Tetra Bio-Pharma Announces Acquisition of Intellectual Property for the Development of Natural Health Products Through Its Agro-Tek Subsidiary
08:31:08 10/26/2016
OTTAWA, ONTARIO, Oct 26, 2016 (Marketwired via COMTEX) -- OTTAWA, ONTARIO--(Marketwired - Oct 26, 2016) - Tetra Bio-Pharma Inc. ("Tetra Bio" or the "Company") (CSE:TBP)(CSE:TBP.CN), through its subsidiary, Agro-Tek Inc. ("AGTK"), is pleased to announce that it has acquired multiple intellectual property assets related to the initiation of manufacturing and distribution of products for natural health care including products containing extracts or oils derived from Cannabis sativa.
The recently announced awarding of the NSERC Engage partnership grant with McGill University will allow AGTK to achieve its commercial strategy to launch Cannabis-derived supplements that comply with the existing regulations regarding cannabis and cannabinoid content. According to the United States Food and Drug Administration ("FDA"), "FDA is not aware of any evidence that would call into question its current conclusion that cannabidiol products are excluded from the dietary supplement definition under section 201(f)(3)(B)(ii) of the Federal Food, Drug, & Cosmetics Act."
Mr. Andr Rancourt, the Company's CEO commented, "CBD or THC containing dietary supplements are currently not allowed on the USA market. However, the goal of the McGill University partnership is the development of extracts of the plant Cannabis sativa, including THC and CBD-free for the development of dietary supplements." AGTK intends on manufacturing and commercializing supplements, food-type products and, natural health products that are compliant with Canadian and USA federal regulations. Mr. Rancourt added, "This commercial strategy involves the expertise of two of the Company's subsidiaries, AGTK and MMP, and is in line with the Company's vision to make AGTK and MMP leaders in the development of Cannabis sativa, derived products for the consumer market, and for the commercialization of natural supplements derived from Cannabis sativa."
The assets acquired include proprietary formulations that have obtained marketing approval from Health Canada. The line consists of:
1. Glucose Aid; NPN 80058089
2. Kava Kava; NPN 80061986
3. Stress Ado; NPN 80065911
4. Toux Ado (Cough Ado); NPN 80065923
5. Toux enfant (Cough Children); NPN 80065928
6. Water Relax; NPN 80065948 (beverage supplement)
7. Water Cough; NPN 80066086 (beverage supplement)
8. Sleep Pro; NPN 80066679
9. Instant Relief; NPN 80066682 (topical gel for local pain relief).
The acquisition of these formulations and their proprietary ingredients will provide PhytoPain Pharma Inc. with an inventory of compounds and elements that will be used as secondary ingredients or catalysts in the formulation of our pharmaceutical grade products.
In consideration for the acquisition of the assets, the Company has issued 1,800,000 common shares to arms' length individuals. The shares issued will be subject to a four-month hold period.
According to Mr. Rancourt, these products will allow AGTK to begin generating revenues. This is the first set of products for AGTK's portfolio. The company will be seeking to acquire additional product lines for distribution in North America. AGTK is engaged in negotiations to acquire national distributors to expand brand identity and facilitate distribution across North America
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.