CINCINNATI, OH, April 19, 2018 (GLOBE NEWSWIRE) -- Callitas Health Inc. (CSE: LILY, OTCBB: MPHMF, FWB: T3F2) today announced that Interim President and Chief Executive Officer, James Thompson, has issued the following letter to shareholders.
We would like to thank you for being a committed shareholder and for your continuing interest as we strive to build Callitas Health into a strong player in the health and wellness industry. We started 2017 with ambitious goals and ended the year having achieved many accomplishments, while setting the stage for a stronger, successful 2018.
With the conclusion of the first quarter of 2018, the management team and I wanted to summarize some recent key achievements and provide some insight into some of our goals for 2018. Our top priority is our shareholders and a focus on creating significant shareholder value for you, over time.
During the second half of 2017 we spent a considerable amount of time improving our balance sheet, while enhancing and advancing our pipeline of drug candidates and Over-The-Counter (“OTC”) products, building a top-notch management team and board of directors, and increasing our overall profile with the financial community.
- During the third quarter of 2017, a significant number of warrants were exercised, providing additional working capital to maintain the Company’s growth initiatives
- On August 1st, M Pharmaceutical USA announced a name and branding change to Callitas Therapeutics Inc.
- The parent company, M Pharmaceutical Inc., announced a corresponding name change to Callitas Health Inc. on September 15
- On September 15th, the Company converted $2.5 million of vendor debt into 62,500,003 common shares at a conversion price of $0.05, and announced a share consolidation of one new Callitas share for each 10 old M Pharma shares
- In October of 2017, we successfully launched ToConceive, our proprietary FDA-cleared fertility enhancement product via a multi-channel direct-to-consumer strategy.(ToConceive is a vaginal gel, lubricant and moisturizer, clinically shown to help increase a woman’s own natural conception lubrication, called transudate, which helps aid in conception)
- During February 2018, we formed a partnership and co-branding opportunity for our ToConceive fertility lubricant with NFI Consumer Healthcare’s e.p.t®, the OTC pregnancy test kit brand that includes promotional opportunities on shelf, product samples and new product inclusion at major food, drug and mass retailers throughout the United States
- In March of 2018, we received a Patent Notice of Allowance which expands our IP portfolio and expands the patent-protected formula and uses of the ToConceive product, allowing it to be used to treat male infertility (or sub-fertility) caused by a reduced number of normal, functional sperm in the male partner
- We continued our Phase II work on C-103, which is our reformulated version of orlistat for weight loss. Our submission of a pre-IND Meeting Request Letter received a positive FDA Response (505b(2))
- We moved forward our Phase II work on Extrinsa™, a reformulated topical tadalafil for female sexual dysfunction, having submitted an IND Meeting Request Letter and received a positive FDA Response (505b(2))
- We advanced our Orphan Drug product development, through submission of an Orphan Drug Designation and Rare Pediatric Disease Designation(s). We received feedback from the FDA and will perform some planned and requested testing to resubmit to the FDA
- Finally, we continue to see momentum developing for our CannaMint™ Oral THC/CBD delivery technology, developed to enhance oral delivery of THC/CBD. We are excited about our recent partnering discussions and hope to be able share additional updates with our shareholders soon
Management and Advisory Board Enhancement
We commenced 2018 with numerous enhancements to our management team and advisory board. In January we announced that Gary Thompson was temporarily stepping down as President and CEO due to ongoing health issues and that the Board appointed me as Interim President and Chief Executive Officer. I am pleased to report that Gary is doing well and we all wish him continued progress on his road to recovery. The focus of the management team remains unchanged – to accelerate the numerous initiatives already underway, as well as develop new partnerships and opportunities that will enhance shareholder value.
Following my appointment, we were delighted to announce that Dr. Laura Berman was appointed to the role of Chief Health Advisor. Dr. Berman is a world-renowned sex and relationship educator, researcher and therapist, as well as TV, radio and Internet host, and a New York Times best-selling author on sexual health and pleasure. Dr. Berman also acts as assistant clinical professor of OBGYN and psychiatry at the Feinberg School of Medicine at Northwestern University in Chicago. Dr. Berman is assisting us with the promotion ToConceive and providing insight and consultation on the development of other products.
Increasing our Profile with the Investor Community
Throughout 2017, and accelerating towards the end of last year, we worked on putting the pieces in place to increase our visibility with the investor community. We have spent the past couple of months meeting with members of the financial community and our management team is planning to attend several scientific and investor events throughout the year. To guide us in this process, we engaged the services of TraDigital IR to provide us with a full suite of marketing, communications and investor relations services.
We expect 2018 to be a similarly productive year as compared to 2017, but with more of an emphasis on creating shareholder value through progress on our clinical and pre-clinical milestones, executing on partnership opportunities, and building on our OTC presence. We will continue to make our shareholders our top priority and will be singularly focused on working to create significant shareholder value over time.
Interim President and Chief Executive Officer
About Callitas Health
Formed in early 2015, Callitas Health Inc. is a clinical-stage company developing innovative technologies for obesity, weight management, CBD/Cannabis delivery and female health and wellness. In addition to its recent acquisitions of C-103, a reformulation of Orlistat, Extrinsa, and assets from 40J’s LLC, the Company successfully launched ToConceive in North America as a clinically proven option for couples struggling with the inability to conceive. www.toconceive.com. Callitas Health Inc. trades on the Canadian Securities Exchange (CSE) under the ticker symbol “LILY” as well as on the OTCQB as “MPHMF” and FWB (Frankfurt Stock Exchange) as “T3F2.”
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the regulatory approval and the commercialization of the rights to the Company’s biomedical & drug technologies. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and the Company’s filings to the CSE at www.cnsx.ca. Such risk factors may cause the inability of the Company to successfully commercialize any of its biomedical technologies.
Notice regarding investigational devices: C-103 and Extrinsa are investigational drugs or devices and are not currently available outside of approved clinical trials. Claims regarding the safety and efficacy of these devices have not been evaluated by Health Canada, the U.S. Food and Drug Administration, or any other international regulatory body.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements.
For more information contact: Callitas Investor Relations Phone: +1 (859) 868-3131 www.callitas.com