Cynapsus Therapeutics Inc.
TSX VENTURE : CTH

Cynapsus Therapeutics Inc.

September 23, 2010 08:00 ET

Cynapsus Provides Research Update for Parkinson's Drug Candidate

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2010) - Cynapsus Therapeutics Inc. ("Cynapsus") (formerly Cannasat Therapeutics Inc.) (TSX VENTURE:CTH) is providing today an update on the progress of its research activities on its lead drug candidate, APL 130277, a potential treatment for patients with Parkinson's disease. Specifically, over the past 60 days Cynapsus has accomplished the following:

  • Active Pharmaceutical Ingredient (API) Supply. Cynapsus has established an agreement with a multinational Good Manufacturing Practices (GMP) drug manufacturer for supply of USP-grade apomorphine. The API supplier is fully-accredited for manufacture of apomorphine and has sufficient production capacity to meet requirements of all major pharmaceutical markets in North America, Europe and Asia.
  • Formulation Development. Cynapsus has initiated studies with a US-based Contract Research Organization (CRO) whose speciality in in-vitro and in-vivo drug permeability will guide excipient selection and performance optimization of APL-130277.
  • Product Development and Manufacture. Cynapsus has begun the development of prototypes of APL-130277 in collaboration with a GMP-compliant, US thin-film manufacturer with over 30 years experience in developing thin-film products and who has more than 100 products on the market, including prescription and Over-the-Counter (OTC) drug products.

Anthony Giovinazzo, the President & CEO of Cynapsus, said, "I am encouraged by our progress with our APL 130277 project. Management's current goal is to initiate proof-of-concept pre-clinical studies comparing preliminary prototypes of APL-130277 to injectable apomorphine near the end of the year. This is an important milestone that is necessary before commencing human clinical studies in early 2011. I look forward to providing further updates as they become available."

About Cynapsus Therapeutics

Cynapsus is a specialty clinical development pharmaceutical company targeting diseases of the brain. Cynapsus has a lower risk Parkinson's drug candidate (APL-130277), which is a reformulation of an approved drug. APL-130277 is designed to address a much larger moderate to severe patient population, which represents close to 50% of Parkinson's patients. Cynapsus also has a proprietary formulation technology for cannabinoid drug candidates, which may be used to treat neuropathic pain associated with multiple sclerosis and cancer, as well as for nausea/vomiting and appetite stimulation.

Cynapsus' strategy is to grow its portfolio of drug candidates through in-licensing and acquisitions, and to advance projects to Phase 2 proof-of-concept clinical studies. Once the drug candidates are sufficiently de-risked, Cynapsus intends to out-license the programs to the appropriate pharmaceutical marketing partners for a combination of upfront, milestone, and royalty payments.

More information about Cynapsus (TSX VENTURE:CTH) is available at www.cynapsus.ca.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cynapsus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to Cynapsus' business disclosed under the heading "Risk Factors" in Cynapsus' current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although Cynapsus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cynapsus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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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