Vancouver, British Columbia, Sept. 12, 2017 (GLOBE NEWSWIRE) Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) (Pivot or the Company), is pleased to announce that it has signed a Definitive Agreement with Altum Pharmaceuticals Inc., to acquire worldwide rights to BiPhasix? Transdermal Drug Delivery technology for the development and commercialization of Cannabinoids, Cannabidiol (CBD) and Tetrahydrocannabinol (THC) products. According to research the global medical cannabis market is expected to reach USD $55.8 billion by 2025.
BiPhasix? pharmaceutical platform technology has been tested in FDA and EMA approved trials in humans. This transaction includes U.S. Provisional Patent 16147-2 (138057) BiPhasix? Cannabinoid Delivery. BiPhasix? can entrap and transport pharmaceutical products through the skin to achieve therapeutic benefit in a wide range of indications. Studies have shown that BiPhasix? can significantly enhance the bioavailability of many drugs, leading to improved clinical outcomes. In addition, this proprietary technology can serve as an alternative dosage form to injectables by providing less invasive routes of administration such as dermal, transdermal, nasal, vaginal, ocular, and rectal.
Pivot has created a wholly-owned subsidiary, Pivot Green Stream Inc. (PGS), for conducting research, development, and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. Pivot Green Stream's initial product development candidates will include topical treatments for women's sexual dysfunction (PGS-N005) and psoriasis (PGS-N007). PGS will seek to register these as Natural Health Products (NHPs) for consumers. Products following the NHP pathway have shorter development cycles and can generate revenue faster than traditional pharmaceuticals.
To accelerate our research and development programs, Pivot Pharmaceuticals has divested the assets of IndUS Pharmaceuticals Inc. and accepted the resignation of Dr. Pravin Chaturvedi as CEO and Director. Pivot's Board of Directors has appointed Patrick Frankham, PhD, MBA as the Interim Chief Executive Officer of Pivot Pharmaceuticals and Pivot Green Stream Inc. I am pleased to lead Pivot as we continue to develop therapeutic pharmaceuticals and nutraceuticals as well as drug delivery platforms. BiPhasix? is a disruptive technology that will revolutionize how medical cannabinoids are administered, said Frankham.
About Pivot Pharmaceuticals Inc.
We are an emerging biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals as well as drug delivery platform technologies. Pivot Pharmaceuticals Inc. focuses on pharmaceutical development of proprietary drug delivery technologies for multiple indications using small molecules, biological and botanical (e.g. cannabinoids) products to treat unmet medical needs. Pivot has in-licensed BiPhasix? Transdermal Drug Delivery platform technology for the delivery and commercialization of Cannabinoids, Cannabidiol (CBD), and Tetrahydrocannabinol (THC) based Products, for human and animal use. Our wholly-owned subsidiary, Pivot Green Stream Inc., focuses on the research and development of cannabinoid based nutraceuticals and pharmaceuticals. Pivot Green Stream's pipeline targets indications such as cancer supportive care, pain and inflammation, women's sexual dysfunction, dermatology and eye disease.
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 asanticipate,believe,estimate, expect,intend, and similar expressions, as they relate to Pivot Pharmaceuticals or its wholly-owned subsidiary, Pivot Green Stream Inc., 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. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as 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.
Pivot Pharmaceuticals Inc.
Patrick Frankham, PhD, MBA
Chief Executive Officer
Tel: (514) 943-1899
Source: Pivot Pharmaceuticals Inc.