Canadian-based cannabinoid pharmaceutical company Pivot Pharmaceuticals Inc. (PVOTF) announced it has acquired private company Thrudermic, LLC based in North Carolina. Pivot had previously announced a licensing agreement with Thrudermic but instead, Pivot will exercise its option to acquire Thrudermic. According to a statement, Pivot will pay $1.00 for all of the issued and outstanding units of Thrudermic, and issue an aggregate of 500,000 common shares in the capital of Pivot to Dr. Joseph Borovsky and Dr. Leonid Lurya for their intellectual property portfolio, including patents, goodwill and know-how in connection with the TDL Transdermal Nanotechnology.
The TDL Transdermal Nanotechnology is intended for the formulation and delivery of dosable bio-cannabis products. On behalf of Pivot, Thrudermic recently filed three additional patent applications related to improved formulation and delivery for new routes of administration of cannabinoids and will increase the number of products in the company’s pipeline.
Pivot Pharmaceuticals is an emerging biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies.
“Thrudermic is very excited to become part of the Pivot organization. Our lipid-based nano-dispersion technology is well suited for the emerging cannabis industry. Pivot’s goal is to increase cannabinoid bioavailability, drug release rates and improve product stability, and consumers should be able to confidently take correct and accurate doses to help meet their health and wellness needs,” states Dr. Borovsky.
Dr. Patrick Frankham, Pivot’s CEO, commented, “Thrudermic is Pivot’s fourth disruptive formulation and delivery platform for cannabinoids. We are thrilled that Dr. Borovsky and Dr. Lurya have agreed to join us to develop and commercialize therapeutic bio-cannabis products. They are highly experienced formulations experts with many years of pharmaceutical industry know-how. Pivot continues to position itself as a leader in the delivery of dosable bio-cannabis, something that consumers and regulatory agencies will demand as legalization occurs.”
Pivot Green Stream Health Solutions’ initial product development candidates will include topical treatments for women’s sexual dysfunction, as well as psoriasis, and an oral product for cancer supportive care. PGS will seek to register these as Natural Health Products for consumers. Products following the NHP pathway have shorter development cycles and can generate revenue faster than traditional pharmaceuticals.