TORONTO, April 11, 2019 (GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. ("Revive" or the "Company") (TSX VENTURE: RVV) (OTCQB: RVVTF), a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products, has entered into a non-binding letter of intent (the “LOI”) with Richmond Cannabis Co. (“Richmond”), a late stage Licensed Producer applicant under the Cannabis Act, for the purpose of entering into a Collaboration and Royalty agreement (the “Definitive Agreement”). Under the terms of the LOI, Revive and Richmond will collaborate to establish a cannabis oil production license under the Cannabis Act out of the Richmond facility located in Napanee, ON.
"We are very excited to collaborate with Richmond Cannabis Co. to commercialize high-quality cannabis products for the wellness and medical markets. The collaboration reduces the time and cost for Revive to commercialize its cannabis-based products. It is important for Revive to have adequate control over the inputs and the extraction process to allow us to position our brand as premium and to allow for further development of our unique delivery systems and pre-clinical studies,” said Craig Leon, CEO of Revive.
Under the terms of the LOI, Richmond will be responsible for the preparation, submission and oversight of the cannabis oil production license application pursuant to the Cannabis Act, communication with Health Canada regarding the grant of the cannabis oil production license application, and provide adequate space for extraction, research and development, manufacturing, packaging, storage, and shipping. Revive will be responsible for the finance of the cannabis oil production license application and related costs and assets as agreed to, such as extraction and packaging equipment and inventory.
This agreement will further Revive’s objective to commercialize premium cannabis products while leveraging the Company’s unique and diversified cannabinoid-based intellectual property portfolio targeting the wellness and medical markets. In addition, the potential collaboration with Richmond allows the Company to have access to premium and pharmaceutical grade cannabis, which will result in high quality, full spectrum cannabis oils, specifically CBD oils, that will support the Company’s product development programs of novel delivery systems, such as, chewing gums, topicals, and alternate oral forms.
About Richmond Cannabis Co.
Richmond is a late stage Licensed Producer applicant under the Cannabis Act (Canada) located in Napanee, Ontario. The company is in the final stages of completing its highly efficient indoor cultivation facility utilizing proprietary grow chambers. Inspired by West Coast growing philosophy while reflecting on epigenetics of premium cannabis, Richmond will facilitate dedicated strain specific small batch grow environments for the cultivation of safe & premium grade cannabis. For more information visit www.RichmondCannabis.ca.
About Revive Therapeutics Ltd.
Revive Therapeutics Ltd. (TSX VENTURE: RVV) (OTCQB: RVVTF) (FSE: 31R) is a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products. Revive is commercializing patent-protected, best-in-class cannabis-based products with first mover advantage in the multi-billion medical, health and wellness cannabis market. The Company’s novel cannabinoid delivery technology is being advanced to fill the unmet medical needs for diseases and disorders such as pain, inflammation, and wound care. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory and liver diseases, which the FDA granted to the Company orphan drug designation for CBD in the treatment of autoimmune hepatitis and in the prevention of ischemia and reperfusion injury resulting from solid organ transplantation, such as liver, kidney, heart and lung transplantation. For more information, visit www.ReviveThera.com.
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This news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute "forward looking statements", which are not comprised of historical facts. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will", or "plan", and similar expressions. Specifically, forward looking statements in this news release include, without limitation, statements regarding: successful developments of Revive’s products and receipt of requisite approvals and permit in relation to any of Revive’s products currently in development; the Company's product and drug research and development plans; the timing of operations; and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Revive to differ materially from those anticipated or implied in such forward-looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management's expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Revive will continue substantially in the ordinary course and will be favourable to Revive, that Revive will be able to obtain all requisite regulatory approvals to commercialize its products, that such approvals will be received on a timely basis. Although these assumptions were considered reasonable by management at the time of preparation, they may prove to be incorrect. Factors that may cause actual results to differ materially from those anticipated by these forward looking statements include: uncertainties associated with obtaining regulatory approvals; the need to establish additional corporate collaborations, distribution or licensing arrangements; the Company's ability to raise additional capital if and when necessary; intellectual property disputes; increased competition from pharmaceutical and cannabis-centered companies; changes in equity markets, inflation, and changes in exchange rates; and other factors as described in detail in the Company’s Management's Discussion & Analysis for the year ended June 30, 2018, the Company’s Annual Information Form for the year ended June 30, 2018, and continuous disclosure filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Revive disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.