Cannasat Announces Signing of Letter of Intent for In-licensing of Parkinson’s Disease Technology
Marketwire, February 4, 2022
TORONTO – Cannasat Therapeutics Inc. (CTH: TSX-V), a specialty clinical development pharmaceutical company targeting CNS illness, announced today that it has entered into a Letter of Intent (“LOI”) with Adagio Pharmaceuticals Ltd. granting Cannasat the option to execute a proposed exclusive, worldwide agreement to license all intellectual property relating to APL-130277, a reformulation of an approved Parkinson’s drug.
The two parties are negotiating an exclusive worldwide license that would result in Cannasat assuming product development and commercialization rights to APL-130277 from Adagio in return for development milestones and royalties to Adagio, including common shares of Cannasat. The license agreement includes an exclusive option period for the first 12 months which allows Cannasat to conduct further due diligence and proof-of-concept studies for APL-130277 prior to executing the full license. All aspects of the option and license agreements are subject to Board approval.
APL-130277 is a novel oral formulation of an approved drug for Parkinson‘s patients designed to deliver significant clinical benefits over the current marketed treatment. The drug will treat patients with moderate to severe PD and address a significant unmet clinical need as expressed by clinicians and patients. The drug is expected to undergo accelerated approval through 505(b)(2) FDA regulatory pathway with the US FDA and a similar pathway with other international regulatory agencies. This well developed regulatory path could result in a New Drug Approval application being submitted in late 2014 or early 2015. APL-130277 has the potential to address a significant underserved portion of $3 Billion+ Parkinson’s Disease market. The project fits well into Cannasat’s new drive to expand its CNS project portfolio and leverages Cannasat’s considerable experience in drug formulation and clinical development.
It should be noted that Anthony Giovinazzo, Cannasat’s President and CEO, is also a director, officer and shareholder of Adagio, a private holding company for the APL-130277 asset only. Steps have been taken to address any potential conflict of interest, including the engagement of independent third party business development consultants to assist in negotiations. The Board of Cannasat will review and approve the final agreement.
About Cannasat Therapeutics
Cannasat is a specialty clinical development pharmaceutical company targeting diseases of the brain. Cannasat has a proprietary formulation technology for cannabinoid drug candidates, which may be used to treat neuropathic pain associated with multiple sclerosis and cancer, as well as for nausea/vomiting and appetite stimulation. Cannasat's strategy is to grow its portfolio of drug candidates through in-licensing and acquisitions, and to advance projects to Phase 2 proof-of-concept clinical studies. Once the drug candidates are sufficiently derisked, Cannasat intends to out-license the programs to the appropriate Pharma marketing partners for a combination of upfront, milestone, and royalty payments. More information about Cannasat (CTH: TSX-V) is available at www.cannasat.com.
Contact Information
Cannasat Therapeutics Inc.
Andrew Williams
COO & CFO
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
[email protected]
www.cannasat.com
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to the Corporation’s business disclosed under the heading “Risk Factors” in the Corporation's current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
