MISSISSAUGA, ON, Nov. 30,
2017 /CNW/ - Nuvo Pharmaceuticals Inc. (Nuvo or the Company)
(TSX: NRI; OTCQX: NRIFF), a commercial healthcare company with a
portfolio of commercial products and pharmaceutical manufacturing
capabilities, announced today that the Toronto Stock Exchange (TSX)
has approved its notice of intention to make a normal course issuer
bid for a portion of its outstanding common shares as appropriate
opportunities arise from time-to-time. The normal course
issuer bid will be made in accordance with the requirements of the
TSX. Nuvo believes that the repurchase of a portion of
outstanding common shares is an appropriate use of available cash
and is in the best interests of Nuvo and its shareholders.
Pursuant to the notice, Nuvo is authorized to acquire up to a
maximum of 919,819 of its common shares, or approximately 10% of
the public float of 9,198,191 as of November
30, 2017, for cancellation over the next 12 months.
Purchases under the normal course issuer bid will be funded through
available cash and may be made through the facilities of the TSX or
through a Canadian alternative trading system and in accordance
with applicable regulatory requirements at a price per common share
equal to the market at the time of acquisition. The number of
common shares that can be purchased pursuant to the bid is subject
to a current daily maximum of 4,049 common shares (which is equal
to 25% of 16,196, being the average daily trading volume during the
last six months), subject to Nuvo's ability to make one block
purchase of units per calendar week that exceeds such limits.
Common shares purchased under the normal course issuer bid
will be cancelled upon their purchase by Nuvo. As of
November 21, 2017, there were
11,550,897 Nuvo common shares outstanding.
Nuvo may begin to purchase common shares on or about
December 4, 2017 and the bid will
terminate on December 3, 2018 or such
earlier time as Nuvo completes its purchases pursuant to the bid or
provides notice of termination.
About Nuvo Pharmaceuticals Inc.
Nuvo (TSX: NRI; OTCQX:
NRIFF) is a commercial healthcare company with a portfolio of
commercial products and pharmaceutical manufacturing
capabilities. Nuvo has three commercial products that are
available in a number of countries; Pennsaid 2%, Pennsaid and the
heated lidocaine/tetracaine patch. Pennsaid 2% is sold
in the U.S. by Horizon Pharma plc (NASDAQ: HZNP) and is available
for partnering in certain other territories around the world.
Nuvo manufactures Pennsaid for the global market and Pennsaid 2%
for the U.S. market at its FDA, Health Canada and E.U. approved
manufacturing facility in Varennes, Québec. For additional
information, please visit www.nuvopharmaceuticals.com.
Forward-Looking Statements
This Press Release
contains "forward-looking statements" within the meaning of
applicable securities laws. Forward-looking statements can be
identified by words such as: "anticipate," "intend," "plan,"
"goal," "seek," "believe," "project," "estimate," "expect,"
"strategy," "future," "likely," "may," "should," "will" and similar
references to future periods.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
the Company's current beliefs, expectations and assumptions
regarding the future of its business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. Nuvo's actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, readers should not
rely on any of these forward-looking statements. Important factors
that could cause Nuvo's actual results and financial condition to
differ materially from those indicated in the forward-looking
statements include, among others, the risk factors included in
Nuvo's most recent Annual Information Form dated March 1, 2017 under the heading "Risks Factors",
and as described from time to time in the reports and disclosure
documents filed by Nuvo with Canadian securities regulatory
agencies and commissions. These and other factors should be
considered carefully and readers should not place undue reliance on
Nuvo's forward-looking statements. As a result of the foregoing and
other factors, no assurance can be given as to any such future
results, levels of activity or achievements and none of Nuvo or any
other person assumes responsibility for the accuracy and
completeness of these forward-looking statements.
Any forward-looking statement made by the Company in this
Press Release is based only on information currently available to
it and speaks only as of the date on which it is made. Except as
required by applicable securities laws, Nuvo undertakes no
obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
SOURCE Nuvo Pharmaceuticals Inc.