HAMILTON, ON, Aug. 27, 2020 /CNW/ - CTT Pharmaceutical Holdings, Inc., (OTC: CTTH), an innovative life sciences company with a portfolio of IP in novel drug delivery systems, today announced that its wholly owned Canadian subsidiary, CTT Pharma Inc. (the "Company" or "CTT"), has filed a statement of claim with the Ontario Superior Court of Justice against Aurora Cannabis. The Company is seeking compensation for Aurora's denial of contractual commitments with CTT, which includes expenses, royalties due, lost royalties and damages.
CTT's patented sublingual cannabis-infused strips were successfully launched into the Canadian medical cannabis market, under the brand name Aurora Dissolve Strips, as announced on October 8, 2019. Despite rapid sales of the Dissolve Strips and continued demand from patients, as well as several planning meetings to discuss an expanded product line and production planned for the end of Q1, 2020, Aurora indicated subsequently that it was unwilling to commit further resources to the partnership and claimed the original agreement was no longer in force.
"Following the successful technology transfer to Aurora and a very successful market introduction of the product, Aurora's decision to not continue our partnership was both surprising and disappointing", stated Cam Birge, CEO of CTT. "Aurora suddenly claiming that the existing agreement was no longer in force, at a time when payments were due to CTT under the original agreement, left the Company with no other choice than to seek a legal remedy. Despite our best efforts to resolve our differences amicably and constructively, we were not able to resolve the impasse and felt we had no other choice than to file a statement of claim seeking legal recourse to the fullest extent possible for the benefit of our stakeholders."
Mr. Birge continued, "With our exceptionally low burn rate we are well positioned to pursue our interests and execute on our licensing and partnership strategy with the objective of generating substantial shareholder value. Consequently, we intend to team up with partners that have the capital and ability to execute and move fast. We will also be pivoting to a more aggressive business development model, and we intend to expand into new industry verticals to capitalize on opportunities and accelerate growth, initiatives we anticipate reporting on in more detail shortly."
CTT brings a novel, patented and successfully commercialized technology to an exciting and rapidly growing segment of the cannabis market. Furthermore, the Company's sublingual strips meet a growing demand for non-combustible products that deliver increased bioavailability and rapid onset of action for a wide range of other active ingredients, such as nutraceuticals, pharmaceuticals and nicotine.
CTT had originally entered into a commercialization agreement with CanniMed, which subsequently was acquired by Aurora. CTT and Aurora jointly worked towards commercialization, culminating in a very successful market introduction with the initial production run substantially selling out in under 60 days. CTT's sublingual strip technology is patented in the United States and Canada and has international patents pending in over 50 countries.
CTT Appoints Dr. Shane Morris, former Chief Product Officer at Aurora Cannabis, to Advisory Board
The Company today also announces the appointment of Dr. Shane Morris, the former Chief Product Officer at Aurora Cannabis closely involved with the successful commercialization of the CTT strips, to its Advisory Board. Dr. Morris will provide advice on product and market development as well as regulatory issues. Additionally, the Company will be able to leverage Dr. Morris's extensive knowledge of the global cannabis industry to pursue additional opportunities.
Dr. Morris commented, "I have always been a strong believer in the benefits and global commercial prospects of the CTT strips. My positive experience in working with Dr. Modi and the CTT team to take the strips to market made the decision to join the Company's advisory board a simple one."
Mr. Birge added, "We are very pleased that Shane has agreed to join our advisory board, in which capacity he will assist the Company with recommendations on new product formulations, regulatory matters and market introductions. Furthermore, Shane's deep network throughout the global cannabis industry is an asset we can lever to help rapidly expand our commercial reach."
Dr. Morris founded Morris and Associates Consulting. Prior to this, he held the position of Chief Product Officer at Aurora Cannabis, where his proven leadership and expertise in quality assurance, cannabis operations, regulatory affairs and food safety helped ensure success in launching a large portfolio of new products, resulting in Aurora commanding substantial share of the Canadian cannabis 2.0 market. During his time at Aurora, Dr. Morris also led a world class regulatory affairs team, managing the largest number of cannabis site licences in Canada, in addition to many international regulatory initiatives and market launches.
About CTT Pharma
CTT is a drug delivery technology development company. The Company's first product was successfully brought to market together with Aurora Cannabis following the launch of the cannabinoid-infused 'Dissolve Strips'.
CTT's patent portfolio covers a nanonized, orally administrable composition that can be applied to various delivery systems including a quick dissolving oral film forming agent that effectively delivers nanonized therapeutics to improve the bioavailability of therapeutic drugs that are difficult to deliver orally. The main aim of CTT's technology is the delivery of large therapeutic molecules such as proteins or cannabinoids. This technology has been applied to cannabinoid delivery and has potential indications in pain management and opioid addiction management.
CTT's portfolio currently contains five issued (three Canadian and two U.S.) patents with international patent applications pending in over fifty countries.
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".
Forward looking statements
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE CTT Pharmaceutical Holdings, Inc.
For further information: Marc Lakmaaker, [email protected], +1.647.289.6640