LAVAL, Québec, September 07, 2021 – (BUSINESS WIRE)
Crescita Therapeutics Inc. (TSX: CTX) (OTC US: CRRTF) (“Crescita” or the “Company”), a growth-oriented, innovation-driven Canadian commercial dermatology company, today announced that it has completed the acquisition of a minority interest in Akyucorp Ltd. d/b/a The Best You®, a privately-held network of seven medical aesthetic clinics in the province of Ontario (“The Best You”).
In consideration for the minority interest investment, Crescita will issue 470,128, or 2.2% of its common shares (the “Common Shares”), at a price of $0.70 per Common Share. In addition, the Company will support the Best You’s growth strategy by way of a secured convertible promissory note (the “Convertible Note”) with an initial principal amount of C$0.5M, that could reach up to C$1.25M, contingent on certain events and conditions being met.
The Convertible Note will bear interest at variable rates based on the annual volume of purchases of Crescita products and is convertible at Crescita’s option into an additional equity interest in The Best You.
The alliance with The Best You provides numerous advantages for Crescita:
The Best You clinics, together with their affiliated physicians and specialists, provide private pay cosmetic procedures such as neurotoxin injections, dermal fillers, Limitless Hair Removal™, and platelet-rich plasma (“PRP”) procedures.
The Best You clinics carry a full range of skincare and dermatology products and offer popular cosmetic surgery procedures, including liposuction, breast augmentations, face lifts and blepharoplasty. In addition to aesthetic services, The Best You clinics also provide skin cancer screening and surgical treatments covered by the Ontario Health Insurance Plan (“OHIP”) via its SkinCancerCare.ca network.
Serge Verreault, President and Chief Executive Officer of Crescita, commented, “This investment is well aligned with our growth strategy to scale up in the medical aesthetics space. Our alliance with The Best You provides an excellent commercial platform for some of our gold-standard medical brands such as Pro-Derm, NCTF and ART-FILLER, a range of Hyaluronic Acid-based injectables expected to launch in early 2022.
We also expect to get closer to our end consumers and gain valuable insight into their preferences and expectations with regards to medical aesthetic procedures. This, in turn, will allow us to develop more tailored skincare solutions for consumers.”
Dr. Deniz Akyurekli, MD, Founder and Chief Medical Officer of The Best You, said, “At the Best You, we help customers look and feel their best to enhance their overall well-being and quality of life. We do this through personalized plans that are conservative, yet innovative, to create the greatest positive change while minimizing risk. We are excited to work with Crescita, and we anticipate collaborating closely on the development of new product formulations that will help us to provide a larger complement of products and services and continue to deliver the highest quality care for our customers.”
Sebastien Charles, President and Chief Operating Officer of The Best You, added, “Crescita brings industry knowledge and capital, which are both key elements in accelerating the execution of our growth plans. We operate in an attractive, high growth, but fragmented market and continue to see a steady increase in medical aesthetic procedures. We believe that we will now be able to participate in the consolidation of aesthetic practices from a position of strength. This alliance also provides access to Crescita’s R&D expertise and manufacturing platform. With Crescita behind us, we will be able to take advantage of exciting opportunities and continue to be a leader in our field.”
Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. Crescita offers a portfolio of high-quality, science-based non-prescription skincare products and early to commercial stage prescription products. In addition, Crescita owns multiple proprietary transdermal delivery platforms that support the development of patented formulations that facilitate the delivery of active ingredients into or through the skin.
The Best You is a network of six privately held medical aesthetic clinics in the province of Ontario. Since 2002, The Best You has been a leading provider of safe and effective cosmetic medical, laser and surgical procedures and skin cancer management. For an extensive list of our product and services visit www.thebestyou.com and www.skincancercare.ca.
For more information or to book your consultation at any of the following clinics, please call 1-866-333-3305 or book on a page below
Brantford * Collingwood * Kincardine * Orillia * Ottawa West * Owen Sound* Embrun
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