PreveCeutical Signs License Agreement for Exclusive Rights to Use UniQuest's Sol-Gel Technology for Delivery of Cannabinoids
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2021) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) ("PreveCeutical" or the "Company"), is pleased to announce that it has signed a license agreement with UniQuest Pty Ltd. ("UniQuest") giving PreveCeutical exclusive rights to UniQuest's Sol-Gel ("Sol-Gel License") technology for the delivery of cannabinoids.
The licence agreement provides PreveCeutical with the right to use the technology to deliver cannabinoids to all regions and membranes of the body in addition to intranasal delivery.
UniQuest's Sol-Gel technology includes the patent application AU2020903065 titled "Sol-gel composition".
Per the licence agreement, PreveCeutical will make an upfront payment, milestone payments, and royalty payments, with a minimum annual amount payable, based on net revenues relating to cannabinoid products utilizing the Sol-Gel technology.
Having the license agreement in place, PreveCeutical will work with partners to commercialize products for the cannabinoid-based Sol-Gel formulation products with all methods of delivery, including nasal and other regions and membrane of the body enabled by the license obtained from UniQuest.
Mr. Stephen Van Deventer, PreveCeutical Chairman and CEO, commented, "This is a very exciting time for PreveCeutical. We have been developing the cannabinoid in the Sol-Gel delivery system with the University of Queensland since 2017, with a focus on nasal delivery. Having the license agreement in place, we can now work with partners to commercialize products for the cannabinoid Sol-Gel formulation products in the form of a nasal spray. Through the strength of our working relationship with UniQuest, we are delighted to finalize the terms of the licence allowing PreveCeutical to use its cannabinoid Sol-Gel formulation technology to develop other products such as transdermal delivery of cannabinoids."
Although PreveCeutical believes that any such intentions, plans, estimates, beliefs, and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs, and expectations will prove to be accurate or successful.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products. The Company aims to be a leader in the preventive health sciences sector.
With the completion of three of its research programs, the Company is actively working on the development, clinical trials, and commercialization of its products; and has filed a number of provisional patent applications to protect the intellectual property from its research programs.
On behalf of the Board of Directors of PreveCeutical
Stephen Van Deventer, Chairman and Chief Executive Officer
For further information, please contact:
Stephen Van Deventer: +1 604 306 9669
Or Investor Relations email@example.com
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future, including, without limitation, the successful development of the COVID-19 CBD Sol-Gel formulations as a potential treatment for COVID-19 caused by SARS-CoV-2 infection, that PreveCeutical will seek fast track solutions from various governmental regulators with respect to the COVID-19 CBD Sol-Gel formulations once their development is complete, the anticipated timing of continued research interests of PreveCeutical, PreveCeutical's anticipated business plans, and its prospects of success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as "will", "pro forma", "plans", "expects", "may", "should", "budget", "schedules", "estimates", "forecasts", "intends", "anticipates", "believes", "potential", "proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions regarding PreveCeutical, including expected growth, results of operations, including PreveCeutical's research and development activities, performance, industry trends, growth opportunities, that the appropriate CBD extracts required for research on the COVID-19 CBD Sol-Gel formulations, and the payments for the COVID-19 CBD Sol-Gel Program are delivered to UniQuest in a timely manner, that PreveCeutical will be granted requisite expedited approvals by governmental regulators with respect to the COVID-19 CBD Sol-Gel formulations, and that PreveCeutical will be able to obtain the financing required to carry out the COVID-19 CBD Sol-Gel Program, retain and attract qualified research personnel and obtain and/or maintain the necessary intellectual property rights needed to carry out future business activities.
Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to: complexities and delays in connection with research and development activities and the actual results of research and development activities including the successful development of the COVID-19 CBD Sol-Gel formulations as a potential treatment for COVID-19 caused by SARS-CoV-2 infection; the ability of PreveCeutical to, among other things, protect its respective intellectual property, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities and obtaining requisite approvals from world health agencies; and the ability of PreveCeutical to commercialize products, pursue business partnerships, complete their research programs as planned, including the COVID-19 CBD Sol-Gel Program, and obtain the financing required to carry out their planned future activities. Other factors such as risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or pharmaceutical industry may also adversely affect the future results or performance of PreveCeutical. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, PreveCeutical assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although PreveCeutical believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by PreveCeutical from time-to-time. These reports and PreveCeutical's filings are available at www.sedar.com. Neither the Canadian Securities Exchange (CSE or CNSX Markets), its Regulation Services Provider (as that term is defined in policies of the CSE), nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
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