Cannasat Therapeutics Reports Results for the Three Months Ended March 31, 2008
posted on May 22, 2008 10:01AM
Edit this title from the Fast Facts Section
- Continued to work with IntelGenx Corp. to refine CAT 310 prototype formulations, a potential treatment for patients with neuropathic pain and other conditions.
- Continued early stage formulation development work on CAT 320, a nonpsychoactive, potential treatment for anxiety and other mood disorders.
- Announced the addition of Dr. Julia Levy, an experienced Canadian pharmaceutical industry leader, to the Board of Directors.
- Completed a $500,000 non-brokered private placement on March 14, 2008.
- Cash and cash equivalents at March 31, 2008 of $903,350 (December 31, 2007: 858,362).
- Net loss of $442,134 for the three months ended March 31, 2008 (March 31, 2007: $443,841), in line with expectation.
- Report 73,343,849 common shares outstanding at March 31, 2008.
In announcing the results, David Hill, Chief Executive Officer of Cannasat, said:
"At the end of last year, Cannasat announced the achievement of its most important milestone to date - the completion of the first Phase I study for its lead product, CAT 310. This study in humans provided us with our first set of important clinical safety and pharmacokinetic data that will guide further formulation development. During the first quarter of 2008, we focused primarily on using this data to refine the CAT 310 prototype formulations. We are pleased with the progress we have made and plan on entering further Phase I clinical testing in the second half of 2008."
ABOUT CANNASAT THERAPEUTICS
Founded in 2004, Cannasat is an early stage pharmaceutical research and development company. Cannasat is developing cannabinoid-based pharmaceutical products using proprietary formulation and drug delivery technologies. Cannabinoids have broad therapeutic applications which are believed to include the treatment of neuropathic pain, chronic pain, depression, anxiety and movement disorders. More information about Cannasat (TSX VENTURE: CTH) is available at http://www.cannasat.com.
FORWARD LOOKING STATEMENTS
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.