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Crescita Therapeutics Inc. reports developments as a Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The company commercializes branded non-prescription skincare products, sells other brands under exclusive distribution agreements, licenses intellectual property related to Pliaglis®, and provides contract manufacturing and product development services.
Company news commonly covers operating and financial results across its Commercial Skincare, Licensing and Royalties, and Manufacturing and Services segments. Updates also include material agreements, licensing rights, product and regulatory disclosures, acquisitions of dermatology or skincare assets, normal course share repurchases, and shareholder voting matters such as board elections and shareholder-rights-plan approvals.
Crescita Therapeutics Inc. (TSX: CTX, OTC US: CRRTF) has signed an exclusive distribution agreement with NanoPass Technologies to launch and distribute MicronJetTM600 in the Canadian medical aesthetics market. MicronJet is an innovative intradermal injection device that offers highly effective, consistent, and virtually pain-free delivery of aesthetic products and therapeutic substances.
Key features of MicronJet include:
- Three 0.6mm silicon crystal-made delivery pyramids
- Compatibility with standard syringes
- Precise intradermal delivery for delicate areas
- CE marked, U.S. FDA cleared, and ISO 13485 certified
Crescita aims to obtain Health Canada regulatory approval and launch the product in the first half of 2025. This addition aligns with Crescita's strategic vision to become a leading player in the Canadian medical aesthetics market.
Crescita Therapeutics has finalized the acquisition of significant business assets from Occy Laboratory, including manufacturing equipment, inventory, customer networks, and intellectual property. The transaction, valued at $0.9 million, was approved by the Québec Superior Court following voluntary proceedings under the Bankruptcy and Insolvency Act. Occy Laboratory's revenue for the most recent fiscal year was approximately $1.5 million. Crescita anticipates that the acquisition will be accretive to EBITDA post-integration, aiming to accelerate growth and enhance profitability by continuing Occy’s commercial activities.
Crescita Therapeutics has announced its intention to acquire the non-real estate business assets of Occy Laboratory. This acquisition, part of Occy's voluntary bankruptcy proceedings, includes manufacturing equipment, inventory, a customer network, and intellectual property. The transaction aims to enhance Crescita's position in the Canadian skincare market by expanding its product portfolio and client base. The addition of Occy's Aquafolia product line, known for its natural anti-aging biotechnologies, is expected to complement Crescita's existing offerings and drive future growth. The deal received approval from the Québec Superior Court and is anticipated to close soon.
Crescita Therapeutics announced the results from its Annual General and Special Meeting of Shareholders held on June 5, 2024, in Laval, Quebec. Key outcomes included the election of directors with strong support ranging from 98.3% to 99.9% approval. Daniel N. Chicoine, Anthony E. Dobranowski, John C. London, Deborah Shannon-Trudeau, and Serge Verreault were elected as directors. Ernst & Young LLP was reappointed as the external auditor with 98.0% approval. The company's Share Incentive Plan was also approved with 98.9% votes in favor.
Crescita Therapeutics Inc. reported its financial results for the first quarter of 2024, showing an increase in revenue to $4,996 compared to $4,602 in Q1-2023. However, gross profit decreased to $2,411 from $2,736, and Adjusted EBITDA fell to $(325) from $161. The Company is focusing on the Skincare segment, launching new products and expanding internationally.
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