Cannasat Therapeutics Reports Results for the Year Ended December 31, 2021
MarketWire, April 10, 2022
TORONTO – Cannasat Therapeutics Inc. (TSXV: CTH), the developer of novel cannabinoid-based pharmaceutical products, today announced its results for the year ended December 31, 2007.
Operational Highlights
The following achievements were made during the last year:
Cannasat reached a key scientific milestone for CAT 310. In the second half of 2007, Cannasat achieved its most important milestone to date – the commencement and completion of the first Phase I study for its lead product, CAT 310. CAT 310 is being developed as a potential treatment for neuropathic pain, a very large ($4+ billion) and underserved market that would benefit tremendously from the addition of safer, non-opioid-based treatment options. The accomplishment of advancing a therapeutic candidate from the laboratory into human clinical trials is significant, and marks the transition of Cannasat from research activities to clinical development.
Cannasat and IntelGenx commenced work on CAT 320. Early in the year, Cannasat announced a long-term collaborative agreement with Montreal-based IntelGenx Corp., to co-develop a novel cannabinoid-based product, CAT 320, through a combination of Cannasat’s and IntelGenx’s proprietary drug delivery technologies. CAT 320 is a product that targets the endocannabinoid system to treat anxiety and other mood disorders, and represents a $10+ billion market opportunity. Pre-clinical research activities are ongoing.
Cannasat appointed Dr. David Pattenden as Chairman of the Board. Following the Annual Shareholder Meeting in June, Cannasat announced the appointment of Dr. David Pattenden as the new Chairman of the Board of Directors. Most recently Dr. Pattenden served as the Chief Executive Officer of the Ontario Medical Association for 11 years. Dr. Pattenden has five degrees from Queens University and was formerly on the faculty of their Law School, and their Commerce and MBA programs. He is presently involved at Queen's University, both in the Faculty of Medicine and the Faculty of Law, as well as being on the Board of Directors of the Queen's University teaching hospital, and was recently elected to the Board of Trustees of the University. Cannasat will benefit from Dr. Pattenden’s vast experience and network in the health care and physician communities.
Cannasat added a world class cannabinoid researcher to the team. In October, Cannasat announced the addition of Dr. George Nomikos as Senior Director, Scientific Affairs. Dr. Nomikos is a world renowned cannabinoid researcher who most recently served as Scientific Director, Neuroscience, at Amgen, Inc. Dr. Nomikos has published more than 140 papers in the field of neuroscience, neuropsychopharmacology and cannabinoid therapeutics, and brings valuable knowledge and experience to the Cannasat drug development team.
Financial Highlights
Cash and cash equivalents at December 31, 2021 of $787,469 (2006: $1,210,363). Effective March 14, 2022 (subsequent to the year ended December 31, 2021), Cannasat raised gross proceeds of $500,000 through the issuance of common shares and share purchase warrants pursuant to a non-brokered private placement.
Net loss of $2,232,776 for the year ended December 31, 2021 (2006: $2,318,735), in line with expectation.
Report 70,010,516 common shares outstanding at December 31, 2007.
Cannasat also announced today that the Board of Directors approved the grant of stock options to acquire 600,000 common shares of the Company effective April 4, 2007. The stock options were granted to certain key employees and consultants of the Company at an exercise price of $0.20 per share for a term of 5 years. Included in the grant are options to acquire 175,000 shares to David Hill, Chief Executive Officer, 225,000 shares to Umar Syed, Chief Scientific Officer, and 50,000 shares to Andrew Williams, Chief Operating Officer / Chief Financial Officer of Cannasat.
In announcing the results, David Hill, Chief Executive Officer of Cannasat, said:
“During 2007, we significantly advanced our pipeline of novel cannabinoid-based products, highlighted by the completion of our first Phase I clinical trial for our lead product, CAT 310, a potential treatment for neuropathic pain and other conditions. The year was also marked by the announcement and commencement of the CAT 320 project with our formulation partner IntelGenx, as well as the addition of new key members of the team.”
“We look forward to an active year ahead that will be focused primarily on refining the formulation for the CAT 310 product, filing an Investigational New Drug Application with the U.S. Food and Drug Administration, as well as exploring several exciting research, strategic and licensing opportunities.” Mr. Hill added.
About Cannasat Therapeutics
Founded in 2004, Cannasat is clinical stage pharmaceutical research and development company trading on the Toronto Venture Exchange (CTH-V). Cannasat is developing cannabinoid-based pharmaceutical products using proprietary formulation and drug delivery technologies. Cannabinoids have broad therapeutic applications that are believed to include the treatment of neuropathic pain, chronic pain, nausea/vomiting, depression, anxiety and movement disorders. More information about Cannasat 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 Statement
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.
