VANCOUVER, BC: LOVE Pharma Co. has signed a non-binding Letter of Intent (LOI) to acquire Naltrexone Therapeutics Inc., a pharmaceutical technology company with significant IP related to the transdermal delivery of FDA approved Naltrexone.
The acquisition is considered an arms-length transaction, 100% of Naltrexone Therapeutics will be purchased and become a wholly owned subsidiary of Love Pharma. Total consideration of CAD2.0 million is payable in common shares of the issuer.
Naltrexone is an opioid antagonist, primarily used to manage alcohol and or opioid use disorder by reducing cravings and feelings of euphoria associated with substance abuse disorder.
Transdermal delivery of Naltrexone is anticipated to regulate dosage, reduce GI related side effects and improve the patient experience overall. Most importantly, transdermal delivery of Naltrexone may eliminate and or reduce current side effects of the drug such as nausea, which may restrict the growth of the existing Naltrexone market.
“Love Pharma is very excited to add the Naltrexone Therapeutics transdermal patch IP to our addiction treatment portfolio,” said Mr. Zach Stadnyk, Love Pharma President and CEO.
“Transdermal delivery can provide patients with convenient and safe Naltrexone treatment, providing greater bioavailability, steady absorption and fewer GI related side effects common with oral dosages currently available, the latter of which we believe has the potential to expand the market for Naltrexone.”
“Love Pharma is developing a strong thesis around transdermal drug delivery applications in the addiction space due to the multiple patient centred benefits and the Company’s top tier relationships with biotech laboratories that specialize in fast tracking the development, approvals and launch of transdermal drug delivery systems, opening up new markets and applications for existing FDA approved drugs,” added Mr. Stadnyk.
With a focus on the global sexual Health and Wellness markets, Love Pharma Inc. (CSE: LUV) was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. Love Pharma holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.