Crescita Therapeutics revealed their financial and operational results for their first quarter of 2017.
Crescita Therapeutics (TSX:CTX) revealed their financial and operational results for their first quarter of 2017.
As quoted in the press release:
Product and Technology Updates
In April, the Company entered into a development and commercialization license agreement (the Agreement) with Taro Pharmaceuticals Inc. (Taro), the Canadian subsidiary of Taro Pharmaceutical Industries Ltd. Under the terms of the Agreement, Crescita has granted Taro an exclusive license to the rights to sell and distribute Pliaglis in the U.S. market and for the Enhanced Formulation. In consideration of the rights granted under the Agreement, Taro will make the following payments to Crescita: an upfront payment of US$2.0 million, up to US$5.75 million in non-dilutive development and sales milestone payments and tiered royalties on net sales of products licensed under the Agreement. The Company is evaluating strategies to optimize product sales in Canada and Mexico.
In March, the Company signed an exclusive license agreement with a U.S.-based, major dermatological contract research company (the Licensee) to develop prescription treatments of skin diseases utilizing Crescita’s patented multiplexed molecular penetration enhancer (MMPE) technology. The Licensee will oversee and fund the cost of all development activities until commercialization partner(s) for the products are secured. Crescita is entitled to a share of royalties and other consideration received by the Licensee from such partners based on a formula that includes compensation to Crescita for granting the Licensee the exclusive license to the MMPE technology.
In January, INTEGA Skin Sciences (INTEGA) launched the ISDIN Acnisdin and Nutratopic product lines at Brunet pharmacy chains throughout Québec. The trademark is owned by ISDIN S.A. and is being used under license by INTEGA.