CTT Pharmaceuticals provides Corporate Update
Robust sales of Aurora Dissolve Strips validate unique product characteristics
Work underway to expand product offering for medical and recreational markets
HAMILTON, ON, Dec 23, 2019 /PRNewswire/ - CTT Pharmaceutical Holdings, Inc., (the "Company" or "CTT") (OTC: CTTH), an innovative life sciences company with a portfolio of IP in novel drug delivery systems, today provides an update on the successful commercial introduction of its sublingual strips with Aurora Cannabis and intentions for product portfolio expansion.
- On October 6, 2019, Aurora Cannabis Inc. ("Aurora") commenced sales of its Dissolve Strips, developed in collaboration with CTT, to the Canadian medical market. The Dissolve Strips are a novel sublingual cannabinoid delivery technology that neither requires combustion nor inhalation, and has been proven to deliver rapid cannabinoid uptake and increased bioavailability;
- The first production run has now completely sold out, and the products have received strong positive feedback from patients. The Company anticipates that Aurora will recommence supply of the Dissolve Strips to the medical market early in the new year, with production runs supporting consistent product availability for the medical market;
- Based on the successful market introduction, CTT and Aurora are in the process of developing additional SKUs, including CBD infused strips and THC:CBD balanced strips for the medical and consumer markets;
- Launch of Dissolve Strips for the consumer markets is anticipated for March 2020
"We are very pleased with the robust sales of the Dissolve Strips to date," stated Cam Birge, CEO. "Aurora's substantial share of the Canadian medical market ensures significant exposure and market reach for our products. We will continue our work with Aurora to develop new products for both the medical and recreational markets in Canada, as well as intend to explore avenues to enter international markets. CTT now truly has become a commercial enterprise and is well positioned to leverage the strength of its IP portfolio in Canada and globally."
About CTT Pharmaceutical
CTT is a drug delivery technology development company. The Company has successfully brought its first product to market together with Aurora Cannabis (TSX: ACB) (NYSE: ACB) following the launch of the cannabinoid-infused 'Dissolve Strips', which can be bought online via Aurora's website.
CTT 's patent portfolio covers a nanonized, orally administrable composition that can be applied to various delivery systems including a quick dissolving oral film forming agent that effectively delivers nanonized therapeutics to improve the bioavailability of therapeutic drugs that are difficult to deliver orally. The main aim of CTT's technology is the delivery of large therapeutic molecules such as proteins or cannabinoids. This technology has been applied to cannabinoid delivery and has potential indications in pain management and opioid addiction management.
CTT's portfolio currently contains five issued (three Canadian and two U.S.) patents with a number of international patent applications pending in over fifty countries.
Aurora Cannabis has a current ownership interest in CTT of approximately 8%, and holds a warrant enabling it to increase equity ownership up to 42.5% (exercisable until May 20, 2021).
For more information, please visit our website: www.cttpharmaceuticals.com.
CTT's common shares trade on the OTC market in the United States under the symbol "CTTH".
Forward looking statements
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The company is under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE CTT Pharmaceutical Holdings, Inc.