LONDON, Oct. 2, 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 closed on investments totaling $1,000,000. The investments were made by an investor in exchange for interests in two different Lightlake products.
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 widespread and under-addressed public health problem in the United States. Lightlake recently announced that it had received an additional commitment from the National Institute on Drug Abuse (“NIDA”), part of the National Institutes of Health (“NIH”), to fund a second study with respect to Lightlake’s nasal spray. Lightlake, in collaboration with NIDA, previously commenced a clinical trial with respect to its nasal spray in September 2013. Data from that study showed that using Lightlake’s technology naloxone can potentially be delivered into the blood stream at least as quickly as the injection process currently used by hospitals, first responders, and others treating opioid overdoses.
An investment of $500,000 was made in Lightlake in exchange for a 0.98% interest in Lightlake’s opioid overdose reversal product.
Lightlake also has been developing an intranasal treatment for patients with Binge Eating Disorder (“BED”). BED is a psychiatric condition that is manifested by recurrent episodes of eating unusually large amounts of food in a short period of time associated with a sense of lack of control. Lightlake previously announced positive results from a randomized, double-blind, placebo-controlled, six month Phase II clinical trial. A scientific abstract based on results of the Company’s Phase II clinical trial was presented at an American Psychiatric Association Annual Meeting.
An investment of $500,000 was made in Lightlake in exchange for a 1% interest in Lightlake’s BED product.
“We are excited to have additional investor support to progress our opioid overdose reversal and BED products,” said Dr. Roger Crystal, CEO of Lightlake. “We plan to continue the development of pharmacological solutions to help these patient populations. We are pleased that the FDA recently accepted Shire’s filing for priority review of Vyvanse as a treatment for BED, recognizing this as an area of significant unmet need. This will help define the regulatory pathway for the development of our BED product and start establishing commercial channels.”
“We are extremely pleased to have secured investment at highly favorable valuations,” said Kevin Pollack, CFO of Lightlake. “The fact that we have repeatedly raised capital at high valuations demonstrates our commitment to enhancing shareholder value and also demonstrates a high level of confidence in our progress.”
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 completed a clinical trial for this treatment in collaboration with the National Institute on Drug Abuse (“NIDA”), part of the National Institutes of Health, and has received a commitment from NIDA to fund a second study with respect to Lightlake’s treatment. Lightlake also has completed a Phase II clinical trial to treat Binge Eating Disorder. For more information please visit: http://www.lightlaketherapeutics.com.
Forward-Looking Statements
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Corporate Contact:
Lightlake Therapeutics Inc.
Dr. Roger Crystal, CEO
+44(0)203 617 8739
info@lightlaketherapeutics.com
Investor Relations Contact:
Booke and Company, Inc.
212-490-9095
admin@bookeandco.com
SOURCE Lightlake Therapeutics Inc.
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