MISSISSAUGA, ON, Nov. 22, 2017 /CNW/ - Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:NRI), a commercial healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities, today announced the appointment of Jesse Ledger as its President & Chief Executive Officer. Mr. Ledger was previously President of the Company. Mr. Ledger assumes the CEO role from John London who will become the Company's Executive Chairman and continue to serve on its board of directors. Dan Chicoine, previously Chairman of the Company, will continue as a member of the board. The appointment of Mr. Ledger is the final step in a CEO succession plan adopted by the Nuvo board of directors in 2016.
"We are pleased that Jesse will assume this new leadership role at Nuvo," said John London, Nuvo's Executive Chairman. "Nuvo is well positioned for future growth based on our solid, profitable U.S. Pennsaid 2% franchise and a strong balance sheet that includes $17.7 million of cash (as of September 30 2017) and no debt. Jesse has proven himself to be a strong energetic leader with business development acumen and contacts and the drive to make Nuvo a bigger, more diversified and more profitable pharmaceutical company. We are proud of what we have achieved to-date at Nuvo and our board is confident that Jesse is the right leader to direct Nuvo through this next phase of its growth."
"My goal is to make Nuvo a growth oriented pharmaceutical company through the expansion and diversification of our proprietary-product portfolio and the continued global expansion of our Pennsaid 2% business," said Jesse Ledger, Nuvo's President & CEO. "I look forward to leading our talented and motivated team in our collective pursuit of this strategic goal."
Mr. Ledger has over 15 years of pharmaceutical experience with a proven expertise in business development. Prior to joining Nuvo in April of 2015, he was Vice President of Business Development and International Business at Tribute Pharmaceuticals Canada. Mr. Ledger holds an Honours Bachelor of Business Administration degree from Trent University.
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 E.U. approved manufacturing facility in Varennes, Québec. For additional information, please visit www.nuvopharmaceuticals.com.
This Press Release contains "forward-looking statements" within the meaning of applicable securities laws. 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.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its 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. Nuvo's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, readers should not rely on any of these forward-looking statements. Important factors that could cause Nuvo'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 Nuvo's most recent Annual Information Form dated March 1, 2017 under the heading "Risks Factors", and as described from time to time in the reports and disclosure documents filed by Nuvo with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on Nuvo'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 none of Nuvo or any other person assumes responsibility for the accuracy and completeness of these forward-looking statements.
Any forward-looking statement made by the Company in this Press Release is based only on information currently available to it and speaks only as of the date on which it is made. Except as required by applicable securities laws, Nuvo 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.
SOURCE Nuvo Pharmaceuticals Inc.
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