TORONTO, ONTARIO / ACCESSWIRE / October 22, 2019 / Theralase® Technologies Inc. ("Theralase" or the "Company") (TSXV:TLT)(OTCQB:TLTFF), a clinical stage pharmaceutical company dedicated to the research and development of light activated Photo Dynamic Compounds ("PDC") and their associated drug formulations intended to safely and effectively destroy various cancers is pleased to announce that the Company has been granted a European Patent for their anti-cancer PDCs, which will issue in due course.
The patent entitled, "Metal-Based Thiophene Photodynamic Compounds and Their Use" advances Theralase's intellectual property portfolio internationally strengthening the patent portfolio around the Anti-Cancer Technology ("ACT") platform. The patent encompasses an extensive library of PDCs, including Theralase's lead PDC, TLD-1433, approved by Health Canada to be evaluated in a Phase II Non-Muscle Invasive Bladder Cancer ("NMIBC") clinical study ("Study II"). Currently, Study II has successfully been launched in 3 Canadian clinical oncology sites with 2 patients treated. The Company has submitted a Food and Drug Administration ("FDA") Investigational New Drug ("IND") application and is currently working with the FDA in the approval of the IND to allow the Company to launch clinical Study II sites in the US.
Dr. Arkady Mandel M.D. Ph.D. D.Sc, Chief Scientific Officer of Theralase stated, "The latest European Patent reinforces the intrinsic value of our PDC anti-cancer technology and confirms the highly innovative nature of them and their inherent ability to destroy cancer. This patent provides the Company intellectual property protection for its PDC technology until mid-2032 and it complements the already robust set of 9 patent families securing the protection of Theralase's PDCs and related ACT. This European patent protects our lead PDC compound, TLD-1433, in addition to the Canadian and US patent already issued on this innovative technology. The new patent also provides us with intellectual property to commercialize this PDC technology in Europe."
The European Union market is the second largest economy in the world in nominal terms after the United States. Global spending on cancer medicines continues to rise with therapeutic and supportive care use at USD$133 billion globally in 2017, up from USD$96 billion in 2013. Overall, the global market for oncology therapeutic medicines will reach as much as USD$200 billion by 2022, averaging 10-13% growth over the next five years, with the U.S. market reaching as much as USD$100 billion by 2022, averaging 12-15% annual growth.1
It is estimated that there will be 141,000 new cases of bladder cancer in Europe by 2020.2 Additionally, it is projected that there will be approximately 42,000 deaths in Europe caused by bladder cancer in 2019, approximately 31,080 men and 10,833 women.3
About Theralase® Technologies Inc.
Theralase® is a clinical stage pharmaceutical company dedicated to the research and development of light activated Photo Dynamic Compounds and their associated drug formulations intended to safely and effectively destroy various cancers.
This news release contains "forward-looking statements" which reflect the current expectations of the Company's management of future growth, results of operations, performance and business prospects and opportunities. Such statements include, but are not limited to, statements regarding the Company's proposed development plans with respect to Photo Dynamic Compounds and their drug formulations. Wherever possible, words such as "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions including with respect to the ability of the Company to: adequately fund, secure the requisite regulatory approvals to commence and successfully complete a Phase II NMIBC clinical study in a timely fashion and implement its development plans. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements; including, without limitation, those listed in the filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com ). Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise except as required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this release.
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Shushu Feng, Investor Relations & Public Relations Coordinator
SOURCE: Theralase Technologies Inc.