VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) -- LOVE Pharma (CSE:LUV) (FSE:G1Q0) has signed a non-binding Letter of Intent to acquire 100% of Naltrexone Therapeutics Inc., a pharmaceutical technology company with significant IP related to the transdermal delivery of FDA approved Naltrexone. Naltrexone is an opioid antagonist, primarily used to manage alcohol and or opioid use disorder by reducing cravings and feelings of euphoria associated with substance abuse disorder.
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Transdermal delivery of Naltrexone is anticipated to regulate dosage, reduce GI related side effects and improve the patient experience overall. Most importantly, transdermal delivery of Naltrexone may eliminate and or reduce current side effects of the drug such as nausea, which may restrict the growth of the existing Naltrexone market.
Zach Stadnyk, President and CEO, stated: "Love Pharma is very excited to add the Naltrexone Therapeutics transdermal patch IP to our addiction treatment portfolio. Transdermal delivery can provide patients with convenient and safe Naltrexone treatment, providing greater bioavailability, steady absorption and fewer GI related side effects common with oral dosages currently available, the latter of which we believe has the potential to expand the market for Naltrexone."
The transdermal formulation of a drug can be incorporated within a patch which is then applied to the skin surface of the patient, thereby providing a consistent absorption rate over a pre-determined time as prescribed. The delivery method for transdermal delivery of suitable drugs can be highly flexible and can be designed to release drugs over a varied period of hours from 24 hours to 144 hours or more, as well as over a larger number of days.
The drug addiction treatment market is forecast to surpass US$31 billion by 2027.
Zach Stadnyk, President and CEO, added: "Love Pharma is developing a strong thesis around transdermal drug delivery applications in the addiction space due to the multiple patient centred benefits and the Company's top tier relationships with biotech laboratories that specialize in fast tracking the development, approvals and launch of transdermal drug delivery systems, opening up new markets and applications for existing FDA approved drugs.”
The total consideration of CDN$2,000,000 is payable in common shares, with closing anticipated within 30 days subject to final due diligence. Further details will be released upon the signing of a definitive agreement.
With a focus on the global sexual Health and Wellness markets, Love Pharma was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. Love Pharma holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
The company is well funded, having recently raised more than $2 million, with its shares currently trading at $0.015.
For more information, please visit the company’s website www.love-pharma.com, contact Zach Stadnyk, CEO, at 604-343-2977 or by email at investors@love-pharma.com.
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