WINNIPEG, MB, April 30, 2024 /CNW/ - Waverley Pharma Inc. ("Waverley Pharma" or the "Company") (TSXV: WAVE), a Canadian pharmaceutical company, is announcing a business update.
As mentioned in the previous business update dated August 2, 2023, opportunities Waverley Pharma envisioned of marketing generic oncology drugs capecitabine, temozolomide, bortezomib and pemetrexed in the United Kingdom (UK) and recently approved bortezomib and pemetrexed in Europe and the United States (US) have not come to fruition. This is a result of the unparalleled discounts currently taking place in generic drug pricing along with the large number of generic players vying for business in each of these markets. With this in mind, Waverley Pharma has agreed to transfer the US Abbreviated New Drug Applications (ANDAs) for bortezomib and pemetrexed back to the manufacturer, Reliance Life Sciences Private Limited, for an undisclosed fee. As such, the Company will no longer hold commercial rights to these two products in the US.
Moving forward, Waverley Pharma's resources will focus on the continued development of its novel PARP-1 inhibitor.
About Waverley Pharma
Waverley Pharma is a pharmaceutical company focused on the development and commercialization of safe and effective therapeutics. For more information on Waverley Pharma please visit www.waverleypharma.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information: Statements contained in this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes", "may", "plans", "will", "estimates", "continues", "anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are hereinafter collectively referred to as "forward-looking statements"). Forward-looking statements include estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which the Company believes to be relevant and reasonable in the circumstances. Inherent in forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's potential product revenues, stage of development, additional capital requirements, risks associated with obtaining regulatory approval to market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicable Canadian securities regulatory authorities.
SOURCE Waverley Pharma Inc.
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