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Crescita to Receive One-time Cash Payment Following Amendment to Pliaglis® U.S. Licensing Agreement
Crescita to Receive One-time Cash Payment Following Amendment to Pliaglis® U.S. Licen...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"\n\n\n\nCrescita to Receive One-time Cash Payment Following Amendment to Pliaglis® U.S. Licensing Agreement\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\nLAVAL, QC, July 28, 2020\n\n\n\nLAVAL, QC, July 28, 2020 /CNW/ - Crescita Therapeutics Inc. (TSX: CTX) (OTC US: CRRTF) (\"Crescita\" or the \"Company\"), a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house research & development (\"R&D\") and manufacturing capabilities, today announced that it has entered into an amendment to the development and commercialization agreement (the \"Amendment\") with Taro Pharmaceuticals Inc. (\"Taro\") with regard to Pliaglis® in the United States (\"U.S.\").\nThe Amendment entitles Crescita to receive a one-time payment of US$3.9 million (approximately CAD$5.2 million), largely representing a royalty adjustment to past sales as well as an upward modification of future royalty payments. \nThe Company continues to pursue out-licensing partnerships with focus on approximately 20 countries where Pliaglis has already received regulatory approval.\nAbout Crescita Therapeutics Inc.Crescita is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The Company offers a portfolio of non-prescription skincare products and early to commercial stage prescription drug products and owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active ingredients into or through the skin. \nSupported by a sales force covering Canada and executing a business to business to consumer marketing approach, Crescita sells its non-prescription skincare products domestically through spas, medispas, and medical clinics, as well as internationally, through distributors.\nCrescita's portfolio also includes a prescription product called Pliaglis®, that utilizes the Company's proprietary phase-changing topical cream Peel technology, a part of the DuraPeelȒ...