No Effect on Manufacture, Export, Supply or Sale of Jeuveau® or Nuceiva®
Settlement Agreement with Medytox Provided for Continued Manufacturing and Commercialization for Evolus Regardless of Any Litigation Between Medytox and Daewoong
NEWPORT BEACH, Calif., February 10, 2023--(BUSINESS WIRE)--Evolus, Inc. (NASDAQ: EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, issued the following statement.
Earlier today, the Seoul Central District Court ruled in favor of Medytox, Inc. related to a long-standing trade secret dispute between Medytox and Daewoong Pharmaceutical Co. Ltd.
The recent ruling by the Seoul Central District Court does not affect Evolus’ ability to have Jeuveau® or Nuceiva® manufactured and exported by Daewoong or to sell the products in any of its markets.
As part of Evolus’ global settlement with Medytox in February 2021, the parties resolved all litigation between the two parties and specifically stated that any Korean litigation between Medytox and Daewoong would not affect the supply of Jeuveau® or Nuceiva®. The rights granted to Evolus under the settlement include the right to have Jeuveau® and Nuceiva® manufactured and exported by Daewoong to Evolus and for Evolus to continue to commercialize the product.
A publicly filed version of our settlement agreement is available as an exhibit to the Company’s Annual Report on Form 10-K and located here: https://www.sec.gov/Archives/edgar/data/1570562/000157056221000141/a3312110qex103.htm
About Evolus, Inc.
Evolus (Nasdaq: EOLS) is a performance beauty company evolving the aesthetic neurotoxin market for the next generation of beauty consumers through its unique, customer-centric business model and innovative digital platform. Our mission is to become a global, multi-product aesthetics company based on our flagship product, Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics and manufactured in a state-of-the-art facility using Hi-Pure™ technology. Visit us at www.evolus.com, and follow us on LinkedIn, Twitter, Instagram or Facebook.
This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements based on our current expectations, assumptions, estimates and projections about future events, our business, financial condition, results of operations and prospects, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms, or other comparable terms intended to identify statements about the future. The company’s forward-looking statements include, but are not limited to, statements related to the company’s expectations regarding the company’s ongoing clinical trial, related research and development activities and commercial potential for the "extra-strength" formulation.
The forward-looking statements included herein are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control, include, but are not limited to uncertainties associated with our ability to comply with the terms and conditions in the Allergan/Medytox Settlement Agreements, our ability to fund our future operations or obtain financing to fund our operations, the continued impact of COVID-19 or other outbreaks of contagious diseases on our business, unfavorable global economic conditions and the impact on consumer discretionary spending, uncertainties related to customer and consumer adoption of Jeuveau®, the efficiency and operability of our digital platform, competition and market dynamics, our ability to successfully launch and commercialize our products in new markets, our ability to successfully broaden our product portfolio, our ability to maintain regulatory approvals of Jeuveau® or obtain regulatory approvals for new product candidates or indications and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission on November 8, 2022. These filings can be accessed online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events. If we do update or revise one or more of these statements, investors and others should not conclude that we will make additional updates or corrections.
Jeuveau® and Nuceiva® are registered trademarks of Evolus, Inc.
Hi-Pure™ is a trademark of Daewoong Pharmaceutical Co, Ltd.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005288/en/