Guarantee Revenue. Investors Update. July 18 2019 2019-07-18 06:30 ET - News Release
- Drug portfolio with U.S. granted patent protection for ophthalmic use, drug solubility and abuse deterrence;
- U.S. FDA provides positive response on painful dry eye development program;
- Panag completes a Phase 3 clinical trial for a topical pain reliever;
- Serenity© trial to launch in USA and Canada;
- Promised revenues to exceed delivery targets; and
- Successfully raised $8 million in a prospectus financing that was oversubscribed.
OTTAWA, July 18, 2019 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. (“Tetra” or the “Company”) (TSX-V: TBP) (OTCQB: TBPMF), a bio-pharmaceutical company engaged in cannabinoid-derived drug discovery and development, is pleased to provide investors with an update on our research, regulatory and commercial activities after closing the public placement.
Tetra is a bio-pharma company with a drug pipeline covering ophthalmic conditions, chronic pain and oncology. Over the past year the corporation has secured granted patents to render its drug portfolio attractive to Pharmaceutical companies. These intellectual properties were obtained through its acquisition of Panag Pharma, and by forming partnerships with Altus Formulations (Altus) and Crescita Therapeutics (Crescita). “Pending patents are good to have but the real value is when the USA Patent Office recognizes the innovation and issues the patent,” said Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma. “This type of intellectual property is what Tetra found in the ophthalmics program at Panag and through our partnerships with Altus and Crescita. It is also what health investment funds look for.”
The funds obtained from the recently closed prospectus financing will be used to continue the clinical development of the Caumz prescription drug and execute the first part of the ophthalmics programs. “Earlier in June, the U.S. FDA validated the painful dry eye development program paving the road to launch clinical trials. These two development programs represent the core of Tetra’s drug development programs and both address huge medical markets. Over the last months, the clinical research team has continued qualifying clinical sites across Canada and the USA as well as seeking approval from the institutional review boards. In addition, Tetra has continued to expand its intellectual property on the inhalation of cannabinoids as we aim to remain a world leader in this field,” said Dr. Chamberland.
Revenues
The Corporation promised revenues at the June 2018 Annual General Meeting of shareholders and we recently announced that Tetra had delivered on its promise. Hemp Energy Drink sales have exceeded $1.5 million at the end of Q2 2019. The Corporation anticipates revenues to continue at or above this pace as we continue to sign agreements with additional distribution partners and distribution outlets.
Tetra has signed commercial agreements with partners, such as Genacol Canada Corporation, and we are on target to provide these companies with topical products for sale. These base for these products is derived from Panag’s insight into the endocannabinoid system. “Our acquisition of Panag included the potential to grow the topical health care business and generate revenues. The two businesses together will allow Tetra to easily exceed previous promises made by past management,” said Dr. Chamberland. As previously announced, Panag has completed enrollment of patients for the Phase 3 trials of Awaye and the clinical trial data are currently being analysed.
The Crescita venture is bringing to Tetra additional products for the topical skin care market. These will be patent protected products with drug approvals from regulatory agencies. With the clinical data acquired through Panag, these products will be commercialized with no new clinical trials required for regulatory approval.
A small portion of the funds raised will be used to maintain the market penetration of the Hemp Energy Drink, topical health care products and the Crescita line of products. “The Hemp Energy Drink, topical skin care and Crescita-derived topical drug product launches will become an important revenue stream for Tetra. Tetra has maintained the development and commercialization of these products and is on target with its previous timelines disclosed,” said Dr. Chamberland.