MISSISSAUGA, ON, April 4, 2016 /CNW/ - Nuvo Pharmaceuticals Inc. (TSX:NRI) (Nuvo or the Company) today announced that Jesse Ledger has been appointed to the newly created position of Vice President, Business Development. Mr. Ledger will be responsible for all business development activities with an initial focus on maximizing the value of the Company's Pennsaid 2% franchise through global out-licensing.
Mr. Ledger most recently served as Vice President, Business Development & International Business of Tribute Pharmaceuticals Canada Inc. While at Tribute, Mr. Ledger was a member of the senior management team that completed six transactions with an aggregate value of over CDN$250 million, culminating in a merger with Pozen Inc. and the subsequent formation of Aralez Pharmaceuticals plc. Prior to joining Tribute, Mr. Ledger was Director, Business Development at SteriMax Inc.
Mr. Ledger holds an honours Bachelor of Business Administration degree from Trent University.
"Jesse's breadth of experience and international pharmaceutical industry contacts will be invaluable to Nuvo Pharma," said John London, President and CEO, "Our goal and Jesse's first priority is to build upon the commercial success of Pennsaid 2% in the U.S., where sales more than quadrupled in 2015, to make Pennsaid 2% a global brand."
About Pennsaid 2%
Pennsaid 2% is topical non-steroidal anti-inflammatory drug (NSAID) containing 2% diclofenac sodium. It is approved by the U.S. Food and Drug Administration (FDA) for treating the pain of osteoarthritis (OA) of the knee(s). Pennsaid 2% is a gel formulation that is supplied in a metered dose pump bottle. It is the only topical NSAID approved by the FDA for twice daily dosing. Pennsaid 2% is protected by multiple U.S. patents that are listed in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations database or Orange Book. Pennsaid 2% has not yet received regulatory approval outside of the U.S. Patents protecting Pennsaid 2% have been issued or are pending in multiple major international territories.
About Nuvo Pharmaceuticals Inc.
Nuvo (TSX:NRI) is a commercial healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities. Nuvo has three commercial products that are available in a number of countries; Pennsaid 2%, Pennsaid and the heated lidocaine/tetracaine patch. Pennsaid 2% is sold in the U.S. by Horizon Pharma plc (NASDAQ: HZNP) and is available for partnering in certain other territories around the world. Nuvo manufactures Pennsaid for the global market and Pennsaid 2% for the U.S. market at its FDA, Health Canada and EU approved manufacturing facility in Varennes, Québec.
For additional information, please visit www.nuvopharmaceuticals.com.
Certain statements in this press release constitute forward-looking information and/or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, the future approval, marketing and sale of Pennsaid 2% in certain jurisdictions, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "believe", "should" or "plans", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include, but are not limited to, general business and economic uncertainties and adverse market conditions; as well as other risk factors included in the Company's Management Information Circular dated December 31, 2015 and the Company's Annual Information Form dated February 17, 2016 under the heading "Risks Factors", and as described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. The forward-looking statements contained herein are made as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Nuvo Pharmaceuticals Inc.
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