Reports Results for the Year Ended December 31, 2008
posted on Apr 20, 2009 01:46PM
Edit this title from the Fast Facts Section
|April 20, 2009|
|Cannasat Therapeutics Reports Results for the Year Ended December 31, 2008|
|TORONTO, ONTARIO--(Marketwire - April 20, 2009) - Cannasat Therapeutics Inc. (TSX VENTURE:CTH), a clinical stage pharmaceutical company developing products to treat neurological disorders such as neuropathic pain and schizophrenia, today announced its results for the year ended December 31, 2008. Unless specified otherwise, all amounts are in Canadian dollars.
The following achievements were made during the last year:
- Cannasat reached a key scientific milestone with Relivar, a potential treatment for neuropathic pain and other conditions. Following the results of a Phase 1(a) clinical trial that was completed in late 2007, Cannasat, and its formulation development partner IntelGenx, worked throughout the year to refine prototype formulations, including activities related to solubility, dissolution, optimization and stability. In December 2008, with the reformulation work substantially complete, the Company filed an application to Health Canada to commence Phase 1(b) clinical testing. The clinical trial was conducted at a Contract Research Organization facility in Canada and was completed in March 2009. Positive results of the study were released on April 14, 2009.
- Cannasat and IntelGenx made progress on Modulyn, a potential treatment for schizophrenia and other conditions. During the year, Cannasat and IntelGenx continued early-stage formulation development for Modulyn, including stability and solubility testing, as well as the evaluation of different drug delivery technologies. Over the next 12 months, Cannasat will seek to enter the first Phase 1 safety and pharmacokinetic clinical testing of Modulyn prototype formulations.
- Cannasat announced the divesture of its investment in Prairie Plant Systems. In June 2008, Cannasat announced that it had sold its 12% equity stake in Saskatoon-based Prairie Plant Systems. In addition, the strategic alliance agreement between the Company and PPS was terminated. This decision marked an important strategic shift for the Company, as it has allowed management to focus all efforts and resources on developing our Relivar and Modulyn drug candidates.
- Cannasat appointed Dr. Julia Levy to the Board. In January 2008, Cannasat announced that Dr. Julia Levy was appointed to its Board of Directors. Dr. Levy is a Canadian pharmaceutical industry leader and brings years of drug discovery, development, and commercialization experience to the Cannasat Board.
- Cash and cash equivalents at December 31, 2008 of $805,128 (2007: $787,469).
- On February 27, 2009 (subsequent to the year ended December 31, 2008), Cannasat raised gross proceeds of $387,000 through the issuance of common shares and share purchase warrants.
- Net loss of $1,992,015 for the year ended December 31, 2008 (2007: $2,232,776), in line with expectation.
- Report 74,643,849 common shares outstanding at December 31, 2008 (2007: 70,010,516).
In announcing the results, David Hill, Chief Executive Officer of Cannasat, said:
"This has been a year of significant achievement. I am particularly proud of the efforts of our scientific team, including the excellent work conducted by our formulation partner IntelGenx, which led to the year end submission of a Phase 1(b) clinical trial application using a new and improved Relivar prototype. The positive results of this study represent a key milestone in the history of our company."
"Looking forward, the advances in Relivar and Modulyn continue to be encouraging, and we expect to report news of major progress in the year ahead. We have a number of important newsflow events expected in 2009 and look forward to updating shareholders with news of our progress."
About Cannasat Therapeutics
Cannasat is a clinical stage pharmaceutical company developing products to treat neurological disorders such as neuropathic pain and schizophrenia. Cannasat currently has two new drugs in its pipeline: Relivar (formerly referred to as CAT 310) and Modulyn (formerly CAT 320). Over the next 12 months Cannasat plans to advance Relivar and Modulyn with further clinical testing and is positioning itself to enter marketing agreements with select Pharma partners. Pharma collaborations will create a pathway towards the future commercialization, as well as provide important new investment to develop a pipeline of additional CNS/neurology product candidates. More information about Cannasat (CTH: TSXV) is available at www.cannasat.com.