Vancouver-based biopharmaceutical company Pivot Pharmaceuticals Inc. (CSE: PVOT) (OTCQB: PVOTF) this morning announced its acquisition of Thrudermic, LLC, a privately-held North Carolina company. Per the update, Pivot will pay $1.00 for all of the listed and outstanding units of Thrudermic and issue an aggregate of 500,000 shares in the capital of Pivot to Dr. Joseph Borovsky and Dr. Leonid Lurya for their intellectual property portfolio, including patents, good will and know-how in connection with Thrudermic’s Transdermal Nanotechnology. Additionally, Borovsky has been appointed Pivot’s vice president, product formulation, and Lurya has been appointed Pivot’s executive director, product formulation. “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,” Dr. Patrick Frankham, CEO of Pivot, stated in the news release. “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.”
To view the full press release, visit http://cnw.fm/QdM1f
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF), based in Vancouver, Canada, is an emerging biopharmaceutical company engaged in the development and commercialization of pharmaceuticals and nutraceuticals that provide novel treatments for unmet healthcare needs. Pivot Pharmaceutical’s subsidiary, Pivot Green Stream Health Solutions Inc., will focus on improving the bioavailability of cannabinoid-based pharmaceuticals. Pivot Green Stream is tasked with developing several natural health products containing cannabinoids that can receive a Health Canada Natural Health Product designation. For more information, visit www.PivotPharma.com
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