Cannasat Therapeutics Inc.
TSX VENTURE : CTH

Cannasat Therapeutics Inc.

November 28, 2007 14:51 ET

Cannasat Therapeutics Reports Results for the Nine Months Ended September 2007

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2007) - Cannasat Therapeutics Inc. (TSX VENTURE:CTH), the developer of novel cannabinoid-based pharmaceutical products, today announced its results for the nine months ended September 30, 2007.

OPERATIONAL HIGHLIGHTS

- Commenced first Phase I clinical study for CAT 310, a potential treatment for patients with neuropathic pain and other conditions

- Continued formulation work on CAT 320, a non-psychoactive, potential treatment for anxiety and other mood disorders

FINANCIAL HIGHLIGHTS

- Cash and cash equivalents at September 30, 2007 of $1,100,021.

- Received $480,000 from Prairie Plant Systems, representing repayment of an outstanding debenture

- Net loss of $646,172 for the three months ended September 30, 2007 (2006: $474,452), in line with expectation.

- Report 70,010,516 common shares outstanding at September 30, 2007.

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

"During the third quarter, Cannasat commenced clinical studies of our lead product, CAT 310. This first study in humans will provide us with our first set of important clinical safety and pharmacokinetic data that will guide formulation development. This is a major milestone for the Company and keeps us on track to move CAT 310 to Phase II testing by the end of 2008."

ABOUT CANNASAT THERAPEUTICS

Founded in 2004, Cannasat is an early stage pharmaceutical research and development company. Cannasat is developing cannabinoid-based pharmaceutical products using proprietary formulation and drug delivery technologies. Cannabinoids have broad therapeutic applications which are believed to include the treatment of neuropathic pain, chronic pain, depression, anxiety and movement disorders. More information about Cannasat (TSX-V: CTH) is available at http://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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