TORONTO, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Emblem Corp. (TSXV: EMC, OTCQX: EMMBF) (“Emblem” or the “Company”), through its wholly-owned subsidiary Emblem Cannabis Corporation, a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), along with Canntab Therapeutics Limited (“Canntab”), today announced that they have achieved a milestone with regards to the development of a patent-pending oral extended release formulation for cannabinoids (the “Extended Release Tablets” or the “Product”).
Dissolution testing conducted by Emblem and Canntab’s research and development teams indicated that the Extended Release Tablets released cannabinoids consistently over a 12-hour period. Given these positive test results, Canntab will now begin manufacturing pivotal batches of the Product at Emblem’s Paris, Ontario facility, and tablets from these batches will proceed to clinical testing. With this success, Emblem will continue to advocate Health Canada for the approval of this and other advanced formulations of cannabinoid medications under the new Cannabis Act.
“Emblem’s strength in the medical market is further solidified by achievement of this major milestone. We believe the oral extended release formulation will be a game-changer in the medical cannabis market and that Emblem, through its license agreement with Canntab, is at the forefront of this development,” said Nick Dean, CEO. “Precise, dose-controlled cannabis medications are critical to the acceptance of cannabis among prescribers and patients. Emblem has long been a medical-first LP and our first and foremost commitment is to our patients. Innovative cannabis products for both the medical and adult-use space are fundamental to our long-term strategy, alongside brand building and distribution.”
The Extended Release Tablets are designed to release cannabinoids over a period of 12 hours, which will provide patients with long-lasting effect without the need for multiple doses. Extended release medical products can be particularly valuable in the treatment of chronic conditions, such as chronic pain, where patients tend to require repeated dosing to obtain ongoing relief.
“Achieving this milestone marks a key step in development of the oral extended release formulation,” said John H. Stewart, President of Emblem’s Medical Division. “The production of a reliable, long-acting formulation is complex and often very difficult to achieve. The results of the dissolution study signal that we will proceed with Canntab to the next stage of the Product’s development.”
“Completing this milestone demonstrates our continued momentum on development of the oral extended release formulation. We’re confident that the partnership with Emblem will soon result in a final product to most effectively address patients’ needs,” said Jeff Renwick, CEO, Canntab.
The agreement between Emblem and Canntab calls for Emblem to make payments to Canntab upon achievement of certain milestones involving dissolution studies, bio-availability studies and regulatory approval of the Extended Release Product. As part of this milestone achievement, Emblem has made a milestone payment to Canntab.
Canntab Therapeutics Limited is a Canadian cannabis oral dosage formulation company based in Markham Ontario, engaged in the research and development of advanced pharmaceutical grade formulations of cannabinoids. Canntab has developed in-house technology to deliver standardized medical cannabis extract from selective strains in a variety of extended/sustained release pharmaceutical dosages for therapeutic use. Simply put, Canntab's mission is to put the "Medical" into medicinal cannabis.
Emblem, through its wholly-owned subsidiary Emblem Cannabis Corporation, is a fully integrated licensed producer and distributor of medical cannabis and cannabis derivatives in Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR). Emblem's state-of-the-art indoor cannabis cultivation facility and research and development laboratory is located in Paris, Ontario. Led by an experienced management team of healthcare executives, accomplished marketing professionals, and cannabis experts, Emblem is focused on driving shareholder value through product innovation, brand relevance, and access to patient and consumer channels. Emblem is also the parent company of GrowWise Health Limited, one of Canada's leading cannabis education services. Emblem trades under the ticker symbol EMC on the TSX Venture Exchange.
For more information, please visit www.emblemcorp.com.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Management of the Company believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those material factors and assumptions are based on information currently available to the Company, including data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which Emblem believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. While Emblem is not aware of any misstatement regarding any industry or government data presented herein, the medical marijuana industry involves risks and uncertainties and is subject to change based on various factors.
Forward-looking statements are not a guarantee of future performance and are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks identified in the Company's December 31, 2017 Management's Discussion and Analysis, which has been filed with the Canadian Securities Administrators and available on www.sedar.com. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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