Hamilton, Ontario — September 11, 2018 — /D.M.O. Newswire/ — CTT Pharmaceutical Holdings Inc. (“CTT”) (OTC:CTTH) announced today that it received a notice of conversion to convert the $1,000,000 USD 5% debenture held by Aurora Cannabis Inc. (“Aurora”) (TSX:ACB) (OTC:ACBFF) (Frankfurt: 21P; WKN: A1C4WM) into equity shares of CTT. Aurora will have an approximate 9.14% equity ownership stake in CTT upon conversion of the debenture and holds a warrant which enables Aurora to increase its equity ownership to 42.5%.
“Aurora’s conversion of the debenture into an ownership participation shows that it’s “game-on” for CTT,” said Cam Birge, President of CTT. “Pre-production planning for the commercialization of the oral film strips has commenced, and I anticipate achieving several milestones in the coming months, including completion of our commercial agreement with Aurora, international IP registrations, and Health Canada approval, among others.”
Terry Booth, CEO of Aurora, added, “CTT’s innovative technology has the potential to produce great utility when applied to the cannabis industry, and we are encouraged with our joint progress towards establishing a long-term commercial arrangement with CTT to market this exciting technology. Converting our debenture is the logical consequence of our confidence in CTT and our joint project, and we look forward to updating the market as we progress towards introducing oral film strips to both the medical and adult consumer use markets upon receipt of Health Canada approval.”
About CTT Pharmaceutical
CTT’s principal asset is a unique and novel patented drug delivery technology, an orally administered, fast dissolving thin film (the “Wafer”). This technology platform will target both the human and veterinarian (pet) markets for treatment of many diseases. The Company believes that its Wafer technology will be one of the first to gain use in major markets such as pain management. Several Canadian and U.S. patents protect the Oral Thin Film (Wafer) formulation.
CTT’s oral fast dissolving drug delivery systems consist of edible Wafers that dissolve without water and within a few seconds after placement in the mouth. The majority of drugs administered using our drug delivery system mirror injections in that they have the ability to enter the bloodstream quickly, are convenient and discrete, and can be administered anywhere. A faster absorption rate is achieved because the mouth contains a very thin mucosa and is extremely vascular. There is no smoke inhalation, less degradation of medication (by bypassing the stomach) and most importantly lower dosage units are required given the efficacy of absorption. Patient compliance is also improved especially with those who have a fear of choking or difficulty swallowing, and/or are pediatric, geriatric or incapacitated.
For more information, please visit our website: http://www.cttpharmaceuticals.com .
CTT’s common shares trade on the OTC market in the United States under the symbol “CTTH”.
Forward looking statements
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The company is under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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