VANCOUVER, British Columbia, Jan. 09, 2018 (GLOBE NEWSWIRE) -- via Network NewsWire -- Pivot Pharmaceuticals Inc. (CSE:PVOT) (OTCQB:PVOTF) (“Pivot” or the “Company”), and its wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. (“PGS” or “Pivot Green Stream”), are pleased to announce that the Company has signed a Service Agreement with SoluBest Ltd., an Israeli-based research organization that specializes in the development of client tailored formulation and pilot production services and scale-up. SoluBest, located near the prestigious Weizmann Institute of Science, has been selected to develop Pivot’s topical bio-cannabis pipeline of products.
Pivot also wishes to announce that pursuant to its previously announced Binding Letter of Intent to acquire Thrudermic LLC, Dr. Joseph Borovsky and Dr. Leonid Lurya have agreed to lead the development of Pivot’s topical bio-cannabis programs at SoluBest. These programs include BiPhasix semi-solid topical cream and Thrudermic transdermal nanotechnology for the delivery of cannabis through the skin barrier.
Dr. Borovsky, Thrudermic’s Chief Executive Officer, indicated that, “Thrudermic expects to provide Pivot with product for market launch by Q2 2018. Working in SoluBest’s state-of-the-art facility using Thrudermic’s formulation know-how will afford Pivot the opportunity to accelerate the development, testing and introduction of new products to the market.”
Dr. Patrick Frankham, Pivot Pharmaceuticals’ Chief Executive Officer, states that, “we are delighted to be moving ahead with our plan to develop best-in-class topical bio-cannabis products led by Dr. Borovsky and Dr. Lurya from Thrudermic. We are equally happy to report that we have found a very qualified laboratory and development partner for our topical development programs for our BiPhasix and Thrudermic technologies in Israel. This announcement accelerates our product development and confirms that we will be ready to introduce several bio-cannabis based products to the market in 2018. The potential to recognize revenue from quality products will help patients and caregivers better manage their health conditions.”
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot’s wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. (“PGS” or “Pivot Green Stream”), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. PGS has acquired worldwide rights to BiPhasix™ Transdermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral) and Thrudermic Transdermal Nanotechnology (transdermal) for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. RTIC ready to infuse cannabis containing foods and beverages will allow patients and consumers to include cannabis into their daily lifestyle without the side effects of high carbohydrate or poor tasting presentations. PGS’ initial product development candidates will include topical treatments for women’s sexual dysfunction (PGS-N005), as well as psoriasis (PGS-N007), and an oral product (PGS-N001) for cancer supportive care. For more information please visit www.PivotPharma.com
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot or Pivot Green Stream, or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. As a result of the foregoing, actual results could differ materially from those contemplated by the forward-looking statements as a result of the foregoing factors and certain other factors, such as the failure to meet the conditions imposed by the regulators, the level of business and consumer spending, the amount of sales of Pivot's products, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Pivot Pharmaceuticals Inc.
Patrick Frankham, PhD, MBA
Chief Executive Officer
Tel: (514) 943-1899