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Cannasat Therapeutics Announces Favorable Decision From United States Patent and Trademark Office
Tuesday, May 26, 2009
Toronto, Ontario -- Cannasat Therapeutics (TSX Venture: CTH) ("Cannasat" or the "Company") is pleased to announce today that the United States Patent and Trademark Office ("USPTO") has issued a Notice of Allowance for a U.S. Patent Application which forms the basis for Cannasat's lead product, Relivar. Cannasat is the exclusive licensee of the patent application. It is expected that in a few months the corresponding U.S. Patent will issue. Patents have already been obtained on this technology in Europe.
The newly allowed patent application relates to Cannasat's proprietary technology which provides for the effective drug absorption of dronabinol in the buccal cavity via a tablet. The claims broadly encompass the active complex, a pharmaceutical composition containing the same, and a method of treating patients for a variety of indications where dronabinol is known to be efficacious, including pain and nausea. Relivar will be the first commercial project developed based on this patent application. This patent application, along with formulation partner IntelGenx's proprietary tablet system, Adversa, is expected to form the basis for a strong intellectual property protection platform for Relivar.
On April 14, 2009, Cannasat reported positive results from a Phase 1 pharmacokinetic study. Relivar delivered twice the amount of dronabinol into the bloodstream versus the reference drug (as measured by AUC). The randomized, single dose, double crossover study compared Cannasat's Relivar to the reference oral dosage form of dronabinol at 2.5 mg in healthy volunteers. Relivar was well-tolerated with no adverse events noted in this study. Relivar met its primary goal of delivering a greater dose of the drug through the buccal mucosa versus the reference compound, which is swallowed and has an intestinal absorption mechanism. Relivar also showed nearly a 50% reduction in the ratio of 11-OH-THC to the parent drug versus oral dronabinol in the same subjects. Literature suggests that the 11-OH-THC metabolite, which is also a marker of absorption in the gut, is responsible for the pronounced central nervous system adverse events of the reference drug. Relivar also showed an extended absorption profile which may be advantageous for more convenient dosing.
David Hill, Cannasat's Chief Executive Officer and Founder, commented, "We are pleased that the USPTO has allowed this pivotal patent application that offers strong IP protection to our Relivar program. The broad claims are designed to protect this unique composition of matter that allows us to develop Relivar as an innovative and new pharmaceutical product. We believe the intellectual property protection established by this patent will protect Relivar from direct competition and significantly enhance our ability to form strong development collaborations with potential partners."
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 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 of these products, 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.
Note Regarding 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.
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