HAMILTON, Ontario, July 12, 2018 (GLOBE NEWSWIRE) — CTT Pharmaceutical Holdings, Inc., (the “Company” or “CTT”) (OTC:CTTH), an innovative life sciences company with an extensive portfolio of IP in novel drug delivery systems, is pleased to announce that it has accepted the nomination by Aurora Cannabis Inc. (Aurora) of Dr. Jason Dyck to its Board of Directors. The appointment follows a strategic investment made by Aurora that provides Aurora with the right to nominate two directors to the board of CTT, with the first nominee upon the initial investment, and the second when Aurora increases its ownership in CTT to 42.5%.
Dr. Dyck is a Professor in the Department of Pediatrics at the University of Alberta and a Canada Research Chair in Molecular Medicine. In addition, Dr. Dyck is the Director of the Cardiovascular Research Centre and the co-director of the Alberta HEART, which is a province-wide heart failure research program. Dr. Dyck is also an original Director on the Board of Aurora Cannabis, one of the world’s largest cannabis companies, where he provides board oversight for Aurora’s scientific efforts.
“We are very pleased being able to appoint someone of Dr. Dyck’s caliber, who brings a wealth of medical scientific insights, as well as deep experience in the cannabis industry through his board position at Aurora,” said Dr. Pankaj Modi, President & CEO of CTT. “We are building a strong portfolio of IP-protected, novel drug delivery technologies, and the added depth Dr. Dyck brings to our Board, we believe, will contribute to further industry-leading technological developments.”
Dr. Dyck, added, “CTT is built on rigorous science and strong, commercially-driven product development capabilities, which I consider two critical success factors in the development of early stage companies, such as CTT. I am excited to take on this new role and help CTT further develop its potential as an important innovator in the cannabis and wider pharmaceutical sector.”
About CTT Pharmaceutical Holdings, Inc.
CTTH’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. The Company believes that its Wafer technology will be one of the first to gain use in major markets such as pain management. The Oral Thin Film (Wafer) formulation is protected by several Canadian and U.S. patents.
CTTH’s oral fast dissolving drug delivery systems consist of wafers that dissolve without water and 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; less degradation of medication (by bypassing the stomach) and most importantly lower dosage units are required given the efficacy of absorption. Patient compliance is especially improved with those who have a fear of choking or difficulty swallowing, and/or are pediatric, geriatric or incapacitated.
Aurora Cannabis Inc. has made a strategic investment in in CTT by way of a non-brokered private placement in the form of a US$1 million 5% convertible debenture. The agreement includes an issuance of warrants enabling Aurora to increase its ownership to 42.5%.
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”.
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 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 to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including our future sales, income, and financial position. The forward-looking statements included in this news release are made as of the date of this news release and CTT not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities law.
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