Business
Crescita Therapeutics(TM) Announces 2016 Second Quarter Results
Crescita Therapeutics™ Announces 2016 Second Quarter Results Crescita Thera...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"\n\n\n\nCrescita Therapeutics™ Announces 2016 Second 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 Second Quarter Results\nCanada NewsWire\nMISSISSAUGA, ON, July 27, 2016\n\n\n\nMISSISSAUGA, ON, July 27, 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 second quarter ended June 30, 2016.  The Company commenced operations on a stand-alone basis on March 1, 2016, the effective date of a reorganization of the former Nuvo Research Inc. (Nuvo Research) pursuant to which certain development stage products and assets were \"spun out\" from Nuvo Research to the Company.\n\nCorporate Developments:\n\nImmunology Group Wind-down\n\n\nIn February 2016, the Board of Directors of Nuvo Research 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 (German Manufacturing Operation) and Nuvo Research GmbH;  \nIn July 2016, the Company sold its German Manufacturing Operation that produces the active ingredient in WF10™ and Oxoferin™, and certain intellectual property related to WF10 and Oxoferin for nominal proceeds to Dr. Friedrich-Wilhelm Kuehne, a former minority shareholder of Nuvo Research AG.  The Company will no longer earn product revenue or be responsible for ongoing operational costs of the German Manufacturing Operation;\nIn July 2016, Dr. Henrich Guntermann, who was responsible for all Immunology Group activities, resigned from his position as President, Europe and Autoimmune Group.  Dr. Guntermann will remain a member of Crescita's Board of Directors; and\nThe Company is winding-down its Leipzig office and expects this process to be completed by the end of 2016.\n\nStrateg...