OTTAWA, ON / ACCESSWIRE / June 4, 2020 / Tetra Bio-Pharma Inc. ("Tetra" or the "Company") (TSXV:TBP)(OTCQB:TBPMF), a bio-pharmaceutical company engaged in cannabinoid-derived drug discovery and development and Storz & Bickel, a subsidiary of Canopy Growth Corporation, (TSX:WEED)(NYSE:CGC), a world-leading diversified cannabis, hemp and cannabis device company, are pleased to announce that they have finalized a definitive commercial sales agreement for the sale of the Mighty Medic device as part of the CAUMZ™-kit drug-device combination product.
Today Tetra announces a commercial sales agreement with Canopy to ensure the supply of the medical device component of the CAUMZ™-kit. This Agreement will help us to determine the selling price to pharmacies. This Agreement is critical as the corporation advances in potential partnering discussions with pharmaceutical companies for the sale and distribution of the CAUMZ™-kit drug-device combination product.
Dr. Guy Chamberland, CEO & CRO Tetra Bio-Pharma commented, " First I would like to highlight the strong partnership we have been able to put in place with our colleagues at Storz & Bickel, we expect it to be fruitful for both parties. Day 1, they offered their assistance in financially supporting our CAUMZ™ kit development program by providing us with their Mighty Medic devices for our trials, they have been really open and responsive to our research needs.
On a different note, Tetra is fast advancing on the determination of our CAUMZ™ kit revenue model. I want to reiterate that patients are at the center of what we do, if patients benefit from the CAUMZ™ kit then Tetra will emerge as a market leader in cannabinoid derived medicines and if this materializes, profit will follow, as a result all our patient investors will be rewarded."
The sales agreement will allow Tetra Bio-Pharma to purchase the Mighty Medic from Canopy Growth, subject to the terms and conditions set forth in the Agreement. The Mighty Medic is a Class 2 medical device, approved by Health Canada, and the first battery-powered medical vaporizer to be certified.
As previously announced, the Mighty Medic medical vaporizer has been used in Tetra's research with CAUMZ and QIXLEEF including Phase 1 clinical trials and is being used in the SERENITY©, REBORN© and PLENITUDE© clinical trials. Tetra has performed extensive studies on the vaporization of cannabinoids, terpenes and volatile organic compounds when pure compounds or cannabis products are heated in the Mighty Medic. Tetra and Canopy will collaborate to prepare the data and certifications required to obtain marketing approval for the device component from the US FDA. As a result, the Mighty Medic will also be evaluated as part of the drug approval review process.
"Storz & Bickel has led the cannabis industry in medical device design and manufacturing for twenty years. We're proud to collaborate with Tetra to pursue research that has the potential to improve people's quality of life," said Peter Popplewell, Chief Technology Officer, Canopy Growth and Managing Director, Storz & Bickel.
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSXV:TBP) (OTCQB:TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed and approved, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Source: Tetra Bio-Pharma
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Forward-looking statements
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company's research and development strategies, including the success of this product or any other product, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
For further information, please contact Tetra Bio-Pharma Inc.:
Investor Contact:
Alpha Bronze, LLC
Mr. Pascal Nigen
Phone: + 1 (646) 255-0433
[email protected]
Media Contact:
energi PR
Ms. Carol Levine APR, FCPRS
Phone: + 1 (416) 425-9143 ext. 226
Mobile: + 1 (514) 703-0256
[email protected]
SOURCE: Tetra Bio-Pharma