- Satellos Bioscience (MSCL) licensing of formulation technology and expanded collaboration with NW PharmaTech
- The main purpose of the company is to develop an oral cannabidiol for the treatment of sleep problems and other issues in the mental health realm
- The NWPT team has assembled scientists to create new safe products built on primary data-driven science
- NWPT obtains a time-limited call option for a period of up to 24 months to acquire AmpB Tech from Satellos for US$3 million
- Satellos Bioscience (MSCL) is down 4.41 per cent, trading at C$0.32 at 3:17 pm EST
Satellos Bioscience (MSCL) has announced a joint venture company, NW Micelle Therapeutics.
The main purpose of the company is to develop an oral cannabidiol for the treatment of sleep problems and other issues in the mental health realm.
“[This is] a significant step forward in our partnership with NWPT, one we have been progressing for several months and which we hope will bring tangible benefits to Satellos shareholders,” said William Jarosz, the President and Chief Executive Officer of AmpB Tech.
NWPT will arrange for and provide the funding required by NWMT to make the Oral CBD. The product is already being made at the University of Toronto.
Going forward, the companies will share ownership in NWMT, with 85 per cent held by NWPT and 15 per cent by AmpB Tech.
Looking at the business side of things, NWPT obtains a time-limited call option for up to 24 months to acquire AmpB Tech from Satellos for US$3 million, while Satellos receives a put option to trigger a sale of AmpB Tech to NWPT for the same amount and duration.
The NWPT team has assembled scientists to create new safe products built on data-driven science.
“We have high regard for the team and share a passion for new approaches based on outstanding science,” noted Filipp Korentsvit, one of the Founding Partners and CEO of NW PharmaTech.
“NWPT’s vision for Oral CBD is impressive, and we are pleased to be their partner,” commented Frank Gleeson, the President and CEO of Satellos.
NW PharmaTech is a clinical-stage biopharmaceutical company with a ‘Nature to Medicine’ strategy.
The company uses cutting-edge technological developments in clinical research and the pharmaceutical industry to bring new generations of medicinal products to market.
Satellos is a biotechnology company that develops life-changing medicines to treat degenerative muscle conditions.
Satellos Bioscience (MSCL) is down 4.41 per cent, trading at C$0.32 at 3:17 pm EST.
