“This anxiety product combines safe, natural products, with our transdermal delivery system that makes administration easy by pet owners; offering a unique and particularly powerful advantage in the current animal anxiety treatment market. Given the companion animal market is estimated to exceed $65 billion in sales in the United States alone with medical product sales representing approximately 20% of total market sales, we see an enormous opportunity for revenue generation through leveraging our proprietary transdermal delivery system in the animal health market,” said Dr. Joseph Gabriele, CEO of Delivra.
Under the agreement, Delivra and Intervivo Solutions (“Intervivo”) have developed a therapeutic topical cream for sleep, anxiety and separation anxiety for companion animals, as well as transdermal delivery of therapeutics for osteoarthritic pain. Delivra’s expertise in formulation using its innovative delivery system platform combined with Intervivo’s success in demonstrating pharmacokinetic, safety and efficacy data in clinically relevant canine and feline models provides a unique platform for rapid development of transdermal commercial products for the veterinary market. The Humane Society reported in 2016 that 30-40% of relinquished pets are given up due to behavior problems such as anxiety.
The Company also announces that it has issued an aggregate of 1,800,000 incentive stock options (the “Options”) to officers, directors and consultants of the Company. The Options are exercisable at $0.45 per share for a period of five years from the date of grant, expiring on January 24, 2023. The Options vest 50% on the first anniversary date and 50% on the second anniversary date. The options have been granted under and are governed by the terms of the Company’s incentive stock option plan.
ABOUT DELIVRA CORP.
Delivra Corp. is a specialty biotechnology company that has a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules through the skin, in a targeted specific manner. Delivra manufactures and sells a growing line of natural topical creams with the proprietary transdermal delivery system platform under the LivReliefTM brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and under the LivSportTM brand for sports performance. LivReliefTM products are available in pharmacies, grocery chains, and independent health food stores across Canada, including Shoppers Drug Mart, Walmart, Loblaw, Rexall, Pharmasave, London Drugs, and on-line at www.livrelief.com. In parallel with its consumer products business, Delivra also has a mandate to license its patent-pending proprietary transdermal delivery technology platform to pharmaceutical companies globally, for the repurposing of pharmaceutical molecules transdermally to treat a broad range of conditions, along with licensing its over-the-counter products globally. Delivra is headquartered in Hamilton, Ontario and has a research and development laboratory in Charlottetown, PEI.
ABOUT INTERVIVO SOLUTIONS
InterVivo is a Canadian-based preclinical contract research organization with a mission to develop and provide translational animal models and transformative research services in an effort to improve the clinical success of new therapeutics, particularly in central nervous system indications. In addition to drug metabolism, exploratory safety and pharmacokinetics screening, InterVivo provides rodent models of cognitive dysfunction, obesity, abuse liability, pain and epilepsy, and Parkinson’s disease. InterVivo also provides a natural aging canine and feline models of human diseases with a particular emphasis on AD progression, cancer, osteoarthritis, obesity and metabolic disorders. InterVivo currently operates in in a 38,000-square foot animal facility in Fergus, ON, an 11,000-square foot facility in Mississauga, ON and has head offices in downtown Toronto.
For further information on Intervivo can be found at www.intervivo.com.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute “forward-looking statements”, which are not comprised of historical facts. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “intends”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”, and similar expressions. Specifically, forward-looking statements in this news release include, without limitation, statements regarding: the Company’s drug research and development plans; the timing of operations; and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Delivra to differ materially from those anticipated or implied in such forward-looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management’s expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Delivra will continue substantially in the ordinary course and will be favorable to Delivra, that clinical testing results will justify commercialization of the Company’s drug candidates; that Delivra will be able to obtain all requisite regulatory approvals to commercialize its drug candidates, that such approvals will be received on a timely basis, and that Delivra will be able to find suitable partners for development and commercialization of its products and intellectual property on favourable terms. Although these assumptions were considered reasonable by management at the time of preparation, they may prove to be incorrect. Factors that may cause actual results to differ materially from those anticipated by these forward-looking statements include: uncertainties associated with obtaining regulatory approval to perform clinical trials and market products; the need to establish additional corporate collaborations, distribution or licensing arrangements; the ability of the Company to generate sales and profits; the Company’s ability to raise additional capital if and when necessary; intellectual property disputes; increased competition from pharmaceutical and biotechnology companies; changes in equity markets, inflation, and changes in exchange rates; and other factors as described in detail in Delivra’s public filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Delivra disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Dr. Joseph Gabriele
Chief Executive Officer
416-238-1414 x 233