NEW YORK, Oct. 1, 2015 (GLOBE NEWSWIRE) -- Lightlake Therapeutics Inc. ("Lightlake") (OTCQB:LLTP), a specialty pharmaceutical company developing pharmacological treatments for substance use, addictive, and eating disorders, announced today that it has received a second funding commitment from a prominent international research and development foundation.
The foundation has a focus on promoting innovative research-based initiatives, including those addressing health issues. Lightlake has been planning studies that could potentially advance multiple indications that address key health issues.
The foundation's commitment is for up to $1,600,000, with the foundation receiving up to an approximately 2.1% interest in the net profits of Lightlake's products, other than its opioid overdose reversal treatment, that materially rely on these studies, as defined in the funding commitment investment agreement.
The foundation previously committed up to $3,000,000 in July 2014, the chief purpose of which was to advance Lightlake's opioid overdose reversal treatment towards U.S Food and Drug Administration (FDA) approval and commercial launch. In exchange for investing $3,000,000 the foundation received a 6% interest in Lightlake's opioid overdose reversal treatment and 6% of Lightlake's net profit generated by this treatment, as defined in the funding commitment investment agreement. In December 2014, Lightlake announced a licensing deal with a subsidiary of Adapt Pharma Limited. As per the terms of the deal, in exchange for licensing its opioid overdose reversal treatment, Lightlake could receive potential development and sales milestone payments of more than $55 million, plus up to double-digit royalties.
"We are very pleased to have such a respected foundation investing with us again to forward our critical treatments," said Dr. Roger Crystal, CEO of Lightlake. "The foundation's commitment to invest with us a second time reflects their confidence in our company, progress, and treatment platform. This funding should play a key role in advancing our research and development plans."
About Lightlake Therapeutics Inc.
Lightlake Therapeutics Inc. is a specialty pharmaceutical company developing pharmacological treatments for substance use, addictive, and eating disorders. Lightlake has entered into a licensing deal with a subsidiary of Adapt Pharma Limited with respect to a treatment to reverse opioid overdoses, which have reached epidemic proportions in the United States. Lightlake also has collaborated on clinical trials with the National Institute on Drug Abuse, part of the National Institutes of Health, with respect to this treatment. In addition, Lightlake has completed a Phase II clinical trial to treat Binge Eating Disorder. For more information please visit: www.lightlaketherapeutics.com.
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CONTACT: Corporate Contact: Lightlake Therapeutics Inc. 445 Park Avenue, 9th Floor New York, NY 10022 Dr. Roger Crystal, CEO (212) 829-5546 firstname.lastname@example.org
Source:Lightlake Therapeutics Inc.