WINNIPEG, MB, Sept. 8, 2020 /CNW/ - Waverley Pharma Inc.
("Waverley Pharma" or the "Company") (TSXV:WAVE), an emerging
Canadian pharmaceutical company, is pleased to announce that its
wholly owned Barbadian subsidiary, Waverley Pharma International
Inc, has signed a term sheet with Reliance Life Sciences Private
Limited ("RLS") that would give the Company the exclusive right,
upon entering into a definitive agreement with RLS, to
commercialize six additional generic oncology products in the
United States. RLS will manufacture and supply the
finished products and Waverley Pharma will be responsible for
filing the Abbreviated New Drug Application (ANDA) for each product
with the United States Food and Drug Administration.
The brands represented by these six generic products,
referred to by the Company as WAV-103, WAV-104, WAV-105, WAV-106,
WAV-107 and WAV-108, had combined sales of more than $3 billion USD in 2019.
"We are delighted to continue our strong relationship with
Reliance Life Sciences with the addition of these six products to
our expanding generic oncology portfolio", stated Waverley Pharma's
CEO, Larry Thiessen.
About Reliance Life Sciences Private Limited
Reliance Life Sciences Private Limited (RLS) is part of the
Promoter Group of Reliance Industries Limited. RLS is a research
driven organisation developing business opportunities in
bio-therapeutics (plasma proteins, biosimilars and novel proteins),
pharmaceuticals (later-generation oncology generics),
regenerative medicine, clinical research services, and molecular
medicine. The Reliance Group is India's largest private sector enterprise,
with annual revenues of $ 86 billion
USD. The Group's flagship company, Reliance Industries
Limited is India's largest private
sector company and a Fortune Global 100 company. RLS is a fully
integrated life sciences industry player with in-house capabilities
in research, pre-clinical and clinical development, process
development, quality management, commercial-scale manufacturing,
and marketing. For further information on Reliance Life Sciences
please visit http://www.rellife.com/index.html
About Waverley Pharma
Waverley Pharma is an emerging pharmaceutical company focused on
the development and commercialization of safe, effective, and
affordable cancer therapeutics in the EU, United Kingdom and North American market. The
Company, through its subsidiary, is currently selling three generic
oncology products in the United
Kingdom, namely capecitabine, temozolomide and erlotinib. In
addition, the Company is developing two generic oncology products
in Europe, namely pemetrexed and
bortezomib and additional products in the
United States. Waverley Pharma is committed to providing
patients with affordable prescription medicines that lower
healthcare costs and provide a better quality of life. 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 the Company's expectation of entering into a definitive
agreement with RLS for the six generic oncology products and other
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.