 /CNW/ - Waverley Pharma Inc.
("Waverley Pharma" or the "Company") (TSXV:WAVE), an emerging
Canadian pharmaceutical company, is pleased to announce that its
wholly-owned subsidiary in Barbados, Waverley Pharma International Inc.,
has acquired two generic oncology products, temozolomide and
capecitabine, currently marketed in the United Kingdom (UK), from Reliance Life
Sciences Private Limited ("RLS"). The products were developed by
RLS, and the binding contracts with the UK National Health Service
for the supply of these products are being transferred to Waverley
Pharma.
RLS will manufacture the two products for Waverley Pharma at its
Medicines and Healthcare products Regulatory Agency approved
manufacturing facility in Mumbai,
India. Waverley Pharma expects to make modest profit margins
on the products after paying transfer prices to RLS, and
after distributor and analytical testing charges in the UK are
accounted for.
"While this acquisition transforms Waverley Pharma into a
revenue generating company, it more importantly positions us well
for the launch of WAV-101 and 102, once they get approved in the
European Union," stated the Company's President and CEO, Dr.
George R. Thomas.
"Reliance Life Sciences is pleased to be able to contribute to
strengthening the oncology product portfolio of Waverley Pharma
with the addition of temozolomide and capecitabine, and, in the
process, reinforce the relationship," stated Mr. K.V. Subramaniam,
President of RLS.
About Reliance Life Sciences Private Limited
Reliance Life Sciences Private Limited (RLS) is part of the
Promoter Group of Reliance Industries Limited. RLS was established
to develop business opportunities in medical biotechnology with key
initiatives in biopharmaceuticals, pharmaceuticals, regenerative
medicine, clinical research and molecular diagnostics. The Reliance
Group is India's largest private
sector enterprise, with annual revenues of US$ 66.8 billion. The Group's flagship company,
Reliance Industries Limited is India's largest private sector company and a
Fortune Global 500 company. RLS is a fully-integrated life sciences
industry player with in-house capabilities in research,
pre-clinical and clinical development, process development,
commercial-scale manufacturing and marketing. For further
information on Reliance Life Sciences please visit
http://www.rellife.com/index.html
About Waverley Pharma
Waverley Pharma is an emerging pharmaceutical company focused on
the development and commercialization of effective and affordable
cancer therapeutics in the EU and North American market. The
Company has two lead products at the regulatory filing stage, and
is currently evaluating other products, in different stages of
development. 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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 the receipt of binding contracts with the UK National
Health Service, the eventual launch of WAV-101 and 102 in the
European Union, and other regulatory filings, 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
the completion and timing of clinical trials and 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.
