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Satellos Bioscience Announces Joint Development Agreement with NW PharmaTech Limited for Oral CBD
Toronto, Ontario--(Newsfile Corp. - August 18, 2021) - Satellos Bioscience Inc.  (TSXV: ...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Announces Joint Development Agreement with NW PharmaTech Limited for Oral CBDToronto, Ontario--(Newsfile Corp. - August 18, 2021) - Satellos Bioscience Inc. (TSXV: MSCL) (\"Satellos\"), formerly iCo Therapeutics, Inc., and NW PharmaTech Limited (\"NW PharmaTech\") announced today that Amphotericin B Technologies, Inc. (\"AmpB Tech\"), a wholly owned subsidiary of Satellos established to accelerate the development of its novel and proprietary oral transport technology (\"OralTransTM\"), has entered into a Joint Development Agreement with NW PharmaTech to develop an oral formulation of cannabidiol (\"CBD\") for the over-the-counter market. Oral CBD will initially target the global market for sleep aids, estimated at $3 billion in 2020. NW PharmaTech has agreed to provide an up-front payment and fund development costs of the formulation and testing for safety, toxicity and pharmacokinetics.\"Our partnership with NW PharmaTech is an important extension of our strategy to provide solutions for the oral delivery of non-water soluble compounds in areas of high demand, and allows us to enter an exciting and expanding new market of great potential with a key partner,\" said William Jarosz, the President and Chief Executive Officer of AmpB Tech.\"We are excited about our partnership with AmpB Tech which will enable us to work towards improving the bio-availability of CBD which is critical in unlocking the true potential of the molecule,\" noted Filipp Korentsvit, one of the Founding Partners of NW PharmaTech.In addition, Amp B Tech is pleased to announce that its scientific abstract entitled \"Amphotericin B Inhibits SARS-CoV 2 Replication within Kidney Vero Cells\", has been accepted for poster presentation at the prestigious 2021 AAPS PharmSci 360, from October 17-20, 2021. \"Together, these developments provide tangible evidence for the interest in OralTransTM and illustrate why Satellos established Amp B Tech as the commercialization vehicle to create value for this exciting platform and benefit shareholders,\" commented Frank Gleeson, the President and CEO of Satellos. \"We are looking forward to applying our novel drug delivery technology to these and additional new indications,\" noted Dr. Kishor M. Wasan, co-inventor of the drug delivery technology, Distinguished University Scholar, Adjunct Professor at th...