Canoa Inc. (“Canoa”), a Delaware corporation with a focus on healthcare and pharmaceuticals, today announced that it has acquired ProSolus® Inc. (“ProSolus”), from Mission Pharmacal® Company, in an all-cash transaction. ProSolus is a private pharmaceutical company with an expertise in transdermal drug delivery systems.
(PRUnderground) October 4th, 2019
Canoa Inc. (“Canoa”), a Delaware corporation with a focus on healthcare and pharmaceuticals, has acquired ProSolus® Inc. (“ProSolus”), from Mission Pharmacal® Company, in an all-cash transaction. ProSolus is a private pharmaceutical company with an expertise in transdermal drug delivery systems.
“This transaction will create one of the leading pure-play transdermal pharmaceutical companies in the United States,” said Alex Moreno, CEO of Canoa. “The combination of ProSolus’s intellectual property, products and expertise, together with Canoa’s capital, management and Board experience, will allow the combined enterprise to accelerate its product development and marketing efforts in the transdermal space.”
ProSolus is at the forefront of transdermal patch technology and is continuously evolving mechanisms that control the predictability of drug release. The ProSolus research and product development team works collaboratively with strategic partners to create polymers and design combinations of excipients that improve the absorption of medications through the skin without having to resort to exotic permeation enhancers. The team will continue to explore methods to optimize transdermal drug delivery including:
- maximizing thermodynamic driving force
- PRO-DRUG Formulation
- enhanced solubility
- delivery enhancement utilizing GRAS listed materials
- optimized adhesion and wear properties.
“Together with our branded 4% Lidocaine patch, ProSolus has a number of exciting products that we plan to launch following the conclusion of the acquisition,” said Chief Operating Officer and Chief Scientific Officer, Juan Mantelle. “Our team has over 65 years of combined transdermal experience and operates a state-of-the-art research and manufacturing facility in Miami, Florida that has an over 50 million patch per year capacity.”
About Canoa Inc.
Canoa is a newly formed Delaware company that has brought together a highly regarded Board of Directors to support its CEO, Alex Moreno, a seasoned and successful healthcare entrepreneur based in Miami, Florida. Canoa’s Board consists of:
- Alex Moreno, CEO – 30 + years experience launching and developing companies –ranging from environmental services, healthcare staffing, and construction and development. Co-founder and CEO of Nightingale Nurses, one of the largest healthcare staffing companies in the U.S. with over 500 employees and serving more than 2,000 hospitals in 50 states.
- Congressman Connie Mack – Former U.S. House of Representatives member and government relations professional with 20+ years of public service and communications experience. Elected to the Florida House of Representatives in 2000, and U.S. House of Representatives in 2005. CEO of two lobbying firms –Liberty International Group and Mack Strategies.
- Takashi Nagao – Vice President, Corporate Planning of Mitsubishi Tanabe Pharma Holdings America. Prior experience includes clinical development, commercialization, and corporate venture capital for Mitsubishi Tanabe’s U.S operations. Previous Managing Director of healthcare investment banking at JPMorgan and Deutsche Bank.
- Warren Robinson – CEO of Atlas Capital Inc, a Canadian registered exempt market dealer and a private equity investor at SAF Group since 2014. Previous Managing Director at Haywood Securities, and Partner at Tristone Capital and Newcrest Capital.
- Rob Colcleugh – Executive Chairman of the Board of Beyond Energy Services & Technology Corp. Prior experience as CEO and Director of Iron Bridge Resources, and Managing Director of Investment Banking for Macquarie Bank. Co-founder of Tristone Capital.
- John Mahoney – Partner at Mahoney & Mahoney law firm for over 40 years. Former State’s Attorney for Oliver County. Served in the North Dakota House of Representatives from 1990 through 2002 where he chaired several legislative committees.
About Mission Pharmacal
Mission Pharmacal Company is a privately held pharmaceutical company based in San Antonio, Texas. For more than seven decades, the company has been improving the lives of people through every stage of life by manufacturing and delivering innovative, high-quality prescription, over-the-counter, and dietary supplement products in the therapeutic areas of women’s health, urology, pediatrics, dermatology and primary care. For additional information, please visit www.missionpharmacal.com.
Caution and Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended and other securities laws. Forward looking statements involve risks and uncertainties and are not historical facts. There are important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the ability to successfully market our products, the difficulty in predicting the timing or outcome of other product research and development efforts, potential product characteristics and indications, marketing approvals and launches of other products, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties and the ability to obtain financing on favorable terms. The forward-looking statements in this press release reflect Canoa’s judgment as of the date of this press release. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and Canoa does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of, or non-occurrence, of any events. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, securities of Canoa, nor shall there be any sale of Canoa securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About ProSolus, Inc.
ProSolus, Inc. is a pharmaceutical company specializing in the research, formulation, and manufacturing of transdermal patches, with a focus on Lidocaine and CBD patches. We formulate, develop, and manufacture high-barrier-to-entry transdermal drug delivery products in our state-of-the-art laboratories and manufacturing facility. Our patches are designed with the patient in mind.Press Contact
Original Press Release.