Ottawa, Ontario, July 11, 2019 (GLOBE NEWSWIRE) — Tetra Bio-Pharma Inc. (“Tetra” or the “Company”)(TSX-V: TBP) (OTCQB: TBPMF), is pleased to announce that its wholly owned subsidiary Panag Pharma Inc. has received a repayable Government of Canada contribution of $500,000 through the Atlantic Canada Opportunities Agency’s (ACOA) Business Development Program. The Program creates opportunities for economic growth in Atlantic Canada by helping businesses become more competitive, innovative and productive.
“We are extremely pleased to have ACOA’s support,” said Chris MacLean, Chief Operating Officer of Panag Pharma Inc. “This contribution clearly underlines the confidence the Agency has in our strategic direction to further grow our business and to our commitment to the Province of Nova Scotia and Atlantic Canada. Our management and employees are grateful for the opportunities this financing presents.”
The contribution will help support the commercialization of AWAYE™, a first-in-class topical over-the-counter medication for the temporary relief of aches and pains of muscles and joints associated with one or more of strains/sprains involving muscles, tendons, and/or ligaments, arthritis, simple backache and/or lumbago. AWAYE™ will be marketed by Tetra Natural Health (TNH), a subsidiary of Tetra Bio-Pharma and is expected to be available in the Fall of 2019.
Andy Fillmore, Parliamentary Secretary to the Minister of Canadian Heritage and Multiculturalism and Member of Parliament for Halifax, made the announcement on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA.
“When a local organization develops ground-breaking solutions to treat problems like chronic pain, it not only improves the daily lives of Canadians, but also bolsters development of the life science sector in the region,” said PS Fillmore. “The Government of Canada is proud to support local businesses like Panag Pharma that spur economic growth, create highly skilled jobs and make the world a better, and less painful, place.”
“Today’s announcement reminds me of the expression that it takes a village,” said Dr. Bill Cheliak, Chairman of the Board of Directors of Tetra Bio-Pharma. “With the ingenuity and innovation of our life sciences group at Panag, the marketing expertise of Tetra Natural Health, the licensing skills of Tetra Bio-Pharma, assistance with facilities from Dalhousie University and the generosity and confidence of the Atlantic Canada Opportunities Agency, we are able to showcase what collaboration can accomplish and it is something we should all be justifiably proud of.”
About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with Health Canada authorized, and FDA reviewed, clinical trials 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 cannabinoid 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.
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 success of CAUMZ™ and its other drug candidates, 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. 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.
Tetra Bio-Pharma Contact:
Sr. Vice-President Marketing and Medical Affairs
Panag Pharma Inc. Contact:
Chief Operating Officer
416-425-9143, ext. 204