VANCOUVER, British Columbia, Dec. 29, 2017 (GLOBE NEWSWIRE) -- via NetworkNewsWire - Pivot Pharmaceuticals Inc. (CSE:PVOT) (OTCQB:PVOTF) (“Pivot” or the “Company”) is pleased to announce that it has commenced development of PGS-N001 with its German technology partner, SolMic GmbH. PGS-N001 is a pure, natural and water-soluble oral cannabidiol (CBD) solution. It shows the highest bioavailability and does not contain THC. Pivot previously announced the licensing of worldwide rights for SolMic Technology in the field of cannabinoids and has now initiated the next stage of the agreement to complete formulation, development, testing and manufacturing in preparation for launch in legalized cannabis markets in 2018. PGS-N001 will be formulated and developed to treat a variety of indications such as chemotherapy-induced nausea & vomiting (CINV), a major therapeutic problem in the cancer supportive care area.
According to a report by Grand View Research Inc., “The global medical marijuana market is expected to reach a value of US $55.8 billion by 2025. Several American states have approved the use of cannabis in medical applications such as chemotherapies and pain management. The growing number of states and countries giving approval for use of cannabis in therapeutic applications is one of the crucial factors driving the demand over the coming years.”
Dr. Wolfgang Schoenfeld, SolMic GmbH’s Chief Executive Officer, states, “I am very pleased to continue to work with the Pivot Pharmaceuticals team to develop novel cannabinoid products and therapies using our proprietary SolMic formulation technology. Our technology strongly enhances bioavailability of cannabinoids and improves product attributes such as stability and masks unpleasant tastes and odours, thus making it a better product experience for patients and consumers.”
Dr. Patrick Frankham, Pivot’s Chief Executive Officer, said, “Following our annual technology portfolio review meeting recently held in Montreal, Canada, we decided to advance the development of this asset from our pipeline in order to have a world-class, bio-cannabinoid product containing CBD isolate available for commercialization in 2018. The selection of PGS-N001 will target markets where there is an existing framework for approved use of the drug in medical applications.”
About SolMic Research GmbH
SolMic Research GmbH is a privately-owned life sciences company based in Duesseldorf, Germany. SolMic develops, manufactures and markets novel therapies using its patented formulation technologies. SolMic is currently marketing more than 20 nutraceutical products in Europe and is expanding to international markets including North America and Asia. SolMic has also started development of pharmaceuticals improving their oral bioavailability. For more information please visit www.solmic-research.com
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is an emerging 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 BiPhasix™ 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
Corporate Communications Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com