Crescita is a Canadian commercial dermatology company with in-house research & development and manufacturing capabilities. Juyou is a biotechnology company that develops and sells medical and cosmetic skincare products. Pliaglis is a topical local anesthetic cream that provides safe and effective local dermal analgesia on intact skin prior to superficial dermatological procedures.
As part of the license agreement, Crescita will receive an upfront payment in cash of $125,000 and will be eligible for regulatory and sales milestones of up to $1 million and $1.8 million. Crescita will supply Pliaglis at a pre-determined price per unit including a profit margin and will also be eligible for double-digit royalties once the product is available for commercial sale.
Juyou will be responsible for the overall clinical development and regulatory filings for Pliaglis with the National Medical Products Administration (NMPA), formerly the China State Food and Drug Administration.
"We are excited about this new license agreement for Pliaglis in China, the third partnering agreement secured over the last three months, in addition to Austria and Mexico. We see this both as an opportunity to strengthen our geographic presence but to also add a healthy recurring revenue stream in the long-term," said Serge Verreault, president and CEO of Crescita. "While the clinical requirements still need to be validated with NMPA, we estimate that the product could be launched as early as 2023 if no additional studies are required."