Cannasat Therapeutics Inc.
TSX VENTURE : CTH

Cannasat Therapeutics Inc.

January 14, 2008 10:40 ET

Cannasat Therapeutics Appoints Dr. Julia Levy to Board of Directors

TORONTO, ONTARIO--(Marketwire - Jan. 14, 2008) - Cannasat Therapeutics ("Cannasat" or the "Company") (TSX VENTURE:CTH), the developer of novel cannabinoid-based pharmaceutical products, today announced that Dr. Julia Levy has been appointed to its Board of Directors. Dr. Levy is a Canadian pharmaceutical industry leader and brings years of drug discovery, development, and commercialization experience to the Cannasat Board.

Dr. Levy was a co-founder of QLT Inc. and served in several key senior positions, including Chief Scientific Officer and Vice President, as well as President and Chief Executive Officer from 1995 to February 2002. Under her leadership, QLT experienced its strongest period of growth and raised over $386 million cumulatively before marketing its lead product, Visudyne®, an intravenous photodynamic therapy product to treat age related macular degeneration (AMD), a leading cause of blindness in the elderly.

Dr. Levy is a fellow of the Royal Society of Canada and former President of the Canadian Federation of Biological Sciences. She has earned numerous awards and honors including an appointment as an Officer of the Order of Canada in 2001 and the Female Entrepreneur of the Year for International Business in 1998. Dr. Levy was formerly a Professor of Microbiology at the University of British Columbia and received her Ph.D. in microbiology from the University of London. She is the author of many published scientific articles, a director of the Working Opportunity Fund (a Canada-based venture capital firm), and serves as a director with a number of public and private biotechnology companies.

"We are extremely pleased that Julia Levy has joined our Board of Directors," said Dr. David Pattenden, Cannasat's Chairman. "Julia brings a wealth of pharmaceutical development and business experience to the Company, including her vast knowledge of managing and growing early stage pharmaceutical companies. This addition is excellent news for our shareholders and reflects the Company's commitment to further enhance our Board of Directors with experienced, independent, pharmaceutical industry veterans."

The Company also announced that concurrent with the appointment of Dr. Levy, Lorne Gertner has resigned from the Cannasat Board of Directors in order to make a Board seat available. The number of Directors of the Company remains fixed at the maximum number of eight, and includes the following members: David Hill (CEO), Dr. Julia Levy, Peter Palframan, Dr. David Pattenden (Chairman), Dr. Alan Ryley, Rochelle Stenzler, Alan Torrie and Donald Ziraldo.

Dr. Levy has been a Cannasat shareholder since March 2006, holding 83,374 common shares.

About Cannasat Therapeutics

Founded in 2004, Cannasat is clinical stage pharmaceutical research and development company trading on the Toronto Venture Exchange (CTH-V). Cannasat is developing cannabinoid-based pharmaceutical products using proprietary formulation and drug delivery technologies. Cannabinoids have broad therapeutic applications that are believed to include the treatment of neuropathic pain, chronic pain, depression, anxiety and movement disorders. More information about Cannasat is available at www.cannasat.com.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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