Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) (CSE: PVOT) is pleased to announce that it has commenced development of PGS-N001 with its German technology partner, SolMic GmbH. PGS-N001 is a pure, natural and water-soluble oral cannabidiol (CBD) solution. It shows the highest bioavailability and does not contain THC. Pivot previously announced the licensing of worldwide rights for SolMic Technology in the field of cannabinoids and has now initiated the next stage of the agreement to complete formulation, development, testing and manufacturing in preparation for launch in legalized cannabis markets in 2018. PGS-N001 will be formulated and developed to treat a variety of indications such as chemotherapy-induced nausea & vomiting (CINV), a major therapeutic problem in the cancer supportive care area.
According to a report by Grand View Research Inc., “The global medical marijuana market is expected to reach a value of US $55.8 billion by 2025. Several American states have approved the use of cannabis in medical applications such as chemotherapies and pain management. The growing number of states and countries giving approval for use of cannabis in therapeutic applications is one of the crucial factors driving the demand over the coming years.”
Dr. Wolfgang Schoenfeld, SolMic GmbH’s Chief Executive Officer, states, “I am very pleased to continue to work with the Pivot Pharmaceuticals team to develop novel cannabinoid products and therapies using our proprietary SolMic formulation technology. Our technology strongly enhances bioavailability of cannabinoids and improves product attributes such as stability and masks unpleasant tastes and odours, thus making it a better product experience for patients and consumers.”
Dr. Patrick Frankham, Pivot’s Chief Executive Officer, said, “Following our annual technology portfolio review meeting recently held in Montreal, Canada, we decided to advance the development of this asset from our pipeline in order to have a world-class, bio-cannabinoid product containing CBD isolate available for commercialization in 2018. The selection of PGS-N001 will target markets where there is an existing framework for approved use of the drug in medical applications.”
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