TORONTO, ONTARIO--(Marketwire - April 15, 2010) - Cannasat Therapeutics Inc. (TSX VENTURE:CTH) ("Cannasat") today announced that it received shareholder approval to change its corporate name to Cynapsus Therapeutics Inc. ("Cynapsus"). The approval was granted at the Annual General Shareholder Meeting held yesterday in Toronto. The Company's stock symbol will remain as "CTH" on the TSX Venture Exchange.
"Since my appointment as President and CEO late last year, my mandate has been to build significant value through the in-licensing of a lower risk Parkinson's Disease project while advancing our existing cannabinoid program," said Anthony Giovinazzo, President and CEO. "As I communicated to shareholders in February, 2010, a key part of my plan is to refocus the Company from a narrow concentration on cannabinoid drug candidates, to a more diversified emphasis on CNS (Central Nervous System) candidates. I believe the name Cynapsus, which is drawn loosely from the word "synapse", more accurately reflects the company's new focus and direction, and I look forward to reporting further progress and developments in the months ahead."
The company has a new logo and corporate identity and will be updating its web site to keep its investors and partners up to date on the progress of its drug development programs.
About Cynapsus Therapeutics
Cynapsus is a specialty clinical development pharmaceutical company targeting diseases of the brain. Cynapsus has a lower risk Parkinson's drug candidate ("APL-130277"), which is a reformulation of an approved drug. APL-130277 is designed to address a much larger moderate to severe patient population, which represents close to 50% of Parkinson's patients. Cynapsus also has a proprietary formulation technology for cannabinoid drug candidates, which may be used to treat neuropathic pain associated with multiple sclerosis and cancer, as well as for nausea/vomiting and appetite stimulation.
Cynapsus' strategy is to grow its portfolio of drug candidates through in-licensing and acquisitions, and to advance projects to Phase 2 proof-of-concept clinical studies. Once the drug candidates are sufficiently derisked, Cynapsus intends to out-license the programs to the appropriate pharmaceutical marketing partners for a combination of upfront, milestone, and royalty payments.
More information about Cynapsus (TSX VENTURE:CTH) is available at www.cynapsus.ca.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cynapsus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to Cynapsus' business disclosed under the heading "Risk Factors" in Cynapsus' current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although Cynapsus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cynapsus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.