Reports Results for the Three Months Ended March 31, 2009
posted on May 30, 2009 01:33AM
Edit this title from the Fast Facts Section
|May 29, 2009|
|Cannasat Therapeutics Reports Results for the Three Months Ended March 31, 2009|
|TORONTO, ONTARIO--(Marketwire - May 29, 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 three months ended March 31, 2009. Unless specified otherwise, all amounts are in Canadian dollars.
- During Q1 2009, completed a Phase 1(b) clinical trial for Relivar, a potential treatment for patients with neuropathic pain and other conditions. Positive results of this study were announced on April 14, 2009.
- During Q1 2009, continued early stage formulation development work on Modulyn, a potential treatment for schizophrenia, anxiety and other mood disorders.
- During Q1 2009, signed an engagement letter with Sandfire Securities Inc. of Toronto to act as lead agent in a proposed short form prospectus offering of units in an amount of up to $2,500,000. The Corporation has since filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of Ontario, British Columbia and Alberta.
- Subsequent to quarter end, strengthened management team with the appointment of Dr. Nathan Bryson as Chief Scientific Officer.
- Subsequent to quarter end, announced that the United States Patent and Trademark Office has issued a Notice of Allowance for a U.S. Patent Application, which forms the basis for Cannasat's lead product, Relivar. The Corporation is the exclusive licensee of the patent application.
- Completed a $387,000 non-brokered private placement on February 27, 2009.
- Cash and cash equivalents at March 31, 2009 of $654,490 (December 31, 2008: 805,128).
- Net loss of $567,835 for the three months ended March 31, 2009 (March 31, 2008: $442,134), in line with expectation.
- Report 78,513,849 common shares outstanding at March 31, 2009.
"The first quarter was highlighted by the completion of our Phase 1(b) clinical trial with a new and improved Relivar prototype. The positive results of this study represent a key milestone for our company, and will form the basis of our upcoming short form prospectus offering led by Sandfire Securities," said David Hill, Chief Executive Officer of Cannasat. "The advances in Relivar and Modulyn continue to be encouraging, and we expect to report news of progress in the year ahead."
About Cannasat Therapeutics
Cannasat is a clinical stage pharmaceutical company developing products to treat neurological disorders such as neuropathic pain and schizophrenia. Cannasat has two new drugs in its pipeline: Relivar and Modulyn. 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 (TSX VENTURE:CTH) is available at www.cannasat.com.