The June 27, 2015 news item on Nanotechnology Now includes two pieces of business news (I am more interested in the second),
Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company”), a leading Canadian specialty pharmaceutical company, announced today that it has (1) extended a secured loan of US$15 million to Pro Bono Bio PLC (“Pro Bono Bio”), the world’s leading healthcare nanotechnology company, and (2) entered into an exclusive distribution agreement with Pro Bono Bio to commercialize its wide range of nanotechnology products, medical devices and drug delivery technologies in select territories.
A June 26, 2015 Knight Pharmaceuticals news release, which originated the news item, provides a few more details about the loan and the license agreement,
The secured loan of US$15 million, which matures on June 25, 2018, will bear interest at 12% per annum plus other additional consideration. The interest rate will decrease to 10% if Pro Bono Bio meets certain equity-fundraising targets. The loan is secured by a charge over the assets of Pro Bono Bio and its affiliates which includes but is not limited to Flexiseq™, an innovative topical pain product that has sales of more than 3 million units since its U.K. launch last year.
As part of the license agreement, Knight obtained the exclusive Quebec and Israeli distribution rights to Pro Bono Bio’s innovative Flexiseq™ range of pain relief products and its promising SEQuaderma™ derma-cosmetic range of products, both of which are expected to launch in Quebec within the next 12 months. In addition, Knight obtained the exclusive Canadian and Israeli rights to two earlier stage product groups: blood factor products for the treatment of Hemophiliacs, and diagnostic devices designed for the automated detection of peripheral arterial disease. [emphasis mine]
John Mayo, Chairman and CEO of Pro Bono Bio, said, “We worked night and day to find a good distribution and strategic partner to help our North American team launch our existing products and drive growth. We welcome the good Knight on our quest to deliver to Canadian and American consumers’ best-in-class, drug-free nanotechnology products that are safe, effective and of the highest quality: truly the holy grail!”
“When you donate to charity, you always receive back more than you give. I hope this truism also holds true for this Pro Bono world!” said Jonathan Ross Goodman, President and CEO of Knight. “We look forward to the late 2015 launch of Flexiseq™ and SEQuaderma™ in La Belle Province.”
The news release also provides a description of the drugs and the companies, along with a disclaimer,
Flexiseq™ is a topically applied drug-free gel which is clinically proven to safely relieve the pain and improve the joint stiffness associated with osteoarthritis (OA). Flexiseq™ is unique – it lubricates your joints to address joint damage. Pain is relieved and joint function improved because it lubricates away the friction and associated wear and tear on a user’s joints.
SEQuaderma™ Dermatology Products are a unique range of active dermatology solutions specifically designed to address the symptoms and, in some cases, the causes of the targeted conditions, leading to reduced recurrence. SEQuaderma™ Dermatology Products are suitable for long term use and can be used on their own or in between drug treatments to reduce exposure to adverse events; they will not compromise any other medication and are suitable for those with multiple conditions.
About Pro Bono Bio PLC
Pro Bono Bio PLC is the world’s leading healthcare nanotechnology company offering health and lifestyle products, headquartered in London with presence in Europe, Africa and Asia and due to launch in North America. [emphasis mine]
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’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.
Forward-Looking Statement [disclaimer]
This document contains forward-looking statements for the Company 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. The Company 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 the Company 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 the Company’s Annual Report and in the Company’s Annual Information Form for the year ended December 31, 2014. The Company 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.
While Pro Bono Bio is headquartered in London (UK), the BloombergBusiness website lists the company as Russian,
Pro Bono Bio, an international pharmaceutical company, develops and commercializes new medicines in the Russian Federation. Its products include FLEXISEQ, a pain relieving gel containing absorbing nanostructures (Sequessomes) for the treatment of pain associated with osteoarthritis; EXOSEQ, which delivers Sequessomes to the upper dermal layers of the skin for the treatment of inflammatory conditions, such as eczema and seborrhoeic dermatitis; and ROSSOSEQ, which distributes Sequessome vesicles into lower dermal tissues in the skin to treat psoriasis and atopic eczema conditions. The company also develops blood products, CV diagnostics, anti-infectives, and biological drugs. Pro Bono Bio was …
Founded in 2011
Key Executives for Pro Bono Bio
Mr. John Mayo
Chief Executive Officer
Mr. Michael Earl
Chief Operating Officer
Compensation as of Fiscal Year 2014.
Pro Bono Bio Key Developments
Pro Bono Bio Appoints Jason Flowerday as CEO of North American Operations
Jun 26 15
Pro Bono Bio launched its North American operations with headquarters based in Toronto, Canada and secured USD 15 million in funding to accelerate the global launches of FLEXISEQ and SEQUADERMA as well as help fund its ambitious research and development programs that continue to place Pro Bono Bio at the forefront of nanotechnology healthcare development. Pro Bono Bio has recently appointed a North American CEO, Jason Flowerday, to build-out the North American operations and set its strategy for entering both the Canadian and US markets over the next three quarters.
Pro Bono Bio Launches its North American Operations
Jun 26 15
These are interesting developments for both Montréal (Québec) and Toronto (Ontario). As for whether or not Pro Bono Bio is Russian or British, I imagine the legal entity which is the company is Russian while the operations (headquarters as previously noted) are based in the UK.