- Drug portfolio with U.S. granted patent protection for ophthalmic use, drug solubility and abuse deterrence;
- U.S. FDA provides positive response on painful dry eye development program;
- Panag completes a Phase 3 clinical trial for a topical pain reliever;
- Serenity© trial to launch in USA and Canada;
- Promised revenues to exceed delivery targets; and
- Successfully raised $8 million in a prospectus financing that was oversubscribed.
OTTAWA, July 18, 2019 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. (“Tetra” or the “Company”) (TBP.V) (TBPMF), a bio-pharmaceutical company engaged in cannabinoid-derived drug discovery and development, is pleased to provide investors with an update on our research, regulatory and commercial activities after closing the public placement.
Tetra is a bio-pharma company with a drug pipeline covering ophthalmic conditions, chronic pain and oncology. Over the past year the corporation has secured granted patents to render its drug portfolio attractive to Pharmaceutical companies. These intellectual properties were obtained through its acquisition of Panag Pharma, and by forming partnerships with Altus Formulations (Altus) and Crescita Therapeutics (Crescita). “Pending patents are good to have but the real value is when the USA Patent Office recognizes the innovation and issues the patent,” said Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma. “This type of intellectual property is what Tetra found in the ophthalmics program at Panag and through our partnerships with Altus and Crescita. It is also what health investment funds look for.”
The funds obtained from the recently closed prospectus financing will be used to continue the clinical development of the Caumz prescription drug and execute the first part of the ophthalmics programs. “Earlier in June, the U.S. FDA validated the painful dry eye development program paving the road to launch clinical trials. These two development programs represent the core of Tetra’s drug development programs and both address huge medical markets. Over the last months, the clinical research team has continued qualifying clinical sites across Canada and the USA as well as seeking approval from the institutional review boards. In addition, Tetra has continued to expand its intellectual property on the inhalation of cannabinoids as we aim to remain a world leader in this field,” said Dr. Chamberland.
The Corporation promised revenues at the June 2018 Annual General Meeting of shareholders and we recently announced that Tetra had delivered on its promise. Hemp Energy Drink sales have exceeded $1.5 million at the end of Q2 2019. The Corporation anticipates revenues to continue at or above this pace as we continue to sign agreements with additional distribution partners and distribution outlets.
Tetra has signed commercial agreements with partners, such as Genacol Canada Corporation, and we are on target to provide these companies with topical products for sale. These base for these products is derived from Panag’s insight into the endocannabinoid system. “Our acquisition of Panag included the potential to grow the topical health care business and generate revenues. The two businesses together will allow Tetra to easily exceed previous promises made by past management,” said Dr. Chamberland. As previously announced, Panag has completed enrollment of patients for the Phase 3 trials of Awaye and the clinical trial data are currently being analysed.
The Crescita venture is bringing to Tetra additional products for the topical skin care market. These will be patent protected products with drug approvals from regulatory agencies. With the clinical data acquired through Panag, these products will be commercialized with no new clinical trials required for regulatory approval.
A small portion of the funds raised will be used to maintain the market penetration of the Hemp Energy Drink, topical health care products and the Crescita line of products. “The Hemp Energy Drink, topical skin care and Crescita-derived topical drug product launches will become an important revenue stream for Tetra. Tetra has maintained the development and commercialization of these products and is on target with its previous timelines disclosed,” said Dr. Chamberland.
About Tetra Bio-Pharma:
Tetra Bio-Pharma (TBP.V) (TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada authorized, and FDA reviewed, clinical trials aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
About Panag Pharma
Panag Pharma Inc. is a Canadian based bio-tech company focused on the development of novel cannabinoid-based formulations for the treatment of pain and inflammation. Panag believes that pain relief should be safe, non-addictive and above all; effective. The Panag Pharma team of PhD scientists and medical doctors are among the world’s leading researchers and clinicians in pain treatment and management. They bring a combined experience of over 100 years in research and clinical care of people dealing with chronic pain and inflammatory conditions. Panag’s current pipeline of pain relief products include formulations for the topical application to the skin, the eye and other mucous membranes. Recently approved by Health Canada and currently undergoing clinical trials, Panag Pharma’s Topical A OTC provides a new approach to the treatment of chronic pain and inflammation.
Source: Tetra Bio-Pharma
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company’s business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company’s research and development strategies, including the success of the products developed by Panag and its other drug candidates, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process including the applications for Orphan Drug Designation, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Tetra Bio-Pharma Inc.
Guy Chamberland, Ph.D.,
Chief Executive Officer and Chief Scientific Officer