Satellos Bioscience Inc. - Cofounder and CEO, Frank Gleeson
Cofounder and CEO, Frank Gleeson
Source: LinkedIn
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  • Satellos Bioscience Inc. (MSCL) is progressing towards monetizing its novel and proprietary oral pharmaceutical transport technology, OralTransTM, for CBD based sleep aids
  • Companies have further developed the joint initiative for creating products for the over-the-counter market for sleep disorders
  • Satellos through its subsidiary, Amphotericin B Technologies Inc., will license OralTransTM to the joint venture corporation and NW PharamTech will provide all funding
  • Satellos entered a sponsored research agreement to apply its formula for sleep aid products
  • The parties expect all subsequent funding to flow through the joint venture which will be established in the coming weeks
  • Satellos Bioscience Inc. (MSCL) is up 16.18 per cent trading at $0.79 per share as of p.m. EST

Satellos Bioscience (MSCL) reports progress towards monetizing its novel and proprietary oral pharmaceutical transport technology, OralTransTM.

Satellos and NW PharmaTech Limited have further developed the joint initiative for creating products for the over-the-counter market for sleep disorders.

The parties intend to create a joint venture corporation that will focus on the invention of oral formulations of CBD sleep aids targeted at the over-the-counter market for sleep disorders.

Frank Gleeson, co-founder and CEO of Satellos, commented,

“Collaborating with NW PharmaTech is the first of what we hope will be a number of relationships relating to OralTransTM and other assets we acquired through our amalgamation with iCo Therapeutics Inc… relationships which have the potential to create value and monetization opportunities for Satellos, while still maintaining our core focus on treating degenerative muscle diseases.”

Satellos through its subsidiary, Amphotericin B Technologies Inc., will license OralTransTM to the joint venture corporation and NW PharamTech will provide all funding.

As part of the Initiative, Satellos entered a sponsored research agreement last month with Dr. Christine Allen’s research group in the Leslie Dan Faculty of Pharmacy, University of Toronto to apply its formula for sleep aid products. Dr. Allen’s Research Group will develop and test CBD-based sleep formulations based on OralTransTM for one year.

NW PharamTech has funded the SRA through the initiative to date. The parties expect all subsequent funding to flow through the joint venture which will be established in the coming weeks.

Satellos Bioscience Inc. (MSCL) is up 16.18 per cent trading at $0.79 per share as of p.m. EST.

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