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posted on Apr 10, 2008 06:15PM

Cannasat Therapeutics Inc (C:CTH)
Shares Issued 73,343,849
Last Close 4/8/2008 $0.20
Thursday April 10 2008 - News Release

Mr. David Hill reports


Cannasat Therapeutics Inc. has released its results for the year ended Dec. 31, 2007.

Operational highlights

The following achievements were made during the last year:

  • Cannasat reached a key scientific milestone for CAT 310. In the second half of 2007, Cannasat achieved its most important milestone to date -- the commencement and completion of the first phase 1 study for its lead product, CAT 310. CAT 310 is being developed as a potential treatment for neuropathic pain, a very large (more than $4-billion) and underserved market, which would benefit tremendously from the addition of safer, non-opioid-based treatment options. The accomplishment of advancing a therapeutic candidate from the laboratory into human clinical trials is significant and marks the transition of Cannasat from research activities to clinical development.
  • Cannasat and IntelGenx Corp. commenced work on CAT 320. Early in the year, Cannasat announced a long-term collaborative agreement with Montreal-based IntelGenx, to co-develop a novel cannabinoid-based product, CAT 320, through a combination of Cannasat's and IntelGenx's proprietary drug delivery technologies. CAT 320 is a product that targets the endocannabinoid system to treat anxiety and other mood disorders, and represents a market opportunity of over $10-billion. Preclinical research activities are continuing.
  • Following the annual shareholder meeting in June, 2007, Cannasat announced the appointment of Dr. David Pattenden as the new chairman of the board of directors. Most recently, Dr. Pattenden served as the chief executive officer of the Ontario Medical Association for 11 years. Dr. Pattenden has five degrees from Queens University and was formerly on the faculty of its law school, and its commerce and MBA programs. He is presently involved at Queen's University, both in the faculty of medicine and the faculty of law, as well as being on the board of directors of the Queen's University teaching hospital. He was recently elected to the board of trustees of the University. Cannasat will benefit from Dr. Pattenden's vast experience and network in the health care and physician communities.
  • Cannasat added a world-class cannabinoid researcher to the team. In October, Cannasat announced the addition of Dr. George Nomikos as senior director, scientific affairs. Dr. Nomikos is a world-renowned cannabinoid researcher who most recently served as scientific director, Neuroscience, at Amgen Inc. Dr. Nomikos has published more than 140 papers in the field of neuroscience, neuropsychopharmacology and cannabinoid therapeutics, and brings valuable knowledge and experience to the Cannasat drug development team.

Financial highlights:

  • Cash and cash equivalents at Dec. 31, 2007 of $787,469 (2006 -- $1,210,363);
  • Effective March 14, 2008 (subsequent to the year ended Dec. 31, 2007), Cannasat raised gross proceeds of $500,000 through the issuance of common shares and share purchase warrants, pursuant to a non-brokered private placement (see news in Stockwatch on March 18, 2008);
  • Net loss of $2,232,776 for the year ended Dec. 31, 2007 (2006 -- $2,318,735), in-line with expectation;
  • Report 70,010,516 common shares outstanding at Dec. 31, 2007.

Cannasat's board of directors also approved the grant of stock options to acquire 600,000 common shares of the company effective April 4, 2007. The stock options were granted to certain key employees and consultants of the company at an exercise price of 20 cents per share for a term of five years. Included in the grant are options to acquire 175,000 shares to David Hill, chief executive officer, 225,000 shares to Umar Syed, chief scientific officer, and 50,000 shares to Andrew Williams, chief operating officer/chief financial officer of Cannasat.

In announcing the results, Mr. Hill, chief executive officer of Cannasat, said: "During 2007, we significantly advanced our pipeline of novel cannabinoid-based products, highlighted by the completion of our first phase 1 clinical trial for our lead product, CAT 310, a potential treatment for neuropathic pain and other conditions. The year was also marked by the announcement and commencement of the CAT 320 project with our formulation partner IntelGenx, as well as the addition of new key members of the team.

"We look forward to an active year ahead that will be focused primarily on refining the formulation for the CAT 310 product, filing an investigational new drug application with the U.S. Food and Drug Administration, as well as exploring several exciting research, strategic and licensing opportunities," Mr. Hill added.

© 2008 Canjex Publishing Ltd.

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