BOSTON, MA and VANCOUVER, BC - (NewMediaWire) - November 05, 2015 - Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) ("Pivot" or the "Company"), an emerging biotechnology company engaged in the development of therapeutics to meet unmet medical needs in women's health, is pleased to announce that the Company has signed a Definitive Agreement to acquire IndUS Pharmaceuticals Inc. ("IndUS"), a United States-India cross-border pharmaceutical company conducting research and development activities for advancing novel therapeutics in the areas of oncology, metabolic disorders and infectious diseases.
IndUS has a strong Intellectual Property estate with multiple issued patents and patent applications covering the composition of matter as well as the methods of use for its drug pipeline. Pivot will immediately benefit from IndUS' partnership with the acquisition of an oncology portfolio as well as its ongoing relationship with the Indian Institute of Chemical Technology, a Council of Scientific and Industrial Research (CSIR) institution in India.
The global market for women's health therapeutics was worth nearly $18.3 billion in 2012 and the market is expected to increase to nearly $22.5 billion in 2018, a compound annual growth rate (CAGR) of 3.5% for the 5-year period of 2013-2018. The worldwide sales for oncology products in 2012 were $68.0 billion and are estimated to increase to $114.4 billion in 2018, at a compound annual growth rate of 9.0%.
Dr. Ahmad Doroudian, Chairman of Pivot Pharmaceuticals, stated, "The acquisition of IndUS and its patent portfolio immediately strengthens Pivot's pipeline targeting unmet medical needs. IndUS has recently exercised its option on a portfolio of novel compounds with applications in cancer and is developing products for the treatment of breast, colon, gastric and lung cancer. We welcome Dr. Chaturvedi and his team to Pivot as we continue to build a company that will lead the way in women's health."
Dr. Pravin Chaturvedi, Chief Executive Officer of IndUS, added, "I am very proud of the accomplishments of the IndUS team and look forward to having one or more of our novel drug candidates enter clinical trials by Q4 2016. Pivot's strong management team has efficiently and effectively executed its business plan during its short existence. I foresee a highly productive team that will continue to leverage the pharmaceutical research and development expertise and experience in high growth therapeutic areas of women's health including gynecological and breast cancer. We look forward to the accelerated development of novel therapeutic agents that will allow us to bring new therapeutic options for patients across the global markets."
The acquisition of Indus Pharmaceuticals remains subject to customary closing conditions.
About Pivot Pharmaceuticals Inc.
Pivot is an early stage biopharmaceutical company engaged in the development of therapeutic pharmaceutical products, with a strategic emphasis on the innovation of new therapeutic uses for existing drugs to treat unmet conditions related to women's health. Pivot has identified ideal candidates for the treatment of gynecological disturbances such as dysmenorrhea and menopausal symptoms (hot flashes), as well as kidney stones and lower urinary tract symptoms (LUTS) in women.
About IndUS Pharmaceuticals Inc.
IndUS Pharmaceuticals Inc. is a privately-held US-India cross-border pharmaceutical company focused on the discovery and development of a sustainable pipeline of innovative and novel drugs for the treatment of cancer, infectious diseases and diabetes. IndUS has exclusive rights to certain intellectual property from the Indian Institute of Chemical Technology, a Council of Scientific and Industrial Research (CSIR) institute, which is coupled with IndUS' biology and clinical development expertise in the United States, allowing accelerated drug development of novel therapeutics for global markets.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals, IndUS Pharmaceuticals, or their management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the level of business and consumer spending, the amount of sales of Pivot or IndUS' products, the competitive environment within the industry, the ability of Pivot or IndUS to continue to expand their operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot or IndUS do not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.