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LONDON, July 30, 2014 /PRNewswire/ -- Lightlake Therapeutics Inc. ("Lightlake") (OTCQB: LLTP), a biopharmaceutical company developing addiction treatments based on its expertise in opioid antagonists, announced today that it has received a funding commitment from a prominent international research and development foundation.
The foundation has a focus on promoting innovative research-based initiatives, including those addressing health issues. Lightlake has been developing a nasal spray for the delivery of naloxone that could widely expand its availability and use in preventing opioid overdose deaths, a public health problem of epidemic proportion in the United States. The chief purpose of the foundation's funding commitment is to advance Lightlake's opioid overdose reversal spray towards FDA approval and commercial launch.
The foundation's commitment is for up to $3,000,000, with Lightlake having the ability to make capital calls up to a total of $3,000,000. If the entire commitment of $3,000,000 is invested by the foundation, then the foundation would receive a 6% interest in Lightlake's product and 6% of Lightlake's net profit generated by the product, as defined in the funding commitment investment agreement.
"We are truly fortunate to have such a respected foundation supporting our efforts," said Dr. Roger Crystal, CEO of Lightlake. "The foundation's commitment to invest in our treatment reflects a high level of confidence in our platform and its potential to positively impact the world."
About Lightlake Therapeutics Inc.
Lightlake Therapeutics Inc., a biopharmaceutical company, is using its expertise in opioid antagonists to build a platform of innovative intranasal naloxone solutions to common addictions and related disorders. Lightlake is developing a treatment to reverse opioid overdoses, which have reached epidemic proportions in the United States. Lightlake has successfully completed a clinical trial for this treatment in collaboration with the National Institute on Drug Abuse, part of the National Institutes of Health. Lightlake also has successfully completed a Phase II clinical trial to treat Binge Eating Disorder. For more information please visit: http://www.lightlaketherapeutics.com.
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "projects," "potential," or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. These and other factors may cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this press release to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.
Lightlake Therapeutics Inc.
Dr. Roger Crystal, CEO
+44(0)203 617 8739
Investor Relations Contact:
Booke and Company, Inc.
SOURCE Lightlake Therapeutics Inc.