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Satellos Bioscience Announces Joint Development Agreement with NW PharmaTech Limited for Oral CBD

·7 min read

Toronto, Ontario--(Newsfile Corp. - August 18, 2021) - Satellos Bioscience Inc. (TSXV: MSCL) ("Satellos"), formerly iCo Therapeutics, Inc., and NW PharmaTech Limited ("NW PharmaTech") announced today that Amphotericin B Technologies, Inc. ("AmpB Tech"), a wholly owned subsidiary of Satellos established to accelerate the development of its novel and proprietary oral transport technology ("OralTransTM"), has entered into a Joint Development Agreement with NW PharmaTech to develop an oral formulation of cannabidiol ("CBD") for the over-the-counter market. Oral CBD will initially target the global market for sleep aids, estimated at $3 billion in 2020. NW PharmaTech has agreed to provide an up-front payment and fund development costs of the formulation and testing for safety, toxicity and pharmacokinetics.

"Our partnership with NW PharmaTech is an important extension of our strategy to provide solutions for the oral delivery of non-water soluble compounds in areas of high demand, and allows us to enter an exciting and expanding new market of great potential with a key partner," said William Jarosz, the President and Chief Executive Officer of AmpB Tech.

"We are excited about our partnership with AmpB Tech which will enable us to work towards improving the bio-availability of CBD which is critical in unlocking the true potential of the molecule," noted Filipp Korentsvit, one of the Founding Partners of NW PharmaTech.

In addition, Amp B Tech is pleased to announce that its scientific abstract entitled "Amphotericin B Inhibits SARS-CoV 2 Replication within Kidney Vero Cells", has been accepted for poster presentation at the prestigious 2021 AAPS PharmSci 360, from October 17-20, 2021.

"Together, these developments provide tangible evidence for the interest in OralTransTM and illustrate why Satellos established Amp B Tech as the commercialization vehicle to create value for this exciting platform and benefit shareholders," commented Frank Gleeson, the President and CEO of Satellos.

"We are looking forward to applying our novel drug delivery technology to these and additional new indications," noted Dr. Kishor M. Wasan, co-inventor of the drug delivery technology, Distinguished University Scholar, Adjunct Professor at the University of British Columbia and Chief Science Officer of AmpB Tech.

AmpB Tech and NW PharmaTech will begin their joint development of oral CBD immediately.

About NW PharmaTech Limited

NW PharmaTech is a pharmaceutical company based on a 'Nature to Medicine' strategy.

The mission of the company is to develop a new generation of OTC products based on known natural compounds with promising therapeutic properties, to better empower patients to self-care for their everyday ailments. For more information, visit the Company website at: www.nwpharmatech.com.

About Amp B Tech

Amp B Tech is a wholly owned subsidiary of Satellos. It was established to be the sole commercial development vehicle for a patent protected, proprietary oral transport technology, OralTransTM, invented by its Chief Scientific Officer Dr. Kishor Wasan. Amp B Tech has applied its technology to the oral formulation of Amphotericin B, a systemically delivered anti-fungal agent used to treat serious fungal infections. In Phase Ia and Ib clinical trials in humans, Amp B Tech's oral formulation of Amphotericin B was shown to be safe at therapeutic doses with a potentially reduced toxicity profile. Amp B Tech is actively seeking development and financing partners to expand OralTransTM to other areas of significant medical or market need.

For more Information about Amp B Tech contact:
Bill Jarosz
President and Chief Executive Officer
bjarosz@satellos.com
917.692.8799

About Satellos

Satellos is a regenerative medicine company dedicated to developing novel therapeutics that stimulate or restore muscle regeneration in severe disorders. Satellos was founded on the discovery that dysregulated muscle stem-cell polarity - a process that balances replenishment of muscle stem cells and production of specialized tissue cells- can lead to the inability of the body to properly repair and regenerate muscle throughout life. Satellos' lead program is focused on developing an oral therapeutic drug for Duchenne muscular dystrophy that serves to correct this dysregulation which Satellos has identified as a root cause of the progressive nature of this disease. Satellos believes defects in muscle regeneration play a critical underlying role in numerous muscle disorders spanning rare diseases through to mass market indications. Accordingly, Satellos applies its proprietary discovery platform, MyoReGenXTM, to identify regulatory pathways and drug candidates to treat muscle disorders where stem cell polarity is dysregulated. Satellos also maintains the rights to two clinical stage legacy assets as a result of the reverse takeover of iCo Therapeutics Inc. Founded in 2018, Satellos is headquartered in Canada. For more information about Satellos' regenerative therapeutic discovery platform, development programs, or licensing opportunities for iCo legacy assets please contact Ryan Mitchell, PhD, Director - Business Development @ rmitchell@satellos.com or visit Satellos.com.

For more information about Satellos contact:
Frank Gleeson
President and Chief Executive Officer
fgleeson@satellos.com
905.336.6128

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUYANY SECURITIES IN ANYJURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANYJURISDICTION IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

THE SECURITIES ISSUED IN CONNECTION WITH THE ARRANGEMENT AND CONCURRENT FINANCING HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT') AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT. THE RESULTING ISSUER INTENDS TO ISSUE SUCH SECURITIES PURSUANT TO THE EXEMPTION FROM REGISTRATION SET FORTH IN SECTION 3(A)(10) OF THE 1933 ACT.

Notice on forward-looking statements:

This release includes forward-looking information or forward-looking statements within the meaning of Canadian securities laws, the 1933 Act, the U.S. Securities TSXV Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995 regarding Satellos and its business, which may include, but are not limited to, statements with respect to the ability to obtain regulatory approvals, the final approval of the TSXV and issuance of the final exchange bulletin, the use of proceeds from the Concurrent Financing, Satellos' technologies and drug development plans, the timeline to commence clinical trial testing in humans and evaluation plans for drug molecules, the timeline for Satellos Shares to resume trading. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may', "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, market conditions, economic factors, management's ability to manage and to operate the business of the company and the equity markets generally. Although Satellos has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Satellos does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93618