PharmaTher Provides Business Highlights and Issues Annual Audited Financial Statements for the Year Ended May 31, 2022


News and research before you hear about it on CNBC and others. Claim your one week free trial for StreetInsider Premium here.


Nearly $12 million in cash and investment

Fully funded for the company’s development programs, including ketamine injection and infusion products, ketamine microneedle patch and portable ketamine pump device for mental, neurological and pain disorders

Seeking FDA Approval for the Company’s Ketamine Injection and Infusion Products for Procedural Anesthesia and Sedation in 2023

TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) — PharmaTher Holdings Ltd. (the “Company” or “PharmaTher”) (OTCQB: PHRRF) (CSE: PHRM), a specialty pharmaceutical company focused on developing and commercializing novel uses and delivery forms of ketamine for the treatment of mental, neurological, and Pain, today released business highlights and audited financial results for its fiscal year ended May 31, 2022. All amounts in this press release are in Canadian dollars.

Fabio Chianelli, Chairman and CEO of PharmaTher, said, “We have reached important clinical and commercial milestones that will pave the way for PharmaTher to potentially become a commercial-stage company in 2023. With just over $12 million in cash and investments on our balance sheet, we are in a strong position to advance our clinical and commercial development programs using ketamine to treat mental, neurological and pain disorders. To support our business objectives, we aim to file Abbreviated New Drug Applications with the FDA for our ketamine-based injectable products for procedural anesthesia and sedation. We expect to obtain FDA approvals by 2H-2023. Our clinical development goals for the next twelve months include obtaining FDA approval to conduct a potential phase 3 clinical trial evaluating ketamine for Parkinson’s disease, presenting the results of the phase 2 clinical trial evaluating ketamine for amyotrophic lateral sclerosis, present clinical study results in depression and pain with our ketamine microneedle patch and portable ketamine pump device, and partner with companies pharmaceuticals for our ketamine products, drug delivery systems and clinical programs. Finally, I would like to thank the PharmaTher team, our board of directors and our shareholders for their support of our goal of unlocking the therapeutic potential of ketamine for unmet medical needs.

Financial Highlights

  • Cash and cash equivalents ($9,154,906) and Investment ($2,966,667) for a total of $12,121,573 as of May 31, 2022.

Company Highlights

  • Presentation of a late-breaking abstract on the positive efficacy and safety data of the Phase 1/2 clinical study of ketamine in the treatment of levodopa-induced dyskinesia in Parkinson’s disease at the international congress MDS.
  • The FDA has granted orphan drug designation to ketamine to treat complex regional pain syndrome and status epilepticus.
  • Completion of IND-Enabling Pharmacokinetics and Tolerability Study with Ketamine Microneedle Patch.
  • Engaged CCBIO to develop and commercialize a new wearable ketamine delivery device.
  • Received FDA Investigational New Drug Application approval for ketamine in the treatment of ALS.
  • Entered into process development agreement with LTS Lohmann for Ketamine Microneedle Patch.
  • Presented positive research results for LSD Microneedle Patch and Psilocybin Microneedle Patch.
  • Committed to Alcami for the clinical and commercial manufacture of ketamine.

For more information, please refer to the Company’s audited annual financial statements prepared in accordance with International Financial Reporting Standards and the related Management’s Discussion and Analysis for the year ended May 31, 2022, which are available under the company’s profile. Company on SEDAR at www. sedar.com.

About PharmaTher Holdings Ltd.

PharmaTher Holdings Ltd. (OTCQB: PHRRF) (CSE: PHRM) is a specialty pharmaceutical company focused on developing and commercializing novel uses and delivery forms of ketamine to treat mental, neurological and pain disorders. PharmaTher’s product portfolio consists of KETARX™ (ketamine) administered by intravenous injection, intradermal microneedle patch and subcutaneous pump administration. Learn more about PharmaTher.com.

For more information about PharmaTher, please contact:

Fabio Chianelli
Chief executive officer
PharmaTher Holdings Ltd.
Tel: 1-888-846-3171
E-mail: [email protected]
Website: www.pharmather.com

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Caution

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “project”, “estimated”, “potential”, ” aims, “may” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the current beliefs or assumptions of PharmaTher Holdings Ltd. (the “Company”) as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by the Company as of the date of the information and is subject to known and unknown risks, uncertainties and other factors that may cause results or events actuals differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the heading “Risk Factors” in the Company’s MD&A for the fiscal year ended May 31, 2022 (“MD&A”), dated September 28, 2022, available on the company profile at www.sedar.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and does not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.

Comments are closed.