VANCOUVER, British Columbia, March 06, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – Pivot Pharmaceuticals Inc. (CSE:PVOT) (OTCQB:PVOTF) (“Pivot” or the “Company”) is pleased to announce the acquisition of Thrudermic, LLC (“TDL” or “Thrudermic”), a privately held North Carolina company. Pivot previously announced a licensing agreement with Thrudermic but has decided to exercise its option to acquire 100% of TDL. Pivot will pay $1.00 (USD) for all of the issued and outstanding units of Thrudermic, and issue an aggregate of 500,000 common shares in the capital of Pivot to Dr. Joseph Borovsky and Dr. Leonid Lurya for their intellectual property portfolio, including patents, good will and know-how in connection with the TDL Transdermal Nanotechnology. Dr. Borovsky, has been appointed Pivot’s Vice President, Product Formulation, and Dr. Lurya has been appointed Executive Director, Product Formulation.
The TDL Transdermal Nanotechnology is intended for the formulation and delivery of dosable bio-cannabis products. On behalf of Pivot, Thrudermic recently filed three additional patent applications related to improved formulation and delivery for new routes of administration of cannabinoids and will increase the number of products in the Company’s pipeline.
“Thrudermic is very excited to become part of the Pivot organization. Our lipid-based nano-dispersion technology is well suited for the emerging cannabis industry. Pivot’s goal is to increase cannabinoid bioavailability, drug release rates and improve product stability, and consumers should be able to confidently take correct and accurate doses to help meet their health and wellness needs,” states Dr. Borovsky.
Dr. Borovsky, formerly the director of research and development for Mead Corporation, received his Bachelor of Science degree in Chemistry from UCLA and his Ph.D. in Physical Organic Chemistry from the University of Massachusetts at Amherst. He also completed a year of post-doctoral research in Medicinal Chemistry at Washington State University College of Pharmacy and was a Research Fellow in Synthetic Organic Chemistry at Harvard University. Dr. Lurya is the inventor of Thrudermic transdermal technology and has authored several patents. He received his MD from the Moscow Medical Institute No. 2, Russia, and then completed his PhD in Biophysics, Chemical Physics Department at the Weizmann Institute of Science, Israel.
Dr. Patrick Frankham, Pivot’s CEO, comments, “Thrudermic is Pivot’s fourth disruptive formulation and delivery platform for cannabinoids. We are thrilled that Dr. Borovsky and Dr. Lurya have agreed to join us to develop and commercialize therapeutic bio-cannabis products. They are highly experienced formulations experts with many years of pharmaceutical industry know-how. Pivot continues to position itself as a leader in the delivery of dosable bio-cannabis, something that consumers and regulatory agencies will demand as legalization occurs.”
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is an emerging biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot’s wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. (“PGS” or Pivot Green Stream), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. PGS has acquired worldwide rights to BiPhasix™ Transdermal Drug Delivery platform technology (topical); Solmic Solubilisation technology (oral) and Thrudermic Transdermal Nanotechnology (transdermal) for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. PGS’ initial product development candidates will include topical treatments for women’s sexual dysfunction (PGS-N005), as well as psoriasis (PGS-N007), and an oral product (PGS-N001) for cancer supportive care. PGS will seek to register these as Natural Health Products (NHP) for consumers. Products following the NHP pathway have shorter development cycles and can generate revenue faster than traditional pharmaceuticals. For more information please visit www.PivotPharma.com
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 as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot or Pivot Green Stream, 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
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Source:Pivot Pharmaceuticals Inc.