CTT Pharmaceutical Holdings and CanniMed Therapeutics Inc. Complete Exclusive Canadian Licensing Agreement for Cannabis Orally Dissolvable Thin Film (ODF) Wafer
SASKATOON, Saskatchewan & STONEY CREEK, Ontario--(BUSINESS WIRE)--Today, CanniMed Therapeutics Inc. (TSX: CMED) and CTT Pharmaceutical Holdings Inc. (OTCQB:CTTH) have entered into a definitive contractual relationship for the licensing of CTT’s Orally Dissolvable Thin Film (ODF) Wafer technology.
This industry-first collaboration includes the licensing of six patents related to cannabinoid and opioid delivery for pain management, which will enable CMED to exclusively develop and commercialize this novel, smoke-free, drug delivery system in Canada.
“The CanniMed ODF Wafers will complement the already well-integrated line of CanniMed® Oil products we have in market, broadening our ability to provide patients with standardized, dose-sensitive and discrete delivery systems,” said Brent Zettl, President and CEO, CanniMed Therapeutics Inc. “Collaborations with innovative companies such as CTT Pharma, and continued research and development into products that will further position medical cannabis as an important therapeutic option is a core focus of our company.”
Orally Dissolvable Thin Film (ODF) Wafers are a proprietary drug delivery mechanism in the form of paper-thin polymer films used as carriers for pharmaceutical agents, with the following benefits:
- ODF Wafer is taken orally but does not require water or swallowing
- ODF Wafers dissolve quickly in the oral cavity (5-15 seconds) with the active ingredient rapidly absorbed and diffused into the dense network of capillaries for direct access to the bloodstream via the oral mucosa
- The active ingredient, once absorbed, bypasses the liver’s first-pass effect, improving therapeutic outcomes and efficacy through improves bioavailability and facilitates excellent patient compliance
- ODF Wafer is suitable for a wide range of patients, including for geriatric and pediatric patients who experience difficulty swallowing or patients who suffer from Phagophobia (fear of swallowing) or Pnigophobia (fear of choking)
“We are excited to announce the completion of our agreement with CanniMed Therapeutics; this is an excellent opportunity for us to marry our novel and patented delivery technology to CanniMed’s industry leading presence in the medical cannabis sector,” said Dr. Pankaj Modi, President and CEO, CTT Pharmaceutical Holdings. “We look forward to offering CanniMed’s existing patient population our convenient, smoke-free drug delivery system, which will help patients to take precise and accurate doses of cannabinoids as prescribed for pain management, mental disorders like depression, anxiety, post-traumatic stress disorder and a reduction in epileptic seizure syndromes in children. As the industry continues to grow and evolve we feel that we have chosen the right partner to introduce our product, tailor it to specific indications and to scale throughout Canada.”
Following the execution of the Licensing Agreement, CTT was paid $40,000USD by CMED. Upon issuance of the license from Health Canada to begin development of the OTF-cannabis wafer, CTT will be paid $935,000USD. CTT will also receive a royalty of 5 per cent based on gross sales. Additional payments will be made to CTT upon reaching certain milestones to be negotiated between the parties.
The cost of development and manufacturing ( including capital expenditures) has yet to be determined.
About CTT Pharmaceutical Holdings
CTT’s principal asset is a unique and novel patented drug delivery technology, an orally administered, fast dissolving thin film (the “Wafer”). This technology platform will target both the human and veterinarian (pet) markets for treatment of many diseases including pain management.
The Oral Thin Film (Wafer) formulation is protected by several Canadian and US Patents. CTT’s oral fast dissolving drug delivery systems will consist of edible thin films (wafers) that dissolve without water, within a few seconds after placement in the mouth. The majority of drugs administered using our drug delivery system mirror injections in that they have the ability to enter the bloodstream quickly, 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 efficacy 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 breathing related medications. CTT believes that its Wafer technology will be one of the first to gain use in major markets such as pain management.
For more information, please visit our website: www.cttpharmaceuticals.com
About CanniMed Therapeutics Inc.
The Company is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 15 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant plant production processes and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed Ltd., a wholly-owned subsidiary of the Company, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations.
Prairie Plant Systems Inc., a wholly-owned subsidiary of the Company, was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of diversion.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding milestones, Health Canada approval, future additional payments, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CanniMed Therapeutics Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risk that Health Canada approval of the development of the OTF-cannabis wafer may be delayed or not issued or terms acceptable, the risk that CanniMed and CTT may be unable to agree to terms in respect of future milestones and additional payments, and the risks described in CanniMed Therapeutics Inc.’s documents filed with applicable Canadian securities regulatory authorities which may be viewed at sedar.com. The forward-looking statements included in this news release are made as of the date of this news release. CanniMed Therapeutics Inc. does not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities legislation.