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Crescita Therapeutics(TM) Announces Profitable 2017 Second Quarter Results
Crescita Therapeutics™ Announces Profitable 2017 Second Quarter Results Can...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"\n\n\n\nCrescita Therapeutics™ Announces Profitable 2017 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\n\nCanada NewsWire\nMISSISSAUGA, ON, Aug. 14, 2017\n\n\n\nMISSISSAUGA, ON, Aug. 14, 2017 /CNW/ - Crescita Therapeutics Inc. (TSX:CTX) (Crescita or the Company), a commercial dermatology company with a portfolio of non-prescription skincare products and prescription drug products for the treatment and care of skin conditions and diseases and their symptoms, today announced its financial and operational results for the second quarter ended June 30, 2017.  \n\n\n \n \n\n \nSecond Quarter 2017 Highlights\n\n\nRealized a profit in the quarter with net income of $0.5 million and total revenue of $4.9 million.\nIn April, Crescita entered into a development and commercialization license agreement (the Agreement) with Taro Pharmaceuticals Inc. (Taro), the Canadian subsidiary of Taro Pharmaceutical Industries Ltd for the exclusive license to the rights to sell and distribute Pliaglis® in the U.S. and for a second-generation enhanced version of Pliaglis (Flexicaine). Taro made an upfront payment of US$2.0 million ($2.7 million) to Crescita. The Company could also receive up to US$5.75 million in development and sales milestone payments and tiered royalties on net sales of products licensed under the Agreement. In July 2017, the United States Patent and Trademark Office granted a patent relating to the Flexicaine composition resulting in a US$0.5 million ($0.6 million) milestone payment from Taro, which is expected to be received during the third quarter.\n\nSubsequent Events\n\n\nCrescita announced it had amended the terms of its loan agreement with Knight Therapeutics Inc. (Knight). Under the terms of the amended loan agreement, the Company will immediately repay $2.5 million of the loan (reducing the principal amount to $4.1 million) and Knight has agreed to release a letter of credit that previously secured the loan in exchange for a general security interest over all of the Company's assets. As a result, the Company now has access ...