Pivot Pharma Acquires Thrudermic, LLC
VANCOUVER, British Columbia, March 06, 2018 (GLOBE NEWSWIRE) — via NetworkWire – Pivot Pharmaceuticals Inc. (CSE:PVOT) (OTCQB:PVOTF) (“Pivot” or the “Company”) is pleased to announce the acquisition of Thrudermic, LLC (“TDL” or “Thrudermic”), a privately held North Carolina company. Pivot previously announced a licensing agreement with Thrudermic but has decided to exercise its option to acquire 100% of TDL. Pivot will pay $1.00 (USD) for all of the issued and outstanding units of Thrudermic, and issue an aggregate of 500,000 common shares in the capital of Pivot to Dr. Joseph Borovsky and Dr. Leonid Lurya for their intellectual property portfolio, including patents, good will and know-how in connection with the TDL Transdermal Nanotechnology. Dr. Borovsky, has been appointed Pivot’s Vice President, Product Formulation, and Dr. Lurya has been appointed Executive Director, Product Formulation.
The TDL Transdermal Nanotechnology is intended for the formulation and delivery of dosable bio-cannabis products. On behalf of Pivot, Thrudermic recently filed three additional patent applications related to improved formulation and delivery for new routes of administration of cannabinoids and will increase the number of products in the Company’s pipeline.“Thrudermic is very excited to become part of the Pivot organization. Our lipid-based nano-dispersion technology is well suited for the emerging cannabis industry. Pivot’s goal is to increase cannabinoid bioavailability, drug release rates and improve product stability, and consumers should be able to confidently take correct and accurate doses to help meet their health and wellness needs,” states Dr. Borovsky.Dr. Borovsky, formerly the director of research and development for Mead Corporation, received his Bachelor of Science degree in Chemistry from UCLA and his Ph.D. in Physical Organic Chemistry from the University of Massachusetts at Amherst. He also completed a year of post-doctoral research in Medicinal Chemistry at Washington State University College of Pharmacy and was a Research Fellow in Synthetic