TORONTO, ONTARIO--(Marketwire - Dec. 17, 2010) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION
Cynapsus Therapeutics Inc. ("Cynapsus" or the "Corporation") (formerly Cannasat Therapeutics Inc.) (TSX VENTURE:CTH) announced today that, effective December 16, 2010, pursuant to the terms of a security purchase agreement dated as of November 15, 2010 among Lorne Gertner and David Hill (collectively, the "Purchasers") and the Vendor, an aggregate of 7,780,878 Common shares in the capital of the Corporation (the "Shares") have been transferred by the Vendor to the Purchasers. As a result of this transfer, David Hill and Lorne Gertner now own 13.26% and 13.36%, respectively, of the Common shares in the capital of the Corporation.
Some of the Shares acquired by the Purchasers are subject to escrow in accordance with the policies of the TSX Venture Exchange Inc. (the "Exchange") and accordingly, such Shares may only be dealt with in accordance with the policies of the Exchange.
About Cynapsus Therapeutics
Cynapsus is a specialty clinical development pharmaceutical company targeting diseases of the brain. Cynapsus has a low risk Parkinson's drug candidate ("APL-130277"), which is a reformulation of an approved drug. APL-130277 designed to address moderate to severe 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.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.