Crescita Therapeutics Announces Mutual Termination of Licensing Agreement with Croma Pharma GmbH for Pliaglis®
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LAVAL, Quebec — Crescita Therapeutics Inc. (TSX: CTX and OTC US: CRRTF) (' Crescita ' or the ' Company '), a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities, today announced that it has, by mutual agreement, terminated its commercialization and development license agreement with CROMA Pharma GmbH ('Croma'), that granted Croma exclusive rights to market Pliaglis ® in Germany, the United Kingdom, Ireland, Switzerland, Brazil, Romania, Belgium, the Netherlands and Luxembourg (the 'Territories').
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Following a strategic business review, Croma decided to rationalize its product portfolio and realign its business priorities. Under the terms of the termination agreement, Crescita will regain all development and commercialization rights for Pliaglis in the Territories, and Croma will pay the Company €575,000 (approximately CAD$900,000). Crescita plans to explore potential new partnerships to commercialize Pliaglis in the Territories.
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About Crescita Therapeutics Inc.
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Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The Company offers a portfolio of high-quality, science-based non-prescription skincare products and early to commercial stage prescription products. We also own multiple proprietary transdermal delivery platforms that support the development of patented formulations to facilitate the delivery of active ingredients into or through the skin. For more information visit, www.crescitatherapeutics.com.
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Certain statements in this press release constitute forward-looking statements and/or forward-looking information (collectively 'forward-looking information') within the meaning of applicable securities laws. All information in this press release, other than statements of current and historical fact, represents forward-looking information and is qualified by this cautionary note.
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Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans, objectives, and expectations. Such information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
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Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as: 'outlook', 'objective', 'anticipate', 'intend', 'plan', 'goal', 'seek', 'believe', 'aim', 'project', 'estimate', 'expect', 'strategy', 'future', 'likely', 'may', 'should', 'will', 'growth strategy', 'future', 'prospects', 'continue', and similar references to future periods or suggesting future outcomes or events. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information.
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Examples of forward-looking information include, but are not limited to, statements made in this press release under the heading 'Financial Highlights', including statements regarding the Company's objectives, plans, goals, strategies, growth, performance, operating results, financial condition, business prospects, opportunities and industry trends, and similar statements concerning anticipated future events, results, circumstances, performance or expectations.
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Forward-looking information is neither historical fact nor assurance of future performance. Instead, it reflects management's current beliefs, expectations and assumptions and is based only on information currently available to us. Forward-looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable by the management of the Company as of the date of this press release, are inherently subject to significant business, economic, and competitive uncertainties and contingencies that are difficult to predict and many of which are outside of our control.
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The Company's estimates, beliefs and assumptions, which may prove to be incorrect, include various assumptions regarding, among other things: the Company's future growth potential, results of operations, future prospects and opportunities; the Company's ability to retain and recruit, as applicable, customers, members of management and key personnel; industry trends; legislative or regulatory matters, including expected changes to laws and regulations and the effects of such changes; future levels of indebtedness; availability of capital; the Company's ability to secure additional capital and source and complete acquisitions; the Company's ability to maintain and expand its market presence and geographic scope; economic and market conditions, including the imposition of and adverse changes to tariffs and other trade protection measures; the impact of currency exchange and interest rates; the Company's ability to maintain existing financing and insurance on acceptable terms; the Company's ability to execute on, and the impact of, its environmental, social and governance initiatives; the impact of competition; and the Company's ability to respond to changes to its industry and the global economy.
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Forward-looking information involves risks and uncertainties that could cause Crescita's actual results and financial condition to differ materially from those contemplated by such forward-looking information. Important factors that could cause such differences include, among others:
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economic and market conditions, including factors impacting global supply chains such as pandemics, geopolitical conflicts and tensions, and trade protection measures, like the imposition of tariffs and retaliatory tariffs by the United States and Canada;
the impact of inflation and fluctuating interest rates;
the Company's ability to execute its growth strategies;
the degree or lack of market acceptance of the Company's products;
reliance on third parties for marketing, distribution and commercialization, and clinical trials;
the impact of variations in the values of the Canadian dollar in relation to the U.S. dollar and Euro;
the impact of the volatility in financial markets;
the Company's ability to retain members of its management team and key personnel;
the impact of changing conditions in the regulatory environment and product development processes;
manufacturing and supply risks;
increasing competition in the industries in which the Company operates;
the Company's ability to meet its contractual obligations;
the impact of product liability matters;
the impact of litigation involving the Company and/or its products;
the impact of changes in relationships with customers and suppliers;
the degree of intellectual property protection of the Company's products;
developments and changes in applicable laws and regulations, and;
other risk factors described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory agencies and commissions, including the sections entitled 'Risk Factors' in the Company's most recent annual MD&A and AIF.
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If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. This list is not exhaustive of the factors that may impact the Company's forward-looking information. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
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Accordingly, investors should not place undue reliance on forward-looking information, which speaks only as of the date provided, and is subject to change after such date. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking information, whether written or oral, that may be provided from time to time, whether as a result of new information, future developments or otherwise.
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Globe and Mail
28 minutes ago
- Globe and Mail
Letters to the editor, June 10: ‘AI is not only an issue in higher education, but at the grade-school level as well'
Re 'B.C.'s energy minister says Ottawa should focus on practical projects with ready investors' (Report on Business, June 9): A retired economist would like to appeal to the former economist and now Prime Minister. I hope the process for nation-building projects is the international gold standard for public decision-making: cost-benefit analysis. We economists know that broad consultation in a transparent, structured decision-making process is the best way to find projects which provide the highest net benefits to Canadians. The government should grant standing in these analyses to First Nations and affected citizens. Mark Carney should take a lead in setting the inputs to these analyses. Progressive governments make this information known when taxpayers are on the hook for infrastructure projects. Provinces can provide the projects, but the feds should transparently control the process, parameters and participants. 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In the right case, with an accused willing to accept accountability for their actions and a complainant who would be satisfied hearing that in a supportive, structured setting, the justice system and society would benefit from the use of that process. To deny that alternative would be an unjustifiable form of paternalism. Jeffrey Manishen Hamilton Re 'Some university professors say AI is here to stay, so students should learn how to use it' (June 4): Such use of artificial intelligence, if prevalent, circumvents the purpose of a university education, which is to read primary sources, to think and to analyze information. A return to individual oral presentations as tests could help ensure that students are doing some learning at a university level. Sandra Witelson, PhD Hamilton Parent of a Grade 4 student here. Dismayed to report that artificial intelligence is not only an issue in higher education, but at the grade-school level as well. 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Respond faster than 'if you don't hear from us in six months, try calling us at 1-800-I-GIVE-UP.' We can and should expect more from our national institutions. Barry Bortnick Calgary Letters to the Editor should be exclusive to The Globe and Mail. Include your name, address and daytime phone number. Keep letters to 150 words or fewer. Letters may be edited for length and clarity. To submit a letter by e-mail, click here: letters@


CBC
31 minutes ago
- CBC
Not-for-profits are racing to save affordable apartments. But critics say we should just build new ones
Social Sharing Marleny Ozuna Felix seems to have won the lottery of landlords. For as long as she stays in her building, the single mother of three has a guarantee that her home will remain affordable. She pays $964 per month for a one-bedroom apartment in Burnaby, B.C. — roughly $1,390 cheaper than the average rent for a unit that size in the area. Depending on the maintenance needs of the building, there will be years her rent doesn't increase. And in the years it does, it will never exceed provincial guidelines. When her building went up for sale, chances were high a for-profit landlord would purchase it, be it a small private equity firm or a large corporation whose focus is to make a return for investors. Instead, the new owner is Aunt Leah's Properties, a not-for-profit organization whose main objective is to keep rent accessible and to preserve what's left of Canada's affordable housing. It bought the building with a grant from a new provincial program with a similar objective. "I would be out on the streets with my children if we were evicted from here," Felix said in a recent interview with CBC. "I just can't afford anything else that I see on the market in this neighbourhood or anywhere else." Her story mirrors that of renters across the country who have seen record-breaking increases, while those in below-market units live with the constant fear of eviction so their landlord can relist their home at a higher price or demolish it to build a bigger building. WATCH | Their rent has effectively been frozen. What it means for these B.C. tenants: 'This is pretty much the only place that I can afford' 1 hour ago Duration 1:18 These tenants worried their Burnaby, B.C., apartment building would be sold to a landlord who would hike their rents. Instead, a not-for-profit bought through a government partnership, with the promising of keeping the rent predictable. But this story is more than just Felix's. In many ways it's the story of the building — and whether it could be a model of how this country tackles the affordable housing crisis. While many market analysts suggest the solution is to build more housing, others argue that government funding and not-for-profits can help fill the gap by conserving existing affordable housing stock. The Ontario Non-profit Housing Association estimates community housing accounts for approximately 12% of overall rental housing in Canada. Non-profits own only a portion of that — meaning that for-profit landlords own the lion's share of multi-family buildings. In the 1990s, the government largely got out of subsidized housing and turned the bulk of housing over to the private sector. Since then, private landlords have been the primary buyers and developers of new stock. They've also sometimes taken the blame for the lack of affordable housing while the government has taken a back seat. But the tide is changing, at least in B.C. The B.C. Rental Protection Fund was announced in 2023 and has a goal of investing $500-million to help not-for-profits, who, like Aunt Leah's Properties, buy existing, occupied buildings and ensure the rent stays predictable for tenants. "The most affordable housing we have is the affordable housing we've already got," said Katie Maslechko, CEO of the Rental Protection Fund. "We were losing four to five affordable units for every one new unit that we were building." How it works Not-for-profits can apply to the fund for a one-time, non-repayable capital grant to help with the purchase. Once an organization has pre-qualified, Maslechko said they can start shopping. Those pursuing the acquisitions are encouraged to consider the building's capacity, scale, location and tenants, all with a goal of making sure the purchase is sustainable, she said. The grant essentially turns the building into a sort of rental time capsule — the rent for each unit stays effectively the same as it was at purchase, unless there are significant mainteance costs or other factors. Then, the increase would go no higher than a few percentage points, whatever the cap the provincial program has set for the year. It offers stability not only for the tenants living there, but also keeps rent from skyrocketing if there's turnover — unlike the private sector where there is no rent cap on apartments that become vacant. It's a different model than subsidized housing, and it can fill a gap for middle-income renters, Maslechko said. "The teachers and nurses and people that make our communities run but are so often left behind by everything else out there," she said. "They often make a little bit too much to qualify for subsidized housing. And you also see that with folks on a pension, they make just a little bit too much, even off their pension to qualify for subsidized housing programs." Last spring, the Liberal government announced the Canadian Rental Protection Fund, which would operate similarly to one in B.C. It's still in the early stages and has yet to contribute to any acquisitions. A spokesperson for Housing, Infrastructure and Communities Canada told CBC it would be accepting applications from housing providers until the end of May. The national fund has a budget of $1.47 billion, with $470 million allotted for non-repayable grants and $1 billion in low-interest loans to "support the acquisitions of existing, privately owned, multi-unit residential buildings. WATCH | The benefit of saving existing housing instead of building new: 'The most affordable housing we have, is the affordable housing we've already got' 1 hour ago Duration 0:30 The CEO of the Rental Protection Fund says that preserving existing affordable stock is critical to the housing crisis, noting it's faster and cheaper to do that than to build new units. 'We were losing four to five affordable units for every one new unit that we were building,' Katie Maslechko said. The CEO of the Ontario Non-Profit Housing Association, which oversees 700 not-for-profits in Ontario, estimates that such a budget could save up to 10,000 affordable units in two years. Marlene Coffey said not-for-profits who have been in this business long-term know how to preserve the existing affordable housing stock. "We know where it's being lost and we know where we would protect it," she said. "Also if we own the asset we can leverage that through financing, so it's in our interest to grow our portfolio and leverage that asset and do more, so there is a domino effect in this strategy." A big impact In 2022, not-for-profits in British Columbia bought just two per cent of multi-family homes in the province. But last year, because of the provincial fund, they bought about a third of multi-family units that came up for sale — more than a 30 per cent increase. "Not-for-profits have never really been able to compete against big corporate landlords because they simply do not have the funding," Maschleko said. "We're changing that." According to housing and policy expert Steve Pomeroy, the most recent census data had shown Canada lost more than 550,000 affordable housing units between 2011 and 2021. The units themselves are still there — they are just no longer affordable. There are varying ways to define affordability, and it also depends on perspective. Statistics Canada defines it as housing costs that take up no more than 30 per cent of a family's gross income. "The phrase affordability can be defined in many different ways — there is a wide range between someone who can afford three or four hundred dollars a month to someone who can afford three thousand a month," Pomeroy said, noting that Statistics Canada defines it as having housing costs that take up no more than 30 percent of the household's gross income. To put it in perspective, right now the national average rent for a one-bedroom unit is about $2,200 per month. So, to meet the Statistics Canada definition, he said, the household would need to make at least $88,000 a year. Working against the housing crisis? But not everyone believes that conservation is the way forward. "It sounds good on paper, but in reality is actually a terrible idea," said Andrey Pavlov, a professor in real estate finance at Simon Fraser University in Vancouver. "It is better to take the money and throw it in the ocean." Instead, he said all government funding should go toward new builds, not purchasing existing buildings. WATCH | This real estate prof says Ottawa needs to build new housing, not buy old buildings: To create affordable housing, Ottawa needs to increase density, prof says 1 hour ago Duration 0:43 Real estate professor Andrey Pavlov says that any government funding earmarked for housing should go toward new builds, rather than saving existing buildings. "If you protect a building that is three storeys instead of tearing it down and building it to be 30 storeys, you are actually working against the housing crisis," Pavlov said. "We need to build a lot more. We're not keeping up with our own population growth, let alone people who want to come here." And he said the national fund will make it harder for Prime Minister Mark Carney to fulfil his promise to build 500,000 more units a year. To build that many units, you "need the land to build on in areas where people want to live," Pavlov said. "This fund is protecting small-scale buildings that in many cases could offer an opportunity to go much higher." Several buildings the B.C. fund has helped non-profits acquire have already generated criticism for preserving low density in areas that need it to be much higher. Now is better But for Maschleko the B.C. fund is one part of fixing the housing crisis — and she said it's a no-brainer. "It is much more cost-effective to maintain the affordability that already exists than to try to recreate it once it has been lost," she said. She points to the high cost of building, suggesting that the only way to keep new units affordable is for the government to keep subsidizing those tenants. "You're spending significant public money year over year to keep that affordability low versus being able to make this one-time investment," she said. Coffey also agrees it can't be the only approach, but that rental protection funds within all levels of government are necessary. In the climate of tariffs we can pick up an asset at about half the price of building something new, Coffey said. "We need a multi-pronged approach to driving solutions to this housing crisis, that is how we will get there faster." WATCH | How does B.C.'s rental protection fund work?: Renters live in fear as corporations buy up buildings 3 minutes ago Duration 11:29 As corporations continue to buy up rental units in Canada, a B.C. program is trying to keep housing affordable for tenants. CBC's Lyndsay Duncombe breaks down how the provincial rental protection fund works and the impact it's having on residents in one Burnaby building.


CBC
31 minutes ago
- CBC
Ottawa students struggle to find summer work as unemployment rises
Many young people in Ottawa are struggling to find jobs as unemployment reaches its highest level in recent years. According to Statistics Canada, 20.1 per cent of returning students — people aged 15 to 24 who attended school full time in March and who intend to study again in the fall — were unemployed in May, up 3.2 percent from the same month last year. Excluding the pandemic years, that's the highest rate since 2009, the agency said. Unemployment for young people in the same age bracket who are not returning to school has also increased to 12.2 per cent, compared to 11.6 per cent last year. "It's been horrible," said Shannon Simbi, a grade 11 student in Ottawa. Simbi said she has applied to various positions at restaurants, retail stores and a retirement home without success. "They aren't hiring students, it's so bad," she said. Ella Eklo is also struggling to find a job in the city. An international student from Ivory Coast who will soon graduate from the University of Ottawa with a degree in economics, Eklo said she has applied for numerous jobs during the past six months. So far, she's only managed to land a single interview for a position as a camp counsellor. "I have more opportunities in my country than here," said Eklo, who is thinking of returning to Ivory Coast if her job hunt is unsuccessful. Ayoub Ben Sedrine has been applying for IT developer positions but hasn't heard back from any employers. As his graduation from Algonquin College approaches, Ben Sedrine is widening his search, looking at internships and volunteer opportunities as well. "Honestly it's making me sad and frustrated because after all my hard work and spending time studying and stuff and then I don't get responses," Ben Sedrine said. "I feel like I'm wasting time." Several students complained of frustrating experiences with online job sites. Stella Rose, who is pursuing a bachelor of fine arts in acting, said she only managed to find a job after directly canvassing business owners. Now working at ByWard Market's children's store Tickled Pink, Rose described job hunting as "hard," as many places didn't accept resumes in person. "I applied to tons of places on Indeed, my boyfriend applied to 50 to 100 places on Indeed, and no one was reaching back out," she said, referring to the online job site. "Everyone is hiring, but no one is hiring," Rose added. David Mangano, the co-owner of The Grand Pizzeria and Bar, said he employs around 70 students. Although he's fully staffed, he still gets applications daily. "I've noticed over the last year, there's a lot more people looking for work. So in the spring we triple our numbers for employees," Mangano said. "We actually start sort of collecting resumes around the end of February for training in March." Mangano said he had a shortage of workers during the COVID-19 pandemic, now the opposite is happening. He said he has received an influx in resumes, particularly among international students and new Canadians who are looking for work. "I think it's a bit tough out there," Mangano said. "I think the job market is a little light for the number of people looking for work." Ethan Eggett is a student at Carleton University who has started his own business, Westboro Student Painters. Eggett said his decision to employ other students for painting jobs is both strategic and convenient. "I wanted people who were only willing to work for four months of the year and then basically get laid off," Eggett said. "As well, it's a selling point. A lot of clients love working with students." Eggett added he basically works part-time throughout the year to run the business, which includes training the students he hires. Like Mangano, Eggett also hires a lot of students in the late winter and spring seasons. He also receives applications on occasion, even though he's fully hired his eight-member team for the summer. On Friday, Jobs Minister Patty Hadju said the government is adding 6,000 more positions to the Canada Summer Jobs program, but that won't come until later this season.