This afternoon, Tetra Bio-Pharma (CSE:TBP)(OTC:TBPMF) announced the voting results from the company's recent annual shareholders' meeting as well as some recent operational developments. Here's the highlights...
Shareholders' of the company elected André Rancourt, André D. Audet, Robert Brouillette and Dr. W.M. (Bill) Cheliak to Tetra Bio-Pharma's board. They also voted to appoint McGovern, Hurley, Cunningham, LLP as the company's auditor, to allow the board to determine the compensation of the auditors and to amend the stock option plan from a fixed to a rolling plan.
Tetra is believed to be the only pharmaceutical company to have conducted clinical trials for smoked marijuana.
Management believes the company is financially sound, and that they have enough cash to pay for the phase three clinical trials of PPP001 (their dried cannabis prescription drug being developed for advanced cancer pain) that will cost ~$1.2 million CAD.
The company intends to start these phase three trials in the fourth quarter with approximately 600 participants.
Tetra Bio-Pharma is focused on seeking out international commercialization partnerships, initial interest has been shown from companies located in the US, Mexico, Ireland, Brazil and Germany.
Forecasted initial demand for PPP001 (using Aphria's ACMPR license, as opposed to the pharmaceutical route) is higher than the company expected. Tetra is working to ramp up manufacturing capabilities to meet this demand.
The company is considering launching PPP001 using Aphria's ACMPR license by the end of the summer.
Tetra Bio-Pharma is looking at starting phase two clinical trials for PPP002 - Dronabinol XL (a sustained release synthetic THC buccally absorbed wafer that is initially being studied in patients with chronic pain and chemotherapy associated nausea and vomiting) this month.
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