Crescita Therapeutics Inc., a commercial dermatology company, announced that its topical anesthetic cream, Pliaglis, has been granted regulatory approval for commercial sale in Mexico.
In December 2015, Crescita reacquired the Pliaglis development and marketing rights for the US, Canada and Mexico. Pliaglis is currently being marketed and sold by Crescita's global licensee, Galderma S.A. (Galderma), in the US and Canada and pays a royalty on net sales during the agreed upon transition period. The company is transitioning these rights from Galderma and expects this process to be completed early in the fourth quarter. The company will be seeking a licensing partner for Pliaglis in Mexico.
Under terms of the December 2015 agreement, Crescita paid Galderma 125,000 Swiss Francs (approximately $174,000 Canadian) and will pay an additional 125,000 Swiss Francs upon transfer of certain rights and documents. Beginning in 2021, Crescita has the right to reacquire the rest of world rights on a country-by-country basis without additional compensation, if Galderma does not achieve minimum sales targets.
"We are pleased that Pliaglis has received approval in Mexico," said Dan Chicoine, Crescita's executive chairman. "We are evaluating strategies to optimize product sales in Canada, the United States and Mexico of Pliaglis."
Pliaglis is a topical local anesthetic cream that provides safe and effective local dermal analgesia on intact skin prior to superficial dermatological procedures, such as dermal filler injection, pulsed dye laser therapy, facial laser resurfacing and laser-assisted tattoo removal. This product consists of a proprietary formulation of lidocaine and tetracaine that utilizes proprietary phase-changing topical cream Peel technology.
Crescita is a publicly traded, Canadian commercial dermatology company with a portfolio of over-the-counter and prescription products for the treatment and care of skin diseases and their symptoms.
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