Pivot enters into standstill agreement.
Pivot Pharmaceuticals Inc. has entered into a 45-day “standstill period” with an unnamed Toronto Stock Exchange-listed company to explore a “potential transaction” on health-related cannabis that may include a co-research and development program, a product launch and/or commercialization agreement, or some other form of partnership.
Dr. Patrick Frankham, Pivot’s CEO, said in a statement that the company is working to secure a partner to monetize its patented technologies and commercialize its products in preparation for the legalization of cannabis in Canada and areas of the U.S. and EU.
During the past few months Pivot garnered interest from established companies in the nutraceutical and cannabis industries, Frankham added. He did not mention the names of any companies or potential partners.
The standstill period will end on February 6, 2018.
“During this time Pivot will not, directly or indirectly, conduct or enter negotiations or engage in any other discussions or communications with any third party regarding a potential transaction, any sale of all or substantially all of the assets of Pivot, or any merger, amalgamation, plan of arrangement or other business combination involving Pivot,” according to a company statement.
Pivot’s wholly owned medical cannabis products division, Pivot Green Stream Health Solutions Inc., conducts research, development, and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals.
Its initial product development candidates include topical treatments for women’s sexual dysfunction (PGS-N005), as well as psoriasis (PGS-N007), and an oral product (PGS-N001) for cancer supportive care.
(Source: Pivot Pharmaceuticals Inc.)