Taro Terminates Agreement with NovaBiotics
HAWTHORNE, N.Y.--(BUSINESS WIRE)--Sep 28, 2018--Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) announced today that it has terminated the license agreement with NovaBiotics for the onychomycosis drug, Novexatin®.
As previously disclosed in May 2018, the Novexatin® clinical study did not meet the main goal of a Phase IIb study under current guidelines of the FDA and did not show superiority over the placebo. Upon further analysis and evaluation, the Company has decided to terminate its agreement with NovaBiotics.
Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.
NovaBiotics Ltd is a clinical-stage biotechnology company focused on the design and development of first-in-class anti-infectives for difficult-to-treat, medically unmet diseases.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180928005622/en/
CONTACT: Taro Pharmaceutical Industries Ltd.
Mariano A. Balaguer, 914-345-9001
William J. Coote, 914-345-9001
AVP, Business Finance, Treasurer and Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY CLINICAL TRIALS INFECTIOUS DISEASES PHARMACEUTICAL
SOURCE: Taro Pharmaceutical Industries Ltd.
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PUB: 09/28/2018 05:10 PM/DISC: 09/28/2018 05:10 PM