CTT Pharmaceuticals Existing Canadian Patent Confirmed to Include Psychedelic Applications
Company Advancing Licensing and Partnership Negotiations
Patent Applications Accepted in Australia and Jamaica - Grants Anticipated Shortly
HAMILTON, ON / ACCESSWIRE / June 15, 2021 / CTT Pharma Inc. (the "Company" or "CTT") (OTC PINK:CTTH), an innovative life sciences company with a portfolio of IP in novel drug delivery systems, announced today that Canadian law firm Gowlings WLC confirmed that CTT's Canadian patent CA2624110 covering Orally Administrable Wafers applies to all forms of Psychedelic applications.
Gowlings legal counsel commented as follows: "The Canadian patent is quite broad. It is not limited with respect to including any particular pharmaceutical agent and thus… this patent would cover a film including any additional ingredient, including any drug such as a psychedelic drug, cannabinoids, etc."
The Company holds valuable intellectual property in regards the applicability of its technology across a number of active ingredients. The Company's patents granted in Canada provide wide range protection and cover additional applications in Psychedelics applications including but not limited to psilocybin, DMT, MDMA, LSD and Ketamine. The advantages of the CTT sublingual strips in are numerous, including increased bioavailability of the active ingredient, rapid onset of action and accurate micro-dosing. In particular, the accuracy of the CTT strips as a delivery technology is meeting with great interest, as this is an area of great importance in the delivery of powerful active ingredients for therapeutic purposes. CTT is involved in discussions with a number of companies active in both the medical and recreational spaces and anticipates making further announcements within the coming months.
Following the unilateral dissolution of its partnership by Aurora and the subsequent filing of a statement of claim by CTT, the Company has entered into numerous discussions on potential partnerships, licensing agreements and business combinations for the ongoing commercialization of CTT's highly successful sublingual strips. The Company is pleased to report that due diligence and negotiations on a number of potential outcomes are now in advanced discussions. While no guarantee can be given in regards to the successful outcome of these negotiations, management is optimistic that a positive outcome(s) will be achieved.
The Company has received formal acceptance of its patent applications for an Orally Administrable Composition in Australia and Jamaica. Grant is anticipated shortly upon the Company addressing certain formalities related to the application process. Other applications in numerous countries around the world are in various stages of progress. Granting of these international patents will enable the Company to pursue application of its technology in many of the world's most rapidly growing medical markets for cannabinoids and psychedelics by leveraging the advantages of its technology such as rapid onset of action, enhanced bioavailability and accuracy in dosing.
"We have made considerable progress towards advancing the development of CTT in the past months," said Cam Birge, CEO. "Our new commercial and business development appointments have delivered a number of very interesting opportunities that we are now currently pursuing and we expect to be able to make further announcements within the coming months. We also continue to expand our market reach, pursuing applications in natural health and psychedelics, both of which are areas exceptionally suited for the characteristics and advantages of our technology."
About CTT Pharmaceutical
CTT is a drug delivery technology development company. The Company has successfully brought its first product to market together with Aurora Cannabis (TSX: ACB) (NYSE: ACB) following the launch of the cannabinoid-infused ‘Dissolve Strips', which can be bought online via Aurora's website.
CTT ‘s patent portfolio covers a nanonized, orally administrable composition that can be applied to various delivery systems including a quick dissolving oral film forming agent that effectively delivers nanonized therapeutics to improve the bioavailability of therapeutic drugs that are difficult to deliver orally. The main aim of CTT's technology is the delivery of large therapeutic molecules such as proteins or cannabinoids. This technology has been applied to cannabinoid delivery and has potential indications in psychedelics, pain management and opioid addiction management.
CTT's portfolio currently contains five issued (three Canadian and two U.S.) patents with a number of international patent applications pending in over fifty countries.
Aurora Cannabis has a current ownership interest in CTT of approximately 8%.
For more information, please visit our website: www.cttpharmaceuticals.com.
CTT's common shares trade on the OTC market in the United States under the symbol "CTTH".
Forward looking statements
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The company is under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
For more information, please contact:
SOURCE: CTT Pharmaceutical Holdings, Inc.
View source version on accesswire.com: