MONTREAL and NEW YORK, July 06, 2016 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc. (TSX:GUD) ("Knight"), a leading Canadian specialty pharmaceutical company, and Ember Therapeutics, Inc. (OTCQB:EMBT) ("Ember"), a New York-based biotech company developing targeted therapies for osteoarthritis, kidney fibrosis, and other regenerative medicines, today announced an expansion of their exclusive distribution agreement signed in August 2015. Pursuant to the amendment, Knight’s territorial rights to Ember’s Bone Morphogenetic Protein-7 ("BMP-7") pipeline, which originally included Canada, Israel, Russia and sub-Saharan Africa, have been expanded to include Romania and the Caribbean. Additionally, Knight has acquired the exclusive distribution rights for two diversified products recently acquired by Ember: Migralex™, a commercially-available over-the-counter medication for treating pain, and ICX-RHY/Vavelta®, a development stage regenerative medicine asset, in all of the above-mentioned territories.
“We are happy to have strengthened our partnership with Ember, which has bolstered its value proposition with these recent acquisitions,” said Jonathan Ross Goodman, President and CEO of Knight. “Notwithstanding the currently challenging healthcare equity markets, we are hopeful that Ember can ignite the continued development of its BMP-7 pipeline for the treatment of osteoarthritis and kidney fibrosis.”
“We are pleased to extend our relationship with Knight to include not only new territories for BMP-7, but new products as well. Over the past several months, we have significantly strengthened our portfolio through the acquisitions of ICX-RHY/Vavelta and Migralex, and believe that Knight is the optimal partner to help us capture incremental value from our commercialized product, Migralex, and maximize the impact of ICX-RHY/Vavelta as we further advance its development,” added Joseph Hernandez, Executive Chairman of Ember Therapeutics, Inc.
Migralex™ is a patented headache medicine containing aspirin and magnesium that has been clinically proven to be effective in relieving most types of pain, including arthritis pain, tension headaches, sinus headaches, stress headaches, menstrual headaches, and various other pains. Migralex™, which is available without a prescription, provides fast acting relief and is gentle on the stomach. It contains no caffeine, sodium or preservatives, and contains magnesium as a buffering agent. Migralex™ is currently available at CVS, local pharmacies, and online at Amazon.com and the product website www.migralex.com.
ICX-RHY is a suspension of human dermal fibroblasts in cell storage medium, which has demonstrated an ability in clinical and preclinical trials to repair and rejuvenate skin. It has been designed to improve the structure, function and appearance of skin damaged by medical conditions such as epidermolysis bullosa, scarring and associated scar contractures, or the aging process. ICX-RHY is currently in early-stage clinical development.
About Ember Therapeutics Inc.
Ember Therapeutics, Inc. is a publicly traded (OTCQB:EMBT) pharmaceutical company developing targeted therapies for pain, osteoarthritis, kidney fibrosis and other regenerative medicines. In particular, Ember Therapeutics, Inc. has a commercial stage pain product and two late stage Phase 3 ready assets. For more information, please visit www.embertx.com.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutic Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
Knight Forward-Looking Statement
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2015. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.
Ember Forward-Looking Statement
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Ember Therapeutics’ business and Ember Therapeutics undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information please contact:Knight Therapeutics Inc. Contact:Knight Therapeutics Inc.Jeffrey Kadanoff, P.Eng., MBAChief Financial OfficerTel: 514-484-GUD1 (4831)Fax: 514-481-4116 Email: firstname.lastname@example.orgWebsite: www.gud-knight.comEmber Therapeutics, Inc. Contact:The Ruth GroupLee Roth (investors)(646) email@example.com