VANCOUVER, British Columbia, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Pivot Pharmaceuticals Inc. (CSE:PVOT) (OTCQB:PVOTF) (“Pivot” or the “Company”), a biopharmaceutical company engaged in the development and commercialization of cannabinoid-based therapeutics using innovative drug formulation and delivery platform technologies, is pleased to provide its shareholders with the following Corporate Update.
Pivot has had a very active start to 2018 as the management team continues to build a “differentiated” company in the cannabis sector, focusing on improving the cannabis consumer experience with scientifically derived products. Pivot’s world-class patent portfolio and industry leading pipeline, supplemented by experienced scientists and developers, will allow the Company to flourish as it continues to produce effective, stable and dosable products for health-conscious consumers.
Current products available to consumers are either smoked or are unable to deliver meaningful amounts of cannabis into the body. Pivot believes that only companies that have pharmaceutical-grade products supported by strong clinical or medical data will meet the consistency and desired health effects demanded not only by consumers, but also by regulatory authorities such as Health Canada.
Highlights:
- Acquisition of ERS Holdings, LLC (“ERS”) and Ready-to-Infuse-Cannabis Patents: Pivot has completed the Definitive Agreement and closing is scheduled on or before February 28, 2018. Monetization of the patented Ready-To-Infuse-Cannabis Oil-to-Powder technology (“RTIC”) is a top priority for Pivot. A recent report states that cannabis sales have surpassed liquor store sales in Aspen, Colorado for the first time since legal adult-use sales began in 2014. Forbes, citing a study by Cannabiz Consumer Group, states that “the beer industry could lose more than $2 billion in retail sales to legal marijuana”. With the ERS acquisition, Pivot is well positioned to participate in the lucrative global cannabis-infused-beverage market and has already identified potential co-development partners in the alcohol beverage industry.
- Acquisition of Thrudermic, LLC: Pivot previously announced a Binding Letter of Intent to acquire worldwide rights to Thrudermic’s patented Transdermal Nanotechnology for the development and commercialization of transdermal cannabinoids. The Company has now exercised its right to acquire 100% of Thrudermic, LLC, with closing scheduled on or before February 28, 2018. Pivot’s management has been very impressed with the capabilities of Dr. Leonid Lurya and Dr. Joseph Borovsky and are excited to have them lead Pivot’s product development team. The ability to develop products in Israel using Dr. Lurya’s patents provides the Company with access to CBD/THC licensed labs, ensuring that Pivot will have several products ready for sale in countries where regulations permit.
- Product Development Update:
a. Micelle 1% CBD oral solution is ready for market. Formulated using Solmic GmbH’s patented solubilisation technology, CBD is rendered water-soluble and results in higher bioavailability and stability.
b. Pivot Topical CBD: Dr. Leonid Lurya, working in partnership with Solubest Ltd. (located in the Weizmann Science Park in Israel) has now completed formulation of this product. The semi-solid cream is being evaluated for stability at this time.
c. Pivot’s development team has initiated development of Thrudermic transdermal nanotechnology for a systemic CBD product. - Growing IP Portfolio: Pivot continues to evaluate drug delivery technologies that can assist with the delivery of cannabinoids for human and veterinary use. The Company has filed three additional provisional patents for using nanotechnology delivery of cannabis from various routes of administration:
a. Transdermal nanotechnology delivery system of cannabis using patches and creams;
b. Mucus topical cannabis delivery system through buccal, nasal, vaginal and anal areas of entry using a gel, suppository or mouthwash; and
c. Inhalation delivery system of cannabis for topical or systemic use.
In addition, the Company is expecting positive feedback from the United States Patent and Trademark Office regarding continuation patents using RTIC technology which will allow for novel formulations of cannabis with various health and wellness products such as over-the-counter sleep aids, and cough and cold medication among others. This is in addition to capsules, K-Cups, stick packs, and other infused beverages such as vitality drinks.
- Standstill Agreement: The previously announced Standstill Agreement has been mutually terminated and as a consequence, other broader opportunities have arisen. Pivot will favor those options that allow it to control all aspects of the cannabis process, from raw materials to formulation, resulting in the highest quality bio cannabis products. These options may include the acquisition of, or Joint Venture with, a Licensed Producer and/or Licensed Dealer. Pivot’s management will select the transaction that helps create a long-term, sustainable company and provides the greatest value for shareholders.
- Out-licensing of Pivot’s IP: Pivot continues to receive inquiries from companies interested in licensing pipeline products and/or patents. This interest confirms the validity of Pivot’s IP strategy. As the cannabis space is emerging, only those products with adequate IP protection will provide a competitive advantage, allow trademarking and branding, and protect innovation.
- European Distribution Partner: Pivot has selected and advanced discussions with an established European-based natural health company to market and distribute products in the EU. A report by Prohibition Partners mentions that “the European medical cannabis market will be valued at almost €50b once all markets have implemented legislation and market infrastructure. This does not include revenue that will be generated from the additional secondary market and ancillary services. EIHA, Nova-Institute and HempConsult estimate that the European market for CBD as a pharmaceutical product is already worth €2b alone.”
Dr. Patrick Frankham, Pivot’s CEO states “I am extremely proud of the entire Pivot team as we continue to execute our business plan. We are overwhelmed by interested companies who now understand that derivatives and superior formulations will improve cannabis product experience and healthy outcomes. We continue to believe that sustainable cannabis companies will have pipelines of products to meet the needs of consumers seeking wellness and healthy lifestyles.”
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot’s wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. (“PGS” or “Pivot Green Stream”), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. PGS has acquired worldwide rights to a Transdermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral) and Thrudermic Transdermal Nanotechnology (transdermal) for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. PGS’ initial product development candidates will include topical treatments for women’s sexual dysfunction (PGS-N005), as well as psoriasis (PGS-N007), and an oral product (PGS-N001) for cancer supportive care. For more information please visit www.PivotPharma.com
Cautionary Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot or Pivot Green Stream, or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. As a result of the foregoing, actual results could differ materially from those contemplated by the forward-looking statements as a result of the foregoing factors and certain other factors, such as the failure to meet the conditions imposed by the regulators, the level of business and consumer spending, the amount of sales of Pivot's products, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Contact:
Pivot Pharmaceuticals Inc.
Patrick Frankham, PhD, MBA
Chief Executive Officer
Tel: (514) 943-1899
Email: Info@PivotPharma.com