SASKATOON, Saskatchewan--(BUSINESS WIRE)--ZYUS Life Sciences Corporation (the “Company”) (TSX-V: ZYUS), a Canadian-based life sciences company focused on the development and commercialization of novel cannabinoid-based pharmaceutical drug candidates for pain management, is pleased to announce that its wholly owned subsidiary, ZYUS Life Sciences Inc., has received a Cannabis Drug License issued pursuant to the Cannabis Act (Canada) and Cannabis Regulations. This license pertains specifically to its processing facility located in Saskatoon, Saskatchewan, which is dedicated to the manufacture of pharmaceutical-grade cannabinoid formulations.
Issuance of the Cannabis Drug License compliments ZYUS’ existing standard processing, research, analytical and medical sales licenses and expands the scope of the Company’s license portfolio by enabling ZYUS to manufacture and distribute drugs containing cannabinoids for Health Canada-approved clinical trials in Canada.
Advancing Innovation Through Trichomylin® Softgel Capsules Phase 2 Clinical Trial
As previously announced, ZYUS intends to launch a Phase 2 Clinical Trial in Canada later this year to assess the preliminary efficacy, safety, and tolerability of Trichomylin® softgel capsules in patients with advanced cancer and moderate to severe cancer-related pain. ZYUS’ receipt of the Cannabis Drug License and compliance with applicable quality guidelines issued by the International Council for Harmonisation and Good Manufacturing Practice standards provides a robust framework respecting the Company’s manufacture of Trichomylin® softgel capsules for its Phase 2 Clinical Trial and brings ZYUS one step closer to achieving its goal of obtaining regulatory approval of its proprietary drug product.
Robust Intellectual Property Portfolio
In addition to this licensing advancement, ZYUS has also been granted Patent No. 2022/12127 in South Africa respecting its second drug candidate. The South African patent expands ZYUS’ robust intellectual property portfolio, which is comprised of multiple patent families focused on fixed-dose cannabinoid-based formulations for pain management and other clinically unmet needs. Issuance of the South African patent, together with the recent issuance of the Company’s U.S. patent covering Trichomylin® softgel capsules, underscores ZYUS' dedication to pioneering novel therapies in the pharmaceutical landscape.
"Receipt of the Cannabis Drug License marks a significant milestone for ZYUS," said Brent Zettl, President and CEO of ZYUS. "This achievement, alongside the issuance of the first patent for our second drug candidate in South Africa, positions ZYUS as a leader in the development of innovative therapies, aimed at improving patients’ quality of life.”
Grant of Stock Options
Pursuant to the Company’s omnibus equity compensation plan (the “Omnibus Plan”), the Company also announced it has granted stock options to purchase up to an aggregate of 322,175 common shares of the Company, which includes 100,000 options issued to certain members of the Corporation’s senior management. The stock options were priced at $1.08 per option share, being the closing price of the Corporation’s shares on the date of issuance, and are exercisable for a period of five years and have various vesting periods.
About ZYUS Life Sciences Corporation
ZYUS (TSXV: ZYUS) is a life sciences company focused on the development and commercialization of novel cannabinoid-based pharmaceutical drug candidates for pain management. Through rigorous scientific exploration and clinical research, ZYUS aims to secure intellectual property protection, safeguarding its innovative therapies and bolstering shareholder value. ZYUS’ unwavering commitment extends to obtaining regulatory approval of non-opioid-based pharmaceutical solutions, in pursuit of transformational impact on patients’ lives. For additional information, visit www.zyus.com or follow us on X (formerly known as Twitter) @ZYUSCorp.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business, the Company’s ability to advance clinical research activities, comply with applicable quality guidelines issued by the International Council for Harmonisation and Good Manufacturing Practice standards, realize on its objectives and obtain regulatory approval of cannabinoid-based pharmaceutical drug product candidates such as Trichomylin® softgel capsules, introduce products that act as alternatives to current pain management therapies such as opioids, advance Phase 2 clinical development of Trichomylin® softgel capsules and ability to manufacture and distribute drugs containing cannabis for other Health Canada-approved clinical trials. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans”, “will” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the Company’s business, the Company’s ability to advance clinical research activities, comply with applicable quality guidelines issued by the International Council for Harmonisation and Good Manufacturing Practice standards, realize on its objectives and obtain regulatory approval of cannabinoid-based pharmaceutical drug product candidates such as Trichomylin® softgel capsules, introduce products that act as alternatives to current pain management therapies such as opioids, advance Phase 2 clinical development of Trichomylin® softgel capsules and ability to manufacture and distribute drugs containing cannabis for other Health Canada-approved clinical trials are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the Company will be able to achieve these results. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law.
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