- The companies will co-develop an oral formulation of cannabidiol (CBD) for the over-the-counter market, initially targeting the $3B global sleep aids market
- NW PharmaTech has agreed to fund formulation development and testing costs
- AmpB Tech and NW PharmaTech will begin their joint development of oral CBD immediately
- NW PharmaTech is a pharmaceutical company
- Amp B Tech is a wholly-owned subsidiary of Satellos
- Satellos Bioscience Inc. (MSCL) opened trading at 1.90 per share
Satellos Bioscience (MSCL) subsidiary Amphotericin B Technologies has entered into a joint development agreement with NW PharmaTech.
The companies will co-develop an oral formulation of cannabidiol (CBD) for the over-the-counter market. Oral CBD will initially target the global market for sleep aids, estimated at $3 billion in 2020.
NW PharmaTech has agreed to fund formulation development and testing costs.
“Our partnership with NW PharmaTech is an important extension of our strategy to provide solutions for the oral delivery of non-water soluble compounds in areas of high demand, and allows us to enter an exciting and expanding new market of great potential with a key partner,” said William Jarosz, the President and Chief Executive Officer of AmpB Tech.
“We are excited about our partnership with AmpB Tech which will enable us to work towards improving the bio-availability of CBD which is critical in unlocking the true potential of the molecule,” noted Filipp Korentsvit, one of the Founding Partners of NW PharmaTech.
“Together, these developments provide tangible evidence for the interest in OralTransTM and illustrate why Satellos established Amp B Tech as the commercialization vehicle to create value for this exciting platform and benefit shareholders,” commented Frank Gleeson, the President and CEO of Satellos.
“We are looking forward to applying our novel drug delivery technology to these and additional new indications,” noted Dr. Kishor M. Wasan, Chief Science Officer of AmpB Tech.
AmpB Tech and NW PharmaTech will begin their joint development of oral CBD immediately.
NW PharmaTech is a pharmaceutical company based on a ‘Nature to Medicine’ strategy.
Amp B Tech is a wholly-owned subsidiary of Satellos.
Satellos Bioscience Inc. (MSCL) opened trading at 1.90 per share.
