17 January 2018 - - Ontario, Canada-based commercial healthcare company Nuvo Pharmaceuticals Inc. (TSX: NRI) wholly owned subsidiary, Nuvo Pharmaceuticals (Ireland) Ltd. (Nuvo Ireland) has acquired the US rights to Resultz (50% isopropyl myristate, 50% cyclomethicone D5 topical solution lice and egg removal kit) from Piedmont Pharmaceuticals LLC, the company said.
The acquisition includes all US product and intellectual property rights and is a complementary follow-on to Nuvo's acquisition of the global, ex-US 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 treatment for head lice. Resultz was cleared as a Class 1 medical device by the US Food and Drug Administration in May 2017; it has not yet been commercially launched in the US.
Nuvo anticipates commercializing Resultz in the US through a licensing partner and has already initiated discussions with potential licensees. Alongside existing manufacturing partners, Nuvo will be able to produce Resultz for the US market at its Varennes, Québec manufacturing facility.
Under the terms of the agreement, USD 1.5m was paid to Piedmont on close using existing cash on hand. The transaction includes a single-digit royalty payable by Nuvo Ireland on net sales through 2034.
Nuvo, through its Nuvo Ireland subsidiary, has also obtained a right of first refusal to license or acquire certain related assets from Piedmont targeting other human indications.
Nuvo has a portfolio of commercial products, and pharmaceutical manufacturing capabilities.
The company has commercial products available in a number of countries, including Pennsaid 2%, sold in the US by Horizon Pharma plc, and available for partnering in certain other territories around the world. Its FDA, Health Canada, and EU approved manufacturing facility is located in Varennes, Québec.