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Crescita Therapeutics(TM) Announces 2016 First Quarter Results
Crescita Therapeutics™ Announces 2016 First Quarter Results Crescita Therap...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"\n\n\n\nCrescita Therapeutics™ Announces 2016 First Quarter Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCrescita Therapeutics™ Announces 2016 First Quarter Results\nCanada NewsWire\nMISSISSAUGA, ON, May 10, 2016\n\n\n\nMISSISSAUGA, ON, May 10, 2016 /CNW/ - Crescita Therapeutics Inc. (TSX:CTX) (Crescita or the Company), a drug development company that owns topical products for treating medical conditions in dermatology and pain, today announced its financial and operational results for the first quarter ended March 31, 2016.\n\nFirst Quarter and Recent Corporate Developments:  \n\nNuvo Research Inc. (Nuvo) Reorganization\n\n\nOn March 1, 2016, the reorganization of Nuvo into two separate publicly traded companies was completed and Crescita commenced operations as a stand-alone entity;\nOn March 7, 2016, Crescita commenced trading on the Toronto Stock Exchange; and\nAs part of the reorganization, Crescita received all of Nuvo's development stage assets, as well as $35.0 million in cash. Crescita also retains the rights to the commercial asset Pliaglis. In October 2016, Galderma S.A. (Galderma) will return the North American rights for Pliaglis to Crescita. Crescita will continue to receive a modest royalty on net sales by Galderma in all other relevant licensed territories.\n\nStrategic Review\n\n\nIn February 2016, the Board of Directors of Nuvo unanimously approved a proposal to initiate a divestiture or orderly wind-down of the Company's Immunology Group segment. The Immunology Group includes the Company's wholly owned subsidiary Nuvo Research AG and its subsidiaries Nuvo Manufacturing GmbH and Nuvo Research GmbH;\nIn parallel with the Company's divestiture or wind-down of its Immunology Group, the Company is also conducting a review of all of its drug development activities, including in-licensing, merger and acquisition activities, or some combination thereof, related to new product opportunities;\nAs part of the strategic review, Crescita is evaluating its best options to optimize product sales for Pliaglis in Canada, the United St...