PreveCeutical to Explore Partnerships with Pharmaceutical and Biotechnology Companies for the Co-Development of its Sol-Gel System
PreveCeutical Medical Inc. (CSE:PREV) (OTCQB:PRVCF) (FSE:18H) (the “Company” or “PreveCeutical”), announces that it plans to commence exploratory discussions with pharmaceutical and biotechnology companies developing therapies for neurological disorders, that are seeking a targeted nose-to-brain drug delivery system in connection with same, with the intention of forming a partnership for the co-development of the Company’s soluble gel (“Sol-gel”) system.
The Company has previously demonstrated effective delivery and retention of its Sol-gels to the olfactory epithelium in an adult human nasal cast using its custom applicator device (the “Sol-gel Applicator”) (see news release dated November 19, 2018). PreveCeutical now believes that this system may be of value to companies interested in delivering pharmaceuticals to the central nervous system (CNS).
PreveCeutical believes that the pharmaceutical industry faces significant challenges in delivering drugs to the brain, and that this can be a major obstacle in successfully developing effective treatments for neurological disorders. Starting a dialogue with potential partners will assist PreveCeutical in gauging the potential value of its nose-to-brain delivery approach, and in assessing whether partnership opportunities exist.
PreveCeutical’s Chief Science Officer, Dr. Mak Jawadekar, will be responsible for leading discussions with external partners for the co-development of this system. Dr. Jawadekar has 28 years of experience working at Pfizer Inc. For many of these years he was involved in external Drug Delivery Technology Assessment function involving novel applicable technologies, which are patent protected. Further, he has extensive experience in creating and cultivating external partnerships and alliances for such technologies. Dr. Jawadekar began his professional career at Pfizer Central Research in early 1982, after having completed his Ph.D. in Pharmaceutics at the University of Minnesota.
“Sol-gel technology has certainly shown significant promise in laboratory testing at this point. Eventually, I would like to see this proprietary technology be successfully applied to a drug which could be targeted for CNS delivery. At the right time, we would welcome an opportunity to work with a pharmaceutical or biotechnology company to co-develop the Sol-gel and Sol-gel Applicator to be used in pharmaceutical and therapeutic products,” stated PreveCeutical’s Chief Science Officer, Dr. Mak Jawadekar.
“I am quite excited about this initiative. PreveCeutical started to work on the Sol-gel program over 22 months ago. By now, achieving primary proof of concept (POC) goals are on target to be met and preliminary results observed to date seem to exceed our expectations. PreveCeutical looks forward to opening new doors to work on co-developing the Sol-gel platform. Under the direction of Dr. Jawadekar, I am extremely confident of the possibilities,” said PreveCeutical’s Chairman, CEO and President, Stephen Van Deventer.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilising organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; the Sol-gel Program; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9 is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom. This product is available on the Company’s website.
On Behalf of the Board of Directors
“Stephen Van Deventer”
Chairman, CEO and President
For further information, please contact:
Director of Corporate Communications & Investor Relations
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the commencement of exploratory discussions, and the entry into of a partnership, with one or more pharmaceutical and biotechnology companies for the co-development of the Company’s Sol-gel system, the development and testing of the Sol-gel formulations and the Sol-gel Applicator, the efficacy of the Company’s products, matters related to the Company’s current and planned research and development programs, including the Sol-gel drug delivery research and development program, the Company’s anticipated business plans and its prospect of success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as “plans”, “expects”, “may”, “intends”, “anticipates”, “believes”, “proposes” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities, commercialise therapeutic and diagnostic technologies, execute its proposed business plans, pursue business partnerships including, but not limited to, a partnership with a pharmaceutical and biotechnology company for the co-development of the Company’s Sol-gel system, complete its research programs as planned and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology, pharmaceutical or cannabis industries, may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company’s filings are available at www.sedar.com.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
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The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
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In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
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