Novelion Therapeutics Reports Third Quarter 2017 Financial Results and Announces Leadership Change
Company Reiterates FY 2017 Guidance for Total Net Revenues of $135-$145 million
Company Announces Leadership Change and Search for Chief Executive Officer
VANCOUVER, British Columbia, November 9, 2017 - Novelion Therapeutics Inc. (NASDAQ: NVLN), a biopharmaceutical company dedicated to developing and commercializing innovative new therapies for individuals living with rare diseases (“Novelion” or the “Company”), today reported financial results for the third quarter ended September 30, 2017, announced that it has commenced a search for a new chief executive officer (“CEO”) to lead the Company in the next stage of growth, and provided an overview of recent business highlights. Chief Executive Officer Mary Szela has resigned for personal reasons, effective immediately.
To lead the company until a permanent CEO is appointed, the Board announced the creation of an interim Office of the Chief Executive Officer, comprised of Jeffrey Hackman, Novelion’s Chief Operating Officer, Jason Aryeh, Chairman of the Board of Directors and Mark Corrigan, Director. The Board has also formed a search committee, which has commenced efforts to identify candidates who will bring strong strategic and operational direction to the enterprise.
Jason Aryeh said, “Novelion’s strategy and mission will continue to focus on supporting access to our marketed therapies for patients globally and pursuing the development of our product portfolio in order to support long-term and sustainable growth. The board is confident in its ability to identify a successor who will effectively drive improved growth and shareholder value by reinvigorating the Company’s plans in support of our key objectives.”
Mr. Aryeh continued, “We recognize the energy that Mary Szela brought to her role as CEO. Much has been accomplished in her tenure, including the merger to create Novelion, and we thank her for her dedication.”
Third Quarter 2017 Highlights & Business Update
JUXTAPID: Novelion reported net revenues of JUXTAPID of $15.2 million in the third quarter of 2017, $10.3 million, or 68%, of which were from prescriptions written in the U.S.
MYALEPT: Novelion reported net revenues of MYALEPT of $13.5 million in the third quarter of 2017. $11.3 million, or 84%, of these revenues were from prescriptions written in the U.S.
Novelion reported total net revenues of $28.7 million in the third quarter of 2017.
The following information was filed by Novelion Therapeutics Inc. (NVLN) on Thursday, November 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: NVLN CIK: 827809 Form Type:10-Q Quarterly Report Accession Number: 0000827809-17-000052 Submitted to the SEC: Thu Nov 09 2017 4:02:56 PM EST Accepted by the SEC: Thu Nov 09 2017 Period: Saturday, September 30, 2017 Industry: Pharmaceutical Preparations