TORONTO, ONTARIO, Aug 29, 2008 (MARKET WIRE via COMTEX News Network) --
CannasatTherapeutics Inc. (TSX VENTURE: CTH), a CNS drug development company,today announced its results for the six months ended June 30, 2008.
OPERATIONAL HIGHLIGHTS
-Continued to work with IntelGenx Corp. to refine CAT 310 prototypeformulations, a potential treatment for patients with neuropathic pain,nausea/vomiting and other conditions.
- Continued early stageformulation development work on CAT 320, a safe and non-habit formingtreatment for anxiety, schizophrenia and other mood disorders.
FINANCIAL HIGHLIGHTS
-Announced the sale the Company's 12% equity stake in Prairie PlantSystems. The $1.12 million sale price was equal to the price Cannasatoriginally paid for PPS shares in August 2004.
- Cash and cash equivalents at June 30, 2008 of $1,454,819 (December 31, 2007: $787,469).
-Net loss before equity gain on sale of PPS of $627,892 for the threemonths ended June 30, 2008 (June 30, 2007: $566,587), in line withexpectation.
- Report 73,468,849 common shares outstanding at June 30, 2008.
- On August 12, 2008, announced the closing of a non-brokered private placement raising gross proceeds of $235,000.
In announcing the results, David Hill, Chief Executive Officer of Cannasat, said:
"Duringthe second quarter, Cannasat divested its position in Prairie PlantSystems and ended the Strategic Alliance Agreement between the twocompanies. This decision marked an important and fundamental strategicshift for the Company, as we now focus all our efforts and resourcesdeveloping safe and therapeutically effective CNS drug candidates. Welook forward to the second half of 2008, as we continue to advance ourinnovative and promising CAT 310 and CAT 320 products."
ABOUT CANNASAT THERAPEUTICS
Foundedin 2004, Cannasat is an early stage CNS (Central Nervous System)research and development company. Cannasat's current drug candidateshave broad potential therapeutic applications, including the treatmentof neuropathic pain, chronic pain, nausea/vomiting, anxiety,schizophrenia, and other mood disorders. More information aboutCannasat (TSX VENTURE: CTH) is available at www.cannasat.com.
FORWARD LOOKING STATEMENTS
Certainstatements in this release may constitute forward-looking statements.Such forward-looking statements involve risks, uncertainties and otherfactors, which may cause actual results, performance or achievements ofthe Company to be materially different from future results, performanceor achievements expressed or implied by such forward-lookingstatements.
The TSX Venture Exchange Inc. has not reviewed anddoes not accept responsibility for the adequacy or accuracy of thispress release.
Contacts: Cannasat Therapeutics Inc. AndrewWilliams COO & CFO (416) 703-2449 (Ext. 253) (416) 703-8752 (FAX)Email: awilliams@cannasat.com Website: www.cannasat.com
SOURCE: Cannasat Therapeutics Inc.
mailto:awilliams@cannasat.com https://www.cannasat.com
Copyright 2008 Market Wire, All rights reserved.