Cannasat Therapeutics Reports Results for the Six Months Ended June 30, 2009
Cannasat Therapeutics Inc. (TSXV: CTH), a clinical stage pharmaceutical company developing products to treat neurological disorders such as neuropathic pain and schizophrenia, today announced its results for the six months ended June 30, 2009. Unless specified otherwise, all amounts are in Canadian dollars.
Operational Highlights
* During Q2 2009, announced the completion of a Phase 1(b) clinical trial for Relivar, a potential treatment for patients with neuropathic pain and other conditions.
* During Q2 2009, continued early stage formulation development work on Modulyn, a potential treatment for schizophrenia, anxiety and other mood disorders.
* On May 15, 2009, announced the appointment of Dr. Nathan Bryson as Chief Scientific Officer.
* On May 25, 2009, announced that the United States Patent and Trademark Office has issued a Notice of Allowance for a U.S. Patent Application, which forms the basis for Cannasat's lead product, Relivar. The Corporation is the exclusive licensee of the patent application.
* On June 10, 2009, announced the filing of a final short form prospectus in each of the provinces of British Columbia, Alberta and Ontario for its previously announced offering of units. The Prospectus qualified the distribution of a minimum of 7,500,000 and a maximum of 25,000,000 units at a price of $0.10 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each Warrant shall entitle the holder to purchase one additional common share of the Corporation at a price of $0.15 for a period of two years following the date of closing of the Offering.
Financial Highlights
* Cash and cash equivalents at June 30, 2009 of $287,170 (December 31, 2008: 805,128).
* Net loss of $409,959 for the three months ended June 30, 2009 (June 30, 2008: $372,956), in line with expectation.
* Report 78,513,849 common shares outstanding at June 30, 2009.
* Subsequent to the end of the second quarter, the company announced the closing of the first and second tranches of its short form prospectus offering of units, raising aggregate gross proceeds of $929,850.