Cannasat changes name to Cynapsus Therapeutics
(Thomson Reuters ONE) -
TORONTO, Ontario - April 15, 2010 - Cannasat Therapeutics Inc. (CTH:TSX-V)
("Cannasat") today announced that it received shareholder approval to change its
corporate name to Cynapsus Therapeutics Inc. ("Cynapsus"). The approval was
granted at the Annual General Shareholder Meeting held yesterday in Toronto.
The Company's stock symbol will remain as "CTH" on the TSX Venture Exchange.
"Since my appointment as President and CEO late last year, my mandate has been
to build significant value through the in-licensing of a lower risk Parkinson's
Disease project while advancing our existing cannabinoid program," said Anthony
Giovinazzo, President and CEO. "As I communicated to shareholders in February,
2010, a key part of my plan is to refocus the Company from a narrow
concentration on cannabinoid drug candidates, to a more diversified emphasis on
CNS (Central Nervous System) candidates. I believe the name Cynapsus, which is
drawn loosely from the word "synapse", more accurately reflects the company's
new focus and direction, and I look forward to reporting further progress and
developments in the months ahead."
The company has a new logo and corporate identity and will be updating its web
site to keep its investors and partners up to date on the progress of its drug
development programs.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
About Cynapsus Therapeutics
Cynapsus is a specialty clinical development pharmaceutical company targeting
diseases of the brain. Cynapsus has a lower risk Parkinson's drug candidate
("APL-130277"), which is a reformulation of an approved drug. APL-130277 is
designed to address a much larger moderate to severe patient population, which
represents close to 50% of Parkinson's patients. Cynapsus also has a
proprietary formulation technology for cannabinoid drug candidates, which may be
used to treat neuropathic pain associated with multiple sclerosis and cancer, as
well as for nausea/vomiting and appetite stimulation.
Cynapsus' strategy is to grow its portfolio of drug candidates through
in-licensing and acquisitions, and to advance projects to Phase 2
proof-of-concept clinical studies. Once the drug candidates are sufficiently
derisked, Cynapsus intends to out-license the programs to the appropriate
pharmaceutical marketing partners for a combination of upfront, milestone, and
royalty payments.
More information about Cynapsus (CTH: TSX-V) is available at www.cynapsus.ca.
Contact Information
Cynapsus Therapeutics Inc.
Andrew Williams
COO & CFO
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
awilliams(at)cynapsus.ca
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes" or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Cynapsus to be
materially different from those expressed or implied by such forward-looking
statements, including but not limited to those risks and uncertainties relating
to Cynapsus' business disclosed under the heading "Risk Factors" in Cynapsus'
current Annual Information Form and its other filings with the various Canadian
securities regulators which are available online at www.sedar.com. Although
Cynapsus has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Cynapsus does not undertake to
update any forward-looking statements, except in accordance with applicable
securities laws.
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Datum: 15.04.2010 - 05:00 Uhr
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