Mindesta Inc.

Mindesta Inc.

September 17, 2014 09:00 ET

Mindesta Announces Acquisition of CTT Pharmaceuticals, Inc.

OTTAWA, ONTARIO--(Marketwired - Sept. 17, 2014) - Mindesta Inc. ("Mindesta" or the "Company") (OTCBB:MDST) has closed on its acquisition of of CTT Pharmaceuticals, Inc. ("CTT Pharma"), The Company, CTT Pharma and the shareholders of CTT Pharma executed a share exchange agreement which provide in part for the Company to acquire all the issued and outstanding shares of common stock of CTT Pharma in exchange for 149,183,285 shares of the Company's common stock. With the acquisition of CTT Pharma, the Company has 184,368,022 shares of common stock issued and outstanding. CTT Pharma will operate as a subsidiary of Mindesta.

CTT Pharma has invented and developed an ideal intra oral sublingual, fast-dissolving wafer film and tablet drug delivery system complete with backend tracking and support. This novel intraoral drug delivery system, is CTT Pharma's proprietary technology.

CTT Pharma's principal asset is a patented, orally administered, fast dissolving wafer (the "Wafer"). The Wafer formulation is protected by Canadian Patent Number CA 2624110 C and US Patent Number 8,823,401 B2. The Canadian Patent, an open patent and US Patent consist of approved opiates; specifically Fentanyl, Morphine, Codeine as well as antihistamine's, anti-diabetes, cholesterol lowering and blood pressure drugs, etc.

CTT Pharma's primary mission is to lower addiction and improve overall compliance within the pain management market specifically opiates through the use of improved drug delivery and novel IT technology. This technology platform will be targeting both the human and pets (Veterinarian) markets.

"We feel that we can help mitigate addiction and improve compliance through the use of our patented delivery system and digital compliance platform. We are extremely pleased to close this transaction allowing investors the opportunity to participate in this lucrative pain management market. A physically less addictive opioid would be heralded by doctors, patients, governments, insurance and pharmaceutical companies worldwide," stated Dr. Pankaj Modi, CEO, CTT Pharmaceuticals.

CTT Pharma's Oral fast dissolving drug delivery systems will consist of films and wafers that dissolve within a few seconds after placement in the mouth without water. The majority of drugs administered using our drug delivery system have the ability to enter the bloodstream quickly mirroring injections, are convenient and discrete and can be administered anywhere. A faster absorption rate is achieved because the mouth contains a very thin mucosa and is extremely vascular. There is no bitter taste, no smoke inhalation as is the case with cannabis, and less degradation of medication (by bypassing the stomach) and most importantly lower dosage units are required given the efficiency of absorption. Patient compliance is improved, especially with those who have a fear of choking and/or are pediatric, geriatric or incapacitated patients who have difficulty swallowing.

Most fast dissolving systems on the market today deliver anti-inflammatories, antihistamines and cough and breath related medications. CTT believes that its technology will be the first to gain widespread use in major markets such as pain management, veterinary medicine and medical marijuana.

In connection with the acquisition of CTT Pharma, Gregory Bowes tendered his resignation as Company's sole officer and director. Dr Pankaj Modi and Dean Hanisch were appointed officers and directors of Mindesta and Dr. Allen Greenspoon was appointed a director.

Dr. Pankaj Modi, serves as the Company's Chief Executive Officer and as a Director. Dr. Modi received his M.D. in internal medicine (diabetology) from the Instituto de Endocrinologia Metabolismo y Reproduction, SA/University of Florida and completed a post-doctoral fellowship in neuroscience at McMaster University in Hamilton, Canada. He earned a Ph.D. in chemistry, biochemistry and biomedical sciences from the University of Toronto, a M.S. in chemical engineering (polymer science) from New York University and a B.Sc. in chemistry, biology and physics from the University of Bombay in India.

Dr. Modi is a research scientist and holds more than 25 US and Canadian patents and more than 280-plus world patents on stabilized compositions, photosensitizer compounds, atopical anesthetic formulation, pharmaceutical compositions, devices and methods and drug and vaccine delivery systems. He has many years of experience conducting large-scale clinical studies for FDA approval has successfully obtained FDA approval for 13 drugs over the past five years and currently has seven applications in process. Dr. Modi is a Fellow with the Royal College of Medicine, UK, and a member of the American Diabetes Association, American Endocrinology Society, American Pain Society and American Dermatological Association.

Dean Hanisch, serves as the Company's President and as a Director. Mr. Hanisch has over 15 years experience in business and finance and has worked for and served as a consultant to several public companies. Since October 2011 he has worked for Steenberg Financial as a consultant for the Company's North American brokerage services. Steenberg concentrates on business development and mergers and acquisitions consulting. From 2006 through 2010 he served as the Director of Business Development and Strategy for Paramount Gold and Silver Corp., an exploratory stage mining company trading on the NYSE (PZG), TSX (PZG) and Deutsche Borse (P6G). From 2001-2005 he served as Founder and President of Titan Consulting Group. a professional services IT Consulting firm which he later sold to Calian a TSX publically traded (CTY/TSX). From 1995 to 2001 he served as the founder and managing partner of HT Search Company LTD., a permanent staffing company he later sold to a private company. Mr. Hanisch attended Carleton University and received a degree in finance from Algonquin College.

Dr. Allen Greenspoon, serves as a Director. Dr. Greenspoon has been a practicing physician specializing in obstetrics and occupational health for over 25 years working in Hamilton, Ontario. He has conducted multiple clinical research studies related to diabetes, lipids (cholesterol) management, dermatology, obesity, oncology related research and cardiovascular diseases. He is the founder of Wellington@Work and the owner of Wellington Medical Centre. He also serves as a director of several privately held biotech companies.

This press release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. The Company does not intend, and does not assume any obligation, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.


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    Dean Hanisch