Chain Drug Review, July 9, 2018

42 Chain Drug Review July 9 2018 HEALTH CARE REPORT LICE TREATMENT Nuvo Pharmaceuticals acquires rights to Resultz MISSISSAUGA Ontario Earlier this year Nuvo Pharmaceuticals Inc acquired the U S rights to over the counter lice treatment Resultz from Piedmont Pharmaceuticals Nuvo said the purchase of U S product and intellectual property rights for the Resultz lice and egg removal kit follows its earlier acquisition of international Leading HEALTH WELLNESS August 25 27 2018 Colorado Convention Center Denver CO tse nacds org Also mark your calendar August 24 26 2019 Boston MA rights to the product Nuvo now owns all Resultz product and intellectual property rights worldwide Resultz is a pesticide free pediculicide rinse that addresses the challenge of increasing pesticide resistance in lice and concerns about patient safety through exposure to pesticides according to Nuvo The treatment disrupts the wax covering of head lice resulting in their dehydration and death The kit facilitates removal of lice nymphs and nits with efficacy of up to 100 in as little as five minutes If necessary a second application seven to 10 days later will eliminate any remaining lice the company said We are thrilled to complete full ownership of the global Resultz business through the acquisition of the U S rights for Resultz stated Nuvo president and chief executive officer Jesse Ledger 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 fiveminute 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 Nuvo noted that the mechanism of action of the Resultz lice and egg removal kit enables the product to work even with pesticide resistant super lice Resultz is indicated for use by children and adults The topical head lice treatment market in the United States was an estimated 255 million in 2016 including prescription and O T C products Nuvo reported Resultz was cleared as a Class 1 medical device by the Food and Drug Administration in May and it hasnt yet been commercially launched in the U S Nuvo said it expects to commercialize Resultz in the U S through a licensing partner and it has already initiated talks with potential licensees Alongside current manufacturing partners Nuvo will be able to produce Resultz for the U S market at its Varennes Quebec manufacturing facility Under the agreement for the purchase of the U S rights to Resultz made via Nuvos Ireland subsidiary Nuvo Pharmaceuticals Ltd Piedmont was paid 15 million and will receive a single digit royalty from Nuvo Ireland on net sales through 2034 The Resultz kit also is able to treat super lice 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 Ledger noted 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 Nuvo paid 7 million plus sales based royalties to Piedmont to acquire the international rights to Resultz outside the U S in a deal announced in January The product is currently sold in several European markets including France Spain Portugal Belgium Ireland and the United Kingdom as well as in Canada Russia Australia and Israel through a network of license agreements and partners Net sales of Resultz in those markets totaled 16 million for the 12 months through September 2017