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.
For more information please contact:
Craig LeonChief Executive OfficerRevive Therapeutics Ltd.Tel:
(416) 272-5525Email: craig@revivethera.comWebsite:
www.revivethera.com
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
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.
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