And there is more:
Nuvo Research acquires fqubed
12/22/05
- San Diego based company specializes in skin-penetrating technologies -
Mar, ON, Dec. 22, 2005 (Canada NewsWire via COMTEX) --
Nuvo Research Inc. (TSX:NRI) today announced that it has acquired all of the issued and outstanding shares of fqubed, Inc. fqubed, a San Diego, California based company that, in partnership with the University of California, Santa Barbara, has developed a proprietary technology to identify innovative formulations that can efficiently deliver active therapeutics through the skin.
"This acquisition is in line with Nuvo's strategic vision of becoming a leading transdermal drug delivery company," said Dan Chicoine, Nuvo's Chairman. "With the addition of fqubed's proprietary technology and in-house laboratory, we have significantly increased our capability to expand our portfolio of high performance skin penetrants which we will use to develop a broad pipeline of transdermally delivered therapeutics."
"Using transdermal technology, a drug can be delivered directly to the disease site avoiding potential safety issues that might arise if the drug was delivered systemically," said John Newsam, fqubed's President and Managing Director. "We believe Nuvo will benefit from access to our unique screening process and that we will together advance our mutual vision of developing world-class transdermal drugs based on leading-edge proprietary skin penetrants."
Under the terms of the agreement, Nuvo has issued 4,339,875 common shares from treasury in satisfaction of the US$600,000 purchase price. Going forward, there is also the potential that Nuvo will pay royalties to a maximum of US$1.0 million to former fqubed shareholders based on sales of commercialized transdermal pharmaceutical products that use fqubed's existing formulations.
About fqubed Inc.
fqubed has a unique capability for solving skin delivery and anti-delivery problems for pharmaceutical, medical device and personal care products. fqubed's business is founded on proprietary high-throughput experimentation systems that screen how soft material formulations affect skin.
About Nuvo Research Inc.
Nuvo is focused on developing innovative therapeutics that are delivered transdermally using the Company's skin-penetrating technologies. Nuvo's lead product is Pennsaid(R), a topical non-steroidal anti-inflammatory (NSAID) used for the treatment of osteoarthritis. Nuvo intends to leverage its skin-penetrating technologies to create a portfolio of transdermal products targeting a variety of indications.
Nuvo Research Inc. is a publicly traded, Canadian pharmaceutical company headquartered in Markham, Ontario, with manufacturing facilities in Varennes, Québec and Wanzleben, Germany. For more information, please visit www.nuvoresearch.com.
This release may contain forward-looking statements, subject to risks and uncertainties beyond management's control. Actual results could differ materially from those expressed here. Risk factors are discussed in the Company's annual information form filed with the securities commissions in each of the provinces of Canada. The Company undertakes no obligation to revise forward-looking statements in light of future events.
SOURCE: Nuvo Research Inc. |
