PreveCeutical Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2018) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the "Company" or "PreveCeutical"), is pleased to provide an update on the Company's progress in its ongoing corporate initiatives.
PreveCeutical has recently reached several milestones as it continues to execute its strategy to become a global preventive healthcare company. These milestones include: entering into a natural health product licensing agreement (the "Licensing Agreement") with Asterion Cannabis Inc. ("Asterion"); launching its medicinal cannabis division (the "Cannabis Division"); completing a $6.5 million financing (the "Financing"); and expanding its Australian operations. In Australia, the Company has reached its research targets in its scorpion venom-derived peptide program (the "Peptide Program") and the soluble gel ("Sol-Gel") drug delivery platform program (the "Sol-Gel Program").
Licensing Agreement with Asterion
On August 15, 2018, Asterion granted PreveCeutical a worldwide licence to use, manufacture, distribute and sell three Health Canada approved natural health products (the "Natural Health Products"). The Natural Health Products consist of three natural sleep aids - "Blissful Sleep", "Blissful Sleep Ex" and "Skullcap Serenity." These Natural Health Products have traditionally been used in herbal medicine to aid sleep and relieve anxiety and pain. All of the Natural Health Products have undergone thorough testing and meet or exceed the requirements of the European Pharmacopoeia and Health Canada. The Company plans to begin manufacturing the Natural Health Products and selling them in retail pharmacies, health-conscious stores as well as on the Company's website.
The Cannabis Division
The Cannabis Division is responsible for bringing medicinal cannabis-based products (the "Medicinal Cannabis Products") developed by the Company to market and overseeing the Company's Sol-Gel Program and its resultant formulations. Through the sale of the Medicinal Cannabis Products, the Company aims to help consumers address a number of ailments, including chronic pain, epilepsy, anxiety disorders and more. Moving forward, the Cannabis Division will seek out additional cannabis products and technologies for the Company to commercialise, ranging from transdermal patches and topical creams to capsules and novel methods of administering the medicinal cannabis.
On June 29, 2018, the Company closed a non-brokered private placement of 130,799,750 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $6,539,988. The proceeds will be used to fund the Company's research and development programs and for general working capital purposes. For further information on the financing, see news release dated June 29, 2018.
Expanded Operations and Aurora Cannabis Inc. Shipments
The Company expanded its operations and incorporated an Australian subsidiary, PreveCeutical (Australia) Pty Ltd. The decision to expand its Australian operations was influenced by Australia's strong foundation of academic and clinical research, as well as the Australian research and development tax incentives.
The Company conducts its research and development programs in Australia, and after successfully applying for and receiving the necessary permits, PreveCeutical arranged for two deliveries of medicinal cannabis from Canada by Aurora Cannabis Inc. to the Pharmacy Australia Centre of Excellence at the University of Queensland for use in the Sol-Gel Program.
The Sol-Gel Program
By applying the Sol-Gel technology to cannabis, the Company intends to develop therapies for relief from a range of symptoms, including pain, inflammation, anxiety, seizures and neurological disorders. The advantages of Sol-Gels over conventional liquid nasal sprays include: longer therapeutic effects, reduced dosage requirements and reduced negative side effects, such as irritation.
The current focus of the Sol-Gel Program is the preparation of Sol-Gel formulations containing fixed CBD:THC concentrations, which, when sprayed using the Company's custom applicator, will be able to safely and consistently deliver CBD: THC to the central nervous system in predefined ratios, enabling the development of Medicinal Cannabis Products tailored for a broad range of ailments and diseases.
The Peptide Program
Phase 1 of the Peptide Program yielded promising results, as PreveCeutical's research team identified eight peptide candidates for the Company's future Nature Identical™ peptide therapeutics, which are intended to treat, regulate and prevent cancer progression.
Phase 2 of the Peptide Program is now underway, as the Company works to re-design the peptides, with the goal of enhancing their biostability, while maintaining their potency during screening against well-characterised and defined targets associated with brain cancer. In Phase 3, the Company will begin to screen the peptides in cell-based cancer models.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for type 2 diabetes and obesity; a Sol-gel drug delivery program; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9® is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom. This product is available on the Company's website.
On Behalf of the Board of Directors
"Stephen Van Deventer"
Chairman, CEO and President
For further information, please contact:
Director of Corporate Communications & Investor Relations
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 statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to develop and bring its Medicinal Cannabis Products to market, the manufacture and sale of the Natural Health Products, the efficacy of the Company's products, generally, matters related to the Company's current and planned research and development programs, including, the Peptide Program involving the re-design and screening of peptides in cell-based cancer models and the use of the Sol-gel Program's resultant formulations for treatment of ailments, the Company's use of the proceeds of the Financing, the Company's anticipated business plans and its prospect of success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as "plans", "expects", "may", "intends", "anticipates", "believes", "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 the Company, including expected growth, results of operations, performance, industry trends and growth opportunities. Actual results could also differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities, commercialise therapeutic and diagnostic technologies, execute its proposed business plans, pursue business partnerships, complete its research and product development programs as planned and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the healthcare and cannabis industries in Canada may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company 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 the Company believes that the statements, beliefs, plans, expectations, intentions and assumptions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations intentions or assumptions 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 the Company from time-to-time. These reports and the Company's filings are available at www.sedar.com.
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.