VANCOUVER, BC, Canada/August 5, 2014 / Vodis Pharmaceuticals (CSE: VP) (the "Company") The Company is pleased to announce that it has signed a term sheet with Pacific Therapeutics ("Pacific") agreeing to work with Pacific on the development of therapies based on extracts from cannabis plants, as previously announced by Pacific Therapeutics (PT:cse).
Otto Folprecht, CEO of Vodis, states: "This is a key agreement for Vodis, which is waiting for a final inspection from Health Canada for its 12,000 square foot facility in Canada. A lot of dried medical marijuana product is required to produce consistent, high quality cannabinoids. I believe that the high quality, award winning medical marijuana product that is produced by Vodis will provide the correct ingredient for this joint venture, as it moves potential therapies through product development. "
Doug Unwin CEO and President of the Pacific Therapeutics states: "If the growth of the medical use of marijuana is to develop, physicians need therapeutics that they can trust to deliver consistent doses of cannabinoids to their patients. We are very excited to enter into this agreement with Vodis and to begin the development of these in demand therapeutics using specific strains of cannabis developed by Vodis."
ABOUT VODIS PHARMACEUTICALS
Vodis is one of Canada's foremost brand names in the medical marijuana business. Its products have consistently won or placed at each competition they have entered. Vodis is in the application process to become a Licensed Producer at its 12,000 square foot facility in Canada, and is awaiting final inspection from Health Canada.
ABOUT PACIFIC THERAPEUTICS LTD.
The Company's strategy includes reformulating approved drugs to increase efficacy and patient compliance, while reducing side effects, as well as completing the further clinical testing, manufacturing and other regulatory requirements sufficient to seek marketing authorizations. This strategy may reduce the risk, time and cost of developing therapies by avoiding the risks associated with basic research and using compounds with unknown safety and toxicity profiles. The Company's lead programs focus on erectile dysfunction and diseases of excessive scarring (fibrosis).
In 2011 the total market for drugs to treat erectile dysfunction ("ED") exceeded $5 billion. Pacific Therapeutics Ltd. has reformulated an approved drug to treat ED using the Company's proprietary oral dissolving technology ("sublingual formulation"). This is the first treatment to be developed by the Company using its sublingual platform technology and may be a very attractive alternative to generics in China.
Pacific Therapeutics Ltd. lead drug candidate for fibrosis (progressive scarring of the organ), PTL-202 is a combination of an FDA approved drug and an amino acid which is an extremely potent and important antioxidant.
In addition to the $1.1 billion Pulmonary Fibrosis market opportunity, PTL-202 may be effective as a treatment for Liver Cirrhosis a $1.56 billion global market opportunity in 2010, that is expected to grow to $2.03 billion by 2017 (Global Data, Feb, 2011).
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This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Newnote Financial Corp. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The CSE has not reviewed, approved or disapproved the content of this press release.