Nuvo Research has announced that the proposed reorganization of Nuvo into two separate publicly traded companies was approved by Nuvo's shareholders shares at a special meeting. The exact number of votes cast for and against each of the resolutions approved at the meeting will be available under Nuvo's profile at www.sedar.com.
Under the proposed reorganization, Nuvo would be separated into two public companies. One company, Nuvo Pharmaceuticals Inc. (Nuvo Pharma), would be a revenue and EBITDA generating commercial healthcare company to be owned 100% by Nuvo shareholders. The second company, Crescita Therapeutics Inc. (Crescita), would be a drug development company also initially owned 100% by Nuvo shareholders. Crescita would have a diversified pipeline of product candidates and sufficient cash resources to execute its current business plan for the next 24 months.
Complete details of the proposed reorganization and each company are set forth in the information circular that was mailed to Nuvo's shareholders in connection with the special meeting, a copy of which is available under Nuvo's profile at www.sedar.com. Completion of the proposed reorganization remains subject to certain conditions, including final approval of the Ontario Superior Court of Justice (Commercial List). In addition, Nuvo's board of directors retains the discretion to determine whether or not to proceed with the proposed reorganization and, if so, the timing of the proposed reorganization. If the remaining conditions are satisfied and the proposed reorganization proceeds, Nuvo expects the proposed reorganization to become effective on or about March 1, 2016.