Last Week’s Agreement to Acquire PANAG Establishes Exhaustive Dermatology and Ophthalmic Product Portfolios
ORLEANS, Ontario, Feb. 07, 2019 (GLOBE NEWSWIRE) — Tetra Bio-Pharma Inc. (“Tetra” or the “Corporation“) (TSX VENTURE: TBP) (OTB: TBPMF), a global leader in cannabinoid-derived drug development and discovery, today announced a change in their Drug Development Plan (DDP) priorities. This will allow Tetra to rapidly leverage the PANAG pipeline and expertise and align its research programs on indications with unmet medical needs or a higher return on investment (ROI). Through an expanded and focused pipeline, the Corporation intends to maintain its position as a leader in cannabis and cannabinoid drug development with a clear objective to generate value for shareholders. In addition to its DDP in oncology and neuropathic pain programs, Tetra will pursue the development of prescription products in ophthalmic, dermatology as well as other pain segments.
Tetra Bio-Pharma Drug Development Plans address key therapeutic sectors which address the medical needs of millions of patients and represent substantial potential revenue. Priorities are summarized below:
|Priorities||Potential Indications||Potential Market|
|1.||Ophthalmic||Uveitis, Corneal Neuropathic Pain & Dry Eyes||$9.5Bn|
|2.||Dermatology||Osteoarthritis, Shingles & Joint pain||$11.1Bn|
|3.||Oncology||Advanced Cancer, Breakthrough, CINV, Glioblastoma||$9.0 Bn|
|5.||Other Pain||Interstitial Cystitis (painful bladder)||$1.1Bn|
“Immediately following the PANAG closing we held an Executive Team Meeting to prioritize our solid and robust prescription product pipeline and ensure we maintain our lead in the cannabis prescription drug market,” stated Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma. “The products in this pipeline address high potential unmet medical needs, such as uveitis, corneal neuropathic pain, interstitial cystitis, fibromyalgia and glioblastoma. Some of these products will come from PANAG’s pipeline and medical and scientific expertise. These innovative products target disease indications with global unmet medical needs and where we are confident that cannabinoid-derived products can play an important role in alleviating pain, discomfort and associated symptoms.”
Dr. Chamberland further stated, “The news on Tuesday is a reality in the world of drug development. The safety and wellness of patients is always Tetra’s number one priority. We also kept in mind the importance and responsibility of taking a first cannabinoid drug to the market. Our responsibility was to ensure timely and accurate disclosure of the events subsequent to the results of the mycotoxin analyses of the clinical trial lots which arrived on January 22nd and February 1st. Tetra, and its Executive Team is engaged in a rapid transformational change with the PANAG acquisition which will enable Tetra to mitigate the risk that comes with developing a pharmaceutical drug while creating value for shareholders. As some of our peers have demonstrated, a single approved drug, even for a rare disease indication, can play a significant role in our valuation.”
Dr. Chamberland goes on to say, “It was my responsibility to rapidly adjust our research priorities while we address the impurity issue and risk to cancer patients. Although our DDP in Advanced Cancer Pain is temporarily suspended, we had been assessing our PPP001 research data and planned to accelerate DDP programs that address more diseases or health conditions with a larger ROI. Down the road this transformation will provide us with a more sustainable and robust product pipeline. The Leadership Team is engaged to stay focused on these research priorities, and rest assured that we will deliver value to our shareholders.”
A bout Tetra Bio-Pharma Inc.
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program 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
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 products mentioned in this release, 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. While no definitive documentation has yet been signed by the parties and there is no certainty that such documentation will be signed. 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.
For further information, please contact Tetra Bio-Pharma Inc.
Robert (Bob) Bechard
Executive Vice President, Corporate Development and Licensing
|Media Contact |
514-288-8500 ext. 226
416-425-9143 ext. 204
Source: Tetra Bio-Pharma Inc