Cynapsus Therapeutics Reports Results for the Six Months Ended June 30, 2022
Marketwire, August 13, 2021
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 six months ended June 30, 2010. Unless specified otherwise, all amounts are in Canadian dollars.
Operational Highlights
The following achievements were made during the second quarter:
• Cannasat changes name to Cynapsus Therapeutics (“Cynapsus”). On April 15, 2010, the Company announced that it received shareholder approval to change its corporate name to Cynapsus Therapeutics Inc. (“Cynapsus”). The approval was granted at the Annual General Shareholder Meeting held on April 14, 2010. The Company’s stock symbol will remain as “CTH” on the TSX Venture Exchange.
• Cynapsus entered into a License Option Agreement with Adagio Pharmaceuticals. On July 26, 2010, subsequent to the quarter end, Cynapsus announced that it finalized and entered into a License Option Agreement with Adagio Pharmaceuticals Ltd. granting Cynapsus the option 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 also finalized an exclusive worldwide license that would result in Cynapsus 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.
• Cynapsus announced the results of a Parkinson’s Disease Survey. On July 27, 2010, subsequent to the quarter end, Cynapsus announced the results of a survey of neurologists and movement disorder specialists relating to Parkinson’s Disease (“PD”) practices and treatments, specifically targeted at analyzing the use of apomorphine products. An independent, experienced, medical survey company in the United States questioned 50 neurologists in the US and Europe, who collectively treat approximately 12,000 Parkinson’s patients for motor fluctuations. The data indicates that the majority of neurologists surveyed believe that Cynapsus’ less-invasive, sublingual formulation of apomorphine (APL 130277) could be useful in the treatment of PD.
• Cynapsus announced the addition of Dr. Albert Agro to the Parkinson’s Program Team. On July 29, 2010, subsequent to the quarter end, Cynapsus announced that it has entered into an agreement with Dr. Albert Agro, an international clinical development expert in CNS diseases, for a portion of his time. Dr. Agro will focus on the development of Cynapsus' Parkinson’s program and, subject to further financings in 2010, will join the company as Chief Medical Officer, with a more significant time commitment.
• Cynapsus announced the formation of a Clinical Advisory Board for its Parkinson’s Program. On August 5, 2010, subsequent to the quarter end, Cynapsus announced the formation of an international Clinical Advisory Board (“CAB”). The CAB, which is made up of world class knowledge expert physicians, including Dr. Warren Olanow and Dr. Fabrizio Stocchi, will provide counsel and guidance on a range of clinical design and management issues.
Financial Highlights
• Cash and cash equivalents at June 30, 2022 of $51,027 (December 31, 2009: $483,197).
• Subsequent to the end of the second quarter, the Company announced the completion of two debenture financings, on July 19th and August 4th, for net proceeds of $644,000.
• Net loss of $426,573 for the period ended June 30, 2022 (June 30, 2009: Net loss of $412,736), in line with expectations.
• Report 89,665,219 common shares outstanding at June 30, 2022 (December 31, 2009: 89,665,219).
In announcing the results, Anthony Giovinazzo, President and Chief Executive Officer of Cynapsus said: “Over the past 3 months, I am pleased to report that we finalized the in-licensing of a Parkinson’s drug candidate and completed two debenture financings that brought some much needed cash into the Company. I look forward to the second half of 2010 as we seek to execute on our strategy to progress the Parkinson’s program and raise capital. This focus should allow us to reach meaningful milestones, and, importantly, add substantial value to Cynapsus for the benefit of its shareholders.”
In addition, effective August 12, 2010, the Corporation granted stock options to acquire 1,300,000 common shares. The stock options will be granted to directors, officers, an employee and a consultant at an exercise price equal to $0.10 per share and with an expiry of 5 years. Of the total, 200,000 stock options will be granted to each of Anthony Giovinazzo (President & CEO) and Andrew Williams (COO/CFO), 150,000 to Nathan Bryson (CSO), and 100,000 to each of Ronald Hosking (Director), Dr. Julia Levy (Director), Dr. David Pattenden (Director), Dr. Alan Ryley (Director), Rochelle Stenzler (Director), Alan Torrie (Director) and Donald Ziraldo (Director).
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]
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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