Pivot Pharma Signs Letter of Intent with Pharmascience Inc.
VANCOUVER, April 3, 2019 /CNW/ - Pivot Pharmaceuticals Inc. (CSE: PVOT / OTCQB: PVOTF / FRA: NPAT) ("Pivot" or the "Company") is pleased to announce that it has signed a Letter of Intent, dated February 26th, 2019, with Pharmascience Inc. ("Pharmascience") whereby Pharmascience will conduct analytical testing, collaborate on development and research of new medicinal products containing cannabis or cannabis derivatives and drugs containing cannabis and/or cannabis derivatives, provide regulatory support necessary to attain Marketing Authorization, and marketing and distribution of finished pharmaceutical dosage forms. Further terms and details will be provided upon the execution of the Definitive Agreement.
Pharmascience is the 4th largest manufacturer of over-the-counter generic drugs in the country and is a leading manufacturer and marketer of prescription generic, over-the-counter, and behind-the-counter products as well as FDA approved Canadian-made injectables. The company commercializes nearly 300 product families in 20 different dosage forms for over 2,000 products. In Canada alone, more than 45 million prescriptions a year are filled with Pharmascience products.
Pivot's CEO, Dr. Patrick Frankham stated,
We are thrilled that Pharmascience has agreed to collaborate with Pivot as we prepare to commercialize our bio-cannabis product line. Quality and innovation will be important for the burgeoning cannabis derivatives industry. Pharmascience is a well-respected and trusted developer and manufacturer and we can think of no better partner to help bring Pivot's products to consumers.
About Pharmascience Inc.
Founded in 1983, Pharmascience is the largest pharmaceutical employer in Quebec, with 1,500 employees world-wide and proudly headquartered in Montreal. Pharmascience is a full-service, privately-owned pharmaceutical company with strong roots in Canada and a growing global reach, with product distribution in over 60 countries. For more information please visit pharmascience.com.
Pivot Pharmaceuticals Inc. is a science-based consumer packaged goods cannabis company engaged in the development and commercialization of health and wellness products using innovative, patent-protected drug delivery technologies. Upon receipt of a Standard Processor license (pending) from Health Canada, Pivot's premium, bioavailable, stable and effective products will be manufactured at its 50,000-sq. ft. cGMP facility located in Montreal, Quebec. Pivot's wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, was granted a Temporary Manufacturing Type N: Infusion License by the California Department of Public Health in November 2018. Pivot's product line includes infused beverages, vegan capsules, dissolvable tablets, topical creams and gels, intimate lubricants, roll-on pain relievers, stick packs, and bulk powder for the edibles market. For more information please visit pivotpharma.com
Cautionary Note Regarding Forward-Looking Statements:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals Inc., Pivot Green Stream Health Solutions Inc., Pivot Naturals, LLC, Pharmascience Inc., or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot's products, statements with respect to internal expectations, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.