“While this acquisition transforms Waverley Pharma into a revenue generating company, it more importantly positions us well for the launch of WAV-101 and 102, once they get approved in the European Union,” stated the Company’s President and CEO, Dr. George R. Thomas.
“Reliance Life Sciences is pleased to be able to contribute to strengthening the oncology product portfolio of Waverley Pharma with the addition of temozolomide and capecitabine, and, in the process, reinforce the relationship,” stated Mr. K.V. Subramaniam, President of RLS.
Reliance Life Sciences Private Limited (RLS) is part of the Promoter Group of Reliance Industries Limited. RLS was established to develop business opportunities in medical biotechnology with key initiatives in biopharmaceuticals, pharmaceuticals, regenerative medicine, clinical research and molecular diagnostics. The Reliance Group is India’s largest private sector enterprise, with annual revenues of US$ 66.8 billion. The Group’s flagship company, Reliance Industries Limited is India’s largest private sector company and a Fortune Global 500 company. RLS is a fully integrated life sciences industry player with in-house capabilities in research, pre-clinical and clinical development, process development, commercial-scale manufacturing and marketing.
WaverleyPharma is an emerging pharmaceutical company focused on the development and commercialization of safe, effective, and affordable cancer therapeutics in theEU, United Kingdom and North American market. The Company, through its subsidiary, is currently selling three generic oncology products in the UnitedKingdom, namely capecitabine, temozolomide and erlotinib. In addition, theCompany is developing two generic oncology products in Europe, namely pemetrexedand bortezomib and additional products in the United States. Waverley Pharma is committed to providing patients with affordable prescription medicines that lower healthcare costs and provide a better quality of life.
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Statements contained in this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes", "may","plans", "will", "estimates", "continues","anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are here in after collectively referred to as "forward-looking statements").Forward-looking statements include the Company’s expectation of increasing its shareholder base and other estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which theCompany believes to be relevant and reasonable in the circumstances. Inherentin forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's potential product revenues, stage of development, additional capital requirements, risks associated with obtaining regulatory approvalto market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about:general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicableCanadian securities regulatory authorities.
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