Pivot Pharmaceuticals Inc (OTCMKTS:PVOTF) and its 100% owned medical cannabis products segment, Pivot Green Stream Health Solutions Inc. reported that the firm has finalized a Service Agreement with SoluBest Ltd. SoluBest, based near the Weizmann Institute of Science, has been chosen to advance company’s topical bio-cannabis products pipeline.
Pivot Pharmaceuticals announced that pursuant to its earlier reported Binding Letter of Intent to buy Thrudermic LLC, Dr. Leonid Lurya and Dr. Joseph Borovsky have agreed to head the advancement of company’s topical bio-cannabis plans at SoluBest. These programs comprise Thrudermic transdermal nanotechnology and BiPhasix semi-solid topical cream for the cannabis delivery through the skin barrier.
Dr. Borovsky, the CEO of Thrudermic, expressed that they anticipate to offer Pivot Pharmaceuticals with product for market release by Q2 2018. Working in company’s advanced facility utilizing Thrudermic’s formulation technology will afford company the chance to accelerate the testing, launch and development of new offerings to the market.
Dr. Patrick Frankham, the CEO of Pivot Pharmaceuticals, expressed that they are pleased to be advancing with their objective to advance premium topical bio-cannabis offerings led by Dr. Lurya and Dr. Borovsky from Thrudermic. They are equally delighted to report that they have found an extremely qualified laboratory and development associate for their topical development plans for their Thrudermic and BiPhasix technologies in Israel. This update supports their product development and validates that they will be set to launch numerous bio-cannabis based offerings to the market this year. The prospect to record revenue from premium products will help caregivers and patients better manage their health outcomes.
In the last trading session, the stock price of Pivot Pharmaceuticals declined more than 1% to close the day at $1.91. The decline came at a share volume of 83,973 compared to average share volume of 62,132. Post the recent decline, the market cap of firm was noted at $159.5 million.