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CTT Pharmaceuticals Completes Strategic Investment with Aurora Cannabis Funds Earmarked for Expansion of Patent Portfolio
CTT Pharmaceuticals Completes Strategic Investment with Aurora Cannabis Funds Earmarked for Expansion of Patent Portfolio.
About this update from Ctt Pharmaceutical Holdings, Inc.
[{"type":"text","content":"\nHamilton, Ontario, June 05, 2018 (GLOBE NEWSWIRE) -- Further to the company’s press release of May 22, 2018, CTT Pharmaceutical Holdings Inc. (\"CTT\") (US-OTC: CTTH) announced today the completion of the previously announced strategic investment by Aurora Cannabis (TSX: ACB) in CTT by way of a non-brokered private placement (the \"Private Placement\") in the form of a US$1 million 5% convertible debenture. The agreement includes an issuance of warrants enabling Aurora to increase its ownership to 42.5%.\n CTT intends to use the net proceeds from the Private Placement to expand its patent portfolio around the world and for general corporate purposes. \"We believe Aurora more than any other LP, provides the global distribution channels, regulatory affairs expertise, scale and manufacturing ability to successfully commercialize our unique sub-lingual wafer technology on a global basis. We are very pleased to have Aurora as a key strategic investor, delivering additional recognition to our product development capabilities, and increasing both our commercial and capital markets visibility,” said Dr. Pankaj Modi, CTT CEO. Commercial agreement The Companies are currently in the process of completing a final commercial agreement, expanding the exclusivity agreement, announced first on April 16, 2018, which related to distribution in Canada only of CTT's novel, patent-protected drug delivery technologies. CTT will now provide Aurora with global exclusivity to develop, manufacture and market CTT’s novel oral thin films wafers. The companies will work jointly towards obtaining Health Canada approval for introduction of the new products on the Canadian market, as well as obtaining commercial access to other international jurisdictions in which Aurora is active. About CTT Pharmaceutical CTT’s principal asset is a unique and novel patented drug delivery technology, an orally administered, fast dissolving thin film (the “Wafer”). This technology platform will target both the human and veterinarian (pet) markets for treatment of many diseases. The Company believes that its Wafer technology will be one of the first to gain use in major markets such as pain management. Several Canadian and U.S. patents protect the Oral Thin Film (Wafer) formulation. CTT’s oral fast dissolving drug delivery sy...