CALGARY and LAVAL, QC,
Oct. 28, 2019 /PRNewswire/
- Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial"), a Canadian
licensed producer of cannabis and Crescita Therapeutics Inc. (TSX:
CTX and OTC US: CRRTF) ("Crescita"), a Canadian commercial
dermatology company, today announced a development and licensing
agreement (the "Agreement") granting Sundial the worldwide rights
to Crescita's proprietary transdermal delivery technologies for the
development of topicals containing cannabis and hemp.
The partnership combines Crescita's leading expertise in dermal
sciences and in the development of patented topical formulations
with Sundial's cannabis production, extraction and
commercialization expertise. The Agreement will enable the
development of unique, high-quality cannabis and hemp topicals for
the Canadian and international non-prescription markets.
"Partnering with a world-class dermatology company like Crescita
is a significant step for Sundial as we continue to stay on top of
consumer trends in the cannabis industry and prepare for expanded
global reach," said Brian Harriman,
COO of Sundial. "This partnership is a key component of our
international CBD strategy across Canada, Europe, the United
States and future jurisdictions, allowing us to provide
effective and safe branded products based on differentiated
intellectual property ("IP") that consumers can trust."
Pursuant to the Agreement, Crescita will develop formulations
for topical cannabis and hemp products using its patented
transdermal delivery technologies: Multiplexed Molecular
Penetration Enhancers™ ("MMPE") and DuraPeel™ ("DuraPeel"). Based
on a study conducted in 2018, MMPE and DuraPeel both showed
significantly increased skin absorption of cannabidiol ("CBD") by
up to 14- and 6-fold, respectively, when compared to the control
formulation.
"We are thrilled to establish this important partnership with
Sundial, a visionary in crafting premium cannabis brands and a
company that shares our passion for innovation," said Serge Verreault, President and CEO of Crescita.
"This milestone underscores the strength of our IP and technologies
in providing a differentiating factor in the cannabis market
and is a step forward in making Crescita a leading dermatology
company."
Sundial will fund the development and formulation costs and
will have the worldwide marketing and distribution rights for the
newly developed products. In addition, Sundial will support
Crescita in applying for and obtaining the Health Canada Standard
Processing License for Cannabis. Crescita will receive tiered
royalties on the net worldwide sales of these products, and retains
the right to leverage its IP for future product development under
its own brands.
Sundial's partnership with Crescita creates strong synergies
across its multiple partnership agreements, including its skin
disease and anti-aging patents with PathwayRx. Sundial's
initial topical offerings will include a CBD-infused roll-on and
topical cream that will utilize the MMPE technology to deliver
faster skin penetration without irritation. Both products are
expected to be available for purchase in early 2020.
About Sundial Growers Inc.
Sundial proudly crafts
pioneering cannabis brands to Heal, Help and Play:
- Heal - cannabis products used as prescription medicine
- Help - cannabis products that strive to promote health and
wellness through CBD
- Play - cannabis products to enhance social, spiritual and
recreational occasions
Sundial has facilities in Canada and the United Kingdom and provides quality and
consistent products consumers can trust.
In Canada, we grow
'craft-at-scale' cannabis using purpose-built modular facilities
and award-winning genetics. Sundial's flagship production facility
is located in Olds, Alberta with a
second facility in Rocky View,
Alberta. We have commenced
construction of our next purpose-built facility in Merritt, British Columbia.
In the United Kingdom, we grow
high-quality traceable plants, including hemp, ornamental flowers
and edible herbs, in over 1.5 million square feet of
state-of-the-art environmentally friendly, indoor facilities.
Bridge Farm has three facilities in Spalding with another currently
under construction.
We employ nearly 1,000 employees globally, full-time and
seasonal, bringing economic benefits to the local communities in
which we operate.
For more information about Sundial, visit www.sndlgroup.com and
follow us on Twitter @SundialCannabis, Instagram @SundialCannabis,
LinkedIn @SundialCannabis and Facebook @SundialCommunity.
About Crescita Therapeutics Inc.
Crescita (TSX: CTX
and OTC US: CRRTF) is a publicly traded, Canadian commercial
dermatology company with manufacturing capabilities and a portfolio
of non-prescription skincare products for the treatment and care of
skin conditions, diseases and their symptoms and prescription drug
products for the treatment of pain. Crescita owns multiple
proprietary drug delivery platforms that support the development of
patented formulations that can facilitate the delivery of active
drugs into or through the skin.
Supported by a sales force covering all of Canada, and executing its business to business
to consumer marketing approach, Crescita sells its non-prescription
products through spas, medispas and medical clinics.
In addition, our brands and formulations are currently sold in
the U.S. and Asian markets through international distributors and
through a cross-border e-commerce channel.
Crescita developed a prescription product call
Pliaglis® that utilizes our proprietary phase-changing
topical cream Peel technology. Pliaglis is a topical local
anaesthetic cream that provides safe and effective local dermal
analgesia on intact skin prior to superficial dermatological
procedures. The product is currently licensed to two pharmaceutical
companies.
Crescita also provides contract development and manufacturing
services to several local and North American clients. Our contract
development and manufacturing organization infrastructure allows
Crescita to provide its clients with development and other support
activities required to bring their products to market. Crescita has
extensive expertise in product formulation and development,
leveraging our patented transdermal delivery technologies, and
specializes in manufacturing creams, liquids, gels ointments and
serums. The Company operates out of a 50,000 square-foot
manufacturing facility located in Laval, Québec, and is compliant with current
Canadian Good Manufacturing Practices and is regularly inspected by
Health Canada.
About MMPE™
The MMPE technology uses synergistic
combinations of certain pharmaceutical excipients included on the
FDA's Inactive Ingredient Guide for improved topical delivery of
active pharmaceutical ingredients (APIs) into or through the
skin. The benefits of this technology include the potential
for increased penetration of APIs with the possibility of improved
efficacy, lower API concentration and/or reduced dosing. Issued
U.S. patents provide intellectual property protection
through March 6, 2027.
About DuraPeel™
The DuraPeel technology is a
self-occluding, film-forming cream/gel formulation that provides
extended release delivery to the site of application. The cream/gel
contains a drug applied to a patient's skin forming a pliable layer
that releases drug into the skin for up to 12 hours. The benefits
of the DuraPeel technology include proven compatibility with a
variety of active pharmaceutical ingredients ("APIs"). A
self-occluding film reduces product transference risk, provides
fast drying time, facilitates easy application and removal, and
enables application to large and irregular skin surfaces. Patents
have been issued
in Australia, Canada, Japan and the U.S. with
the latest expiry in 2027. The European patent application is still
pending.
Investor Relations
Email: ir@crescitatx.com
Or
Glen Akselrod
Bristol Capital
Tel: 1.905.326.1888, extension 10
Email: glen@bristolir.com
Forward-Looking Information Cautionary Statement
This
news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are based
on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. The Company is under no obligation, and
expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
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SOURCE Sundial Growers Inc.