VANCOUVER, BC, Canada / ACCESSWIRE / July 25, 2014 / Pacific Therapeutics Ltd. (CSE: PT) (OTC Markets: PCFTF) (Frankfurt: 1P3) (the "Company") is a clinical stage specialty pharmaceutical company focused on the repurposing and reformulation of existing FDA approved drugs for large markets. The Company's lead programs focus on diseases of excessive scarring (fibrosis) and erectile dysfunction which are $1 billion plus market opportunities.
ProactiveInvestors.com has published an article, "Pacific Therapeutics Soars on Partnership for Cannabis Therapies", covering the Company's recently announced agreement with Vodis Innovative Pharmaceuticals ("Vodis"). Click on the link below to read the article.
The article states: "The value of the medical marijuana market in Canada is seen growing to as much as $1.5 billion annually, but if Washington and Colorado are any indication, recreational usage could bring the value to the multi-billion range. Health Canada has been inundated with application requests for producer licenses under the new commercial regime, as the department predicts the burgeoning industry will be worth some $1.3 billion by 2024, and that the number of users could increase 10-fold within five years. So far, health regulators have only granted 13 licenses."
Doug Unwin, CEO and President of Pacific Therapeutics, states: "Health Canada is being very stringent in their selection of which companies will receive MMPR licenses. We believe that given its ready to build letter from Health Canada along with strong management and expertise in growing award winning cannabis, Vodis is the perfect partner in medical marijuana. "
ABOUT VODIS INNOVATIVE PHARMACEUTICALS
Vodis is one of Canada's foremost brand names in the medical marijuana business. Its products have consistently won or placed at each competition they have entered. Vodis is in the application process to become a Licensed Producer at its 12,000 square foot facility in Canada and is currently preparing to break ground in Washington State at a 25,000 square foot commercial production facility.
ABOUT PACIFIC THERAPEUTICS LTD.
The Company's strategy includes reformulating approved drugs to increase efficacy and patient compliance, while reducing side effects, as well as completing the further clinical testing, manufacturing and other regulatory requirements sufficient to seek marketing authorizations. This strategy may reduce the risk, time and cost of developing therapies by avoiding the risks associated with basic research and using compounds with unknown safety and toxicity profiles. The Company's lead programs focus on erectile dysfunction and diseases of excessive scarring (fibrosis).
In 2011 the total market for drugs to treat erectile dysfunction ("ED") exceeded $5 billion. Pacific Therapeutics Ltd. has reformulated an approved drug to treat ED using the Company's proprietary oral dissolving technology ("sublingual formulation"). This is the first treatment to be developed by the Company using its sublingual platform technology and may be a very attractive alternative to generics in China.
Pacific Therapeutics Ltd. lead drug candidate for fibrosis (progressive scarring of the organ), PTL-202 is a combination of an FDA approved drug and an amino acid which is an extremely potent and important antioxidant.
In addition to the $1.1 billion Pulmonary Fibrosis market opportunity, PTL-202 may be effective as a treatment for Liver Cirrhosis a $1.56 billion global market opportunity in 2010, that is expected to grow to $2.03 billion by 2017 (Global Data, Feb, 2011).
For further information visit our website at www.pacifictherapeutics.com or email us at [email protected]
Douglas H. Unwin, CEO & President
FORWARD LOOKING STATEMENTS
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Readers should not place undue reliance on the Company's forward-looking statements, as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that such forward-looking statements will materialize. The Company does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws.
SOURCE: Pacific Therapeutics Ltd.