Cannasat Therapeutics Inc.
TSX VENTURE : CTH

Cannasat Therapeutics Inc.

November 27, 2008 17:30 ET

Cannasat Therapeutics Reports Results for the Nine Months Ended September 30, 2008

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2008) - Cannasat Therapeutics Inc. (TSX VENTURE:CTH), a CNS (Central Nervous System) drug development company, today announced its results for the nine months ended September 30, 2008.

OPERATIONAL HIGHLIGHTS

- Completed work with IntelGenx Corp. to refine CAT 310 prototype formulations. CAT 310 is a potential treatment for patients with neuropathic pain, nausea/vomiting and other conditions, and is on track to commence Phase 1(b) clinical testing in Q1 2009.

- Continued early stage formulation development work on CAT 320, a safe and non-habit forming treatment for schizophrenia, anxiety and other mood disorders.

- Strengthened our scientific expertise through the development of new relationships with world-class CNS and neurology researchers.

FINANCIAL HIGHLIGHTS

- On August 12, 2008, announced the closing of a non-brokered private placement raising gross proceeds of $235,000.

- Cash and cash equivalents at September 30, 2008 of $1,257,982 (December 31, 2007: $787,469).

- Net loss of $556,919 for the three months ended September 30, 2008 (September 30, 2007: $646,172), in line with expectation.

- Report 74,643,849 common shares outstanding at September 30, 2008.

In announcing the results, David Hill, Chief Executive Officer of Cannasat, said:

"I am pleased to report that despite the challenging economic environment and meltdown in global equity valuations, Cannasat's prospects have been significantly enhanced in recent months, highlighted by the progress we have made in advancing our CNS drug candidates, CAT 310 and CAT 320. We look forward to 2009, as it promises to be a milestone year for Cannasat with the results of key clinical trials due to be reported. The advances in CAT 310 and CAT 320 continue to be encouraging, and we expect to report news of major progress in the year ahead."

ABOUT CANNASAT THERAPEUTICS

Founded in 2004, Cannasat is an early stage CNS (Central Nervous System) research and development company. Cannasat's current drug candidates have broad potential therapeutic applications, including the treatment of neuropathic pain, chronic pain, nausea/vomiting, anxiety, schizophrenia, and other mood disorders. More information about Cannasat (TSX VENTURE:CTH) is available at www.cannasat.com.

FORWARD LOOKING STATEMENTS

Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

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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