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Crescita Therapeutics(TM) Provides an Update on its Immunology Group Wind-Down
Crescita Therapeutics™ Provides an Update on its Immunology Group Wind-Down ...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"\n\n\n\nCrescita Therapeutics™ Provides an Update on its Immunology Group Wind-Down\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™ Provides an Update on its Immunology Group Wind-Down\nCanada NewsWire\nMISSISSAUGA, ON, July 12, 2016\n\n\n\nMISSISSAUGA, ON, July 12, 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 and with a significant cash balance and no debt, today provided an update on the wind-down of its Immunology Group.\n\nEffective July 11, 2016, the Company sold its manufacturing facility based in Germany that produces the active ingredient in WF10™ and Oxoferin™ and the intellectual property related to WF10 to Dr. Friedrich-Wilhelm Kuehne, the inventor of WF10 for nominal proceeds.  This divestiture is part of the Company's plan to reduce its cash burn. The Company will realize a significant monthly cost savings, as it will no longer be funding the ongoing operating losses of the Immunology Group.  Further, there will be additional future savings as the Company completes its planned wind-down of Immunology Group operations. \n\nAs part of this initiative, Dr. Henrich Guntermann, Crescita's President, Europe and Autoimmune Group, who was responsible for all Immunology Group activities, has resigned from his current position at Crescita.  Dr. Guntermann will retain his position on Crescita's Board of Directors.  The Company is also continuing the orderly closure of its Leipzig office which it expects to complete in the third quarter of 2016.  When the restructuring is complete later in 2016, the Company expects to have a reduced cash burn, significant cash and no debt. \n\n\"We would like to thank Dr. Guntermann for his years of service as a key member of the Nuvo Research and Crescita executive management teams and we look forward to the benefit of his continued advice and support as a member of the Board of Directors,\" said Dan Chicoine, C...