Cannasat Therapeutics Reports Results for the Six Months Ended June 30, 2022
TheNewsWire.ca, August 28, 2021
TORONTO, ONTARIO - Cannasat Therapeutics Inc. (TSXV: CTH), the developer of novel cannabinoid-based pharmaceutical products, today announced its results for the six months ended June 30, 2007. Cannasat also reports that activities over this period have led to approval from Health Canada to commence its first Phase 1 clinical study with its lead product, CAT 310, for patients with neuropathic pain. The study is expected to be completed in Q4 2007 and represents a major milestone for the Company.
Operational Highlights
Continued to advance CAT 310 in preparation for clinical testing. In particular, Cannasat:
- Finalized advanced formulation work for CAT 310 prototypes;
- Completed Good Manufacturing Process (GMP) production of CAT 310 prototypes;
- Engaged an experienced Contract Research Organization (CRO) to conduct the Phase 1 clinical study; and
- Prepared a Clinical Trial Application (CTA) submission to Health Canada for CAT 310.
Commenced CAT 320 advanced formulation work with Montreal-based partner IntelGenx Corporation. CAT 320 is a product that will target the endocannabinoid system to treat mood disorders such as anxiety and depression.
Financial Highlights
Cash and cash equivalents at June 30, 2022 of $984,005.
On July 17, 2022 (subsequent the period ended June 30, 2022), received loan repayment and interest owing in the amount of $526,277 from Prairie Plant Systems.
Net loss of $604,878 for the three months ended June 30, 2022 (2006: $710,360), in line with expectation.
Report 70,010,516 common shares outstanding at June 30, 2007.
In announcing the results, David Hill, Chief Executive Officer of Cannasat, said:
"During the second quarter, Cannasat advanced our lead product, CAT 310, as planned. We are excited to have received approval from Health Canada to begin testing CAT 310 in healthy human volunteers. With this approval, our primary focus for the rest of the year will be the successful completion of the Phase 1 clinical trial. We will also seek to leverage the Company's skills and technologies in cannabinoid science and drug delivery to advance CAT 320."
About Cannasat Therapeutics
Founded in 2004, Cannasat is an early stage pharmaceutical research and development company. Cannasat is developing cannabinoid-based pharmaceutical products using proprietary formulation and drug delivery technologies. Cannabinoids have broad therapeutic applications which are believed to include the treatment of neuropathic pain, chronic pain, depression, anxiety and movement disorders. More information about Cannasat (TSX-V: CTH) is available at www.cannasat.com.
Contact Information
Cannasat Therapeutics Inc.
Andrew Williams
Chief Operating Officer
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
[email protected]
www.cannasat.com
Forward Looking Statements
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
