Cannasat Therapeutics Inc.
TSX VENTURE : CTH

Cannasat Therapeutics Inc.

November 29, 2006 16:47 ET

Cannasat Therapeutics Reports Interim Results for the Nine Months Ended September 30, 2006

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - Cannasat Therapeutics Inc. (TSX VENTURE:CTH), the developer of novel cannabinoid-based pharmaceutical products, today announced its interim results for the nine-months ended September 30, 2006.

HIGHLIGHTS

- Continued to advance CAT 310, a rapid onset neuropathic pain product, towards the end of pre-clinical development in preparation for clinical testing

- Accelerated development of CAT 210, a local neuropathic pain product, in preparation for in vivo pre-clinical testing

- Scheduled a Pre- Clinical Trial Application (Pre-CTA) meeting with Health Canada officials to discuss CAT 310. Cannasat submitted the intended uses, product rationale, pre-clinical pharmacokinetic data, toxicology data, and the Phase 1 protocol for review by the regulators. This meeting was held in Ottawa, Canada, on October 4, 2006.

- Reached a long-term collaborative agreement with Montreal-based IntelGenx Corp. to co-develop novel cannabinoid-based products through a combination of Cannasat's and IntelGenx's proprietary drug delivery technologies. The collaboration will focus on a number of Cannasat products, starting with CAT 310.

- Received a commitment from the National Research Council Canada Industrial Research Assistance Program to help fund pre-clinical research and development of CAT 210. Pre-clinical studies for CAT 210 will be conducted at the Pain Centre at the McGill University Health Centre.

- Received confirmation that Prairie Plant Systems Inc. (PPS), a company in which Cannasat owns an equity interest and has a strategic partnership, received a $2.1 million, 12-month extension to continue to grow medical marijuana for Health Canada. PPS has grown medical marijuana for Health Canada since December 2000, when they were awarded a five-year, $5.75 million contract.

- Net loss for the period of $474,452 (2005: $651,084), in line with expectation

- Cash and cash equivalents at September 30, 2006 of $1,641,418

"The Company achieved a number of significant milestones during the past quarter," said David Hill, Chief Executive Officer of Cannasat. "We have moved forward on multiple facets of our plan to build a cannabinoid-based product portfolio. The collaboration agreement with IntelGenx is exciting and crucial to the success of the Company, as IntelGenx will be assisting us with advanced formulation and scale-up production of our lead product, CAT 310. In addition, the commitment made to the Company by the National Research Council for CAT 210, as well as the news that Prairie Plant Systems was awarded a $2.1 million contract extension, continues to strengthen our credibility as a leader in cannabinoid-based research and development."

ABOUT CANNASAT

Cannasat Therapeutics is researching the therapeutic benefits of cannabis and developing new cannabinoid pharmaceutical products. Cannasat is pursuing two complementary business strategies. The first consists of development of novel cannabinoid-based pharmaceutical products through application of drug delivery technologies to be introduced to the market through the traditional regulatory drug approval process. The second is to promote medicinal cannabis research and education with Cannasat's business partner, Prairie Plant Systems Inc., the only government licensed grower and distributor of medicinal cannabis in Canada.

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

Contact Information

  • Cannasat Therapeutics Inc.
    Andrew Williams
    Vice President, Operations
    W: (416) 703-2449 (Ext. 253)
    (416) 703-8752 (FAX)
    Email: awilliams@cannasat.com