Nuvo Pharma (Ireland) Limited Acquires U.S. Product Rights to Resultz From Piedmont Pharma
Resultz was FDA cleared in May 2017
MISSISSAUGA, ON, Jan. 15, 2018 /PRNewswire/ - Nuvo Pharma (TSX: NRI; OTCQX: NRIFF), a commercial healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities, today announced that its wholly owned subsidiary, Nuvo Pharmaceuticals (Ireland) Limited (Nuvo Ireland) has acquired the U.S. rights to Resultz® (50% isopropyl myristate, 50% cyclomethicone D5 topical solution lice and egg removal kit) from Piedmont Pharmaceuticals LLC (Piedmont). The acquisition includes all U.S. product and intellectual property rights and is a complementary follow-on to Nuvo's acquisition of the global, ex-U.S. Resultz product rights announced on January 2, 2018. Nuvo now owns all Resultz product and intellectual property rights throughout the world.
Resultz is a commercial-stage, best-in-class, clinically proven, safe, non-pesticide, over-the-counter (OTC) treatment for head lice. Resultz was cleared as a Class 1 medical device by the U.S. Food and Drug Administration (FDA) in May 2017 and has not yet been commercially launched in the U.S. The topical head lice market in the U.S. was valued at US$255 million in 2016, inclusive of both prescription and OTC products. Resultz, with its class-leading 5-minute application time, is well positioned to enter this attractive market. Nuvo anticipates commercializing Resultz in the U.S. through a licensing partner and has already initiated discussions with potential licensees. With this transaction, Nuvo gains global control of the Resultz franchise and adds an additional FDA cleared U.S. product to its growing commercial product portfolio. Alongside existing manufacturing partners, Nuvo will be able to produce Resultz for the U.S. market at its Varennes, Québec manufacturing facility.
"We are thrilled to complete full ownership of the global Resultz business through the acquisition of the U.S. rights for Resultz," said Jesse Ledger, Nuvo's President & CEO. "We believe the product attributes that have made Resultz a market leader in Canada and Europe, where market capture rates have reached as high as 35%, namely the class-leading 5-minute application time, up to 100% efficacy and exceptional safety profile as a non-pesticide treatment, will make it a success in the United States as well. Additionally, the team at Nuvo has been working hard for more than a year, with discipline and clear criteria for strong acquisition and in-licensing opportunities, and we are pleased to have been able to deliver on several recent transactions as a result, including the two Resultz transactions and international Pennsaid 2% licensing transactions. We continue to review and pursue multiple opportunities with that same focus and discipline."
Purchase Agreement Details
Stifel, Nicolaus & Company, Incorporated acted as exclusive financial advisor to Piedmont Pharmaceuticals LLC in this transaction.
About Piedmont Pharmaceuticals LLC
About Nuvo Pharmaceuticals Inc.
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SOURCE Nuvo Pharmaceuticals Inc.
Company Codes: OTC-QX:NRIFF, Toronto:NRI, OTC-PINK:NRIFF