Cynapsus Therapeutics Reports Results for the Three Months Ended March 31, 2022
Marketwire, May 28, 2022
TORONTO – Cynapsus Therapeutics Inc. (“Cynapsus”) (formerly Cannasat Therapeutics Inc.) (CTH: TSX-V), a specialty clinical development pharmaceutical company targeting CNS diseases, today announced its results for the three months ended March 31, 2010. Unless specified otherwise, all amounts are in Canadian dollars.
Operational Highlights
The following achievements were made during the first quarter:
• Cynapsus announced that Ronald Hosking joined the Board of Directors as an independent director. On January 11, 2022 Mr. Hosking replaced Peter Palframan, who stepped down to focus on other professional obligations. Mr. Hosking is a Chartered Accountant and currently the CFO at PlantForm Corporation. He was previously Vice President Finance & CFO of PreMD Inc., a public company in the life sciences sector that traded on both the TSX and AMEX. Mr. Hosking has been in the biotech and medical device industries for over 25 years, with both private and public companies.
• Cynapsus announced that it has entered into a Letter of Intent with Adagio Pharmaceuticals. On February 4, 2010, Cynapsus was granted the option by Adagio 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 the Company assuming product development and commercialization rights to APL-130277 from Adagio in return for development milestones and royalties to Adagio, including common shares of Cynapsus. The license agreement includes an exclusive option period for the first 12 months which allows the Company 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. The option and license agreement are currently in final stages of negotiations.
• Cynapsus announced that it has entered into a Letter of Intent with IntelGenx Corp. On March 2, 2010, Cynapsus and IntelGenx Corporation signed a Letter-of-Intent to engage in a project to further develop tablets containing delta-9 tetrahydrocannabinol (“THC”) for sublingual or buccal delivery of THC. Once the Formulations have been completed, one or more partners will be retained for clinical development and commercialization of the Products. Upon successfully entering into a sub-licensing agreement with a marketing and/or commercialization partner, the Parties agree to share royalties received from the sale of the Products. The license agreement is currently in final stages of negotiations.
• Cynapsus announced a Brokered Private Placement. In April and May 2010, subsequent to the quarter end, the Company announced it intends to raise gross proceeds of up to $2,500,000 through a brokered private placement of units. Cynapsus has retained Wellington West Capital Inc. (the “Agent”) to act as lead placement agent.
Financial Highlights
• Cash and cash equivalents at March 31, 2022 of $226,349 (December 31, 2009: $483,197).
• Net loss of $435,791 for the period ended March 31, 2022 (March 31, 2009: $570,613), in line with expectations.
• Report 89,665,219 common shares outstanding at March 31, 2022 (December 31, 2009: 89,665,219)
In announcing the results, Anthony Giovinazzo, President and Chief Executive Officer of Cannasat, said: “Since my appointment as President and CEO, my mandate has been to bring value to Cannasat’s existing assets while building a portfolio of 2-3 drug candidates. In the first quarter of 2010, I am pleased to report that we partnered the Relivar program, a potential treatment for neuropathic pain, and then we also substantially finalized the in-licensing of a Parkinson’s drug candidate. I am encouraged by our progress, and we continue to take steps to advance our transition into a CNS pharmaceutical company that that is better able to attract both retail and institutional interest.”
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
About Cynapsus Therapeutics
Cynapsus is a specialty clinical development pharmaceutical company targeting diseases of the brain. Cynapsus has a lower risk Parkinson’s drug candidate (“APL-130277”), which is a reformulation of an approved drug. APL-130277 is designed to address a much larger moderate to severe patient population, which represents close to 50% of Parkinson’s patients. Cynapsus also 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.
Cynapsus’ 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, Cynapsus intends to out-license the programs to the appropriate pharmaceutical marketing partners for a combination of upfront, milestone, and royalty payments.
More information about Cynapsus (CTH: TSX-V) is available at www.cynapsus.ca.
Contact Information
Cynapsus Therapeutics Inc.
Andrew Williams
COO & CFO
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
[email protected]
www.cynapsus.ca
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 Cynapsus 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 Cynapsus’ business disclosed under the heading “Risk Factors” in Cynapsus' current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although Cynapsus 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. Cynapsus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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