MISSISSAUGA, ON, March 29, 2018 /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, is pleased to announce that the first shipments of Pliaglis have now been received and the product will be launched by our U.S. licensing partner.
In April 2017, Crescita announced that it had entered into a development and commercialization license agreement ("the Agreement") with Taro Pharmaceuticals Inc. ("Taro"). Under the terms of the Agreement, Crescita granted Taro an exclusive license to the rights to sell and distribute Pliaglis in the U.S. market and for a second-generation enhanced version with patent pending (the Enhanced Formulation).
"The launch of Pliaglis in the U.S. represents a significant milestone for Crescita. We are encouraged by the prospect for sales growth in the U.S. market," said Serge Verreault, President of Crescita.
Pliaglis, a lidocaine and tetracaine (7%/7%) formulation, is a U.S. Food and Drug Administration (FDA) approved topical local anesthetic cream that provides safe and effective local dermal anaesthesia on intact skin prior to superficial dermatological procedures, such as dermal filler injection, pulsed dye laser therapy, facial laser resurfacing and laser-assisted tattoo removal. This product contains lidocaine and tetracaine and utilizes the proprietary phase-changing topical cream "Peel" technology. The "Peel" technology consists of a drug containing cream which, once applied to a patient's skin, dries to form a pliable layer that releases drug into the skin. Following the application period, Pliaglis forms a pliable layer that is removed from the skin allowing the dermatological procedure to be performed with minimal to no pain.
About Taro Pharmaceutical Industries Ltd.
Taro (NYSE: TARO) is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro, please visit the Company's website at www.taro.com.
About Crescita Therapeutics Inc.
Crescita (TSX: CTX) is a publicly traded, Canadian 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. Crescita owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active drugs into or through the skin. Crescita's board of directors and management team have demonstrated success in building Crescita's predecessor company, Nuvo Research Inc., including developing multiple drugs that are now approved and commercialized and negotiating multiple licensing transactions. For additional information, please visit www.crescitatherapeutics.com.
SOURCE Crescita Therapeutics Inc.