Love Pharma (CSE:LUV) Co said it has made a strategic investment in Starton Therapeutics Inc, a New Jersey-based clinical-stage biotechnology company focused on transforming standard of care therapies in oncology.
The company invested an initial C$592,000 into Starton for 145,161 common shares of the issuer at a price of US$3.10 each. The investment was completed in June 2022.
"This investment provides our shareholders with exposure to a rapidly developing therapeutics business, which has just completed its phase 1 clinical trial for its STAR - LLD continuous delivery technology deploying lenalidomide,” said Zach Stadnyk, Love Pharma president and CEO in a statement.
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The initial investment provides the starting point for a strategic relationship in which Love Pharma will leverage Starton's advancements and breakthroughs to guide the company's clinical pursuits, the company said.
"Starton is also entering a phase 2 trial with its STAR - OLZ transdermal five-day adhesive matrix patch deploying olanzapine, for which the FDA US Food and Drug Administration has cleared an investigational new drug application for STAR-OLZ in Chemotherapy Induced Nausea and Vomiting. With this investment in Starton we are building our relationship, forming an alliance and will look to Starton's expert management team to reduce risk in our own portfolio of clinical pursuits and focus on the addiction space," noted Stadnyk.
Love Pharma said its investment in Starton is primarily based on the company's interest in innovative drug delivery technology, such as transdermal patches, which can reduce side effects, transforming patient outcomes with established, approved medicines allowing for streamlined market entry with long-term IP protections
The company said it is in discussions with TRPL Laboratory which develops and supports Starton's transdermal drug delivery programs and is a global leader in transdermal delivery systems
"The company is currently identifying and assessing disruptive opportunities within the transdermal biotechnology, which it believes can be a superior delivery system in many cases for new and existing pharmaceutical therapeutic drugs. With this initial investment in Starton we believe Love can leverage their expertise and proven success to credibly evaluate potential acquisitions in transdermal field of advanced drug delivery systems," Stadnyk concluded.
Love Pharma was founded in 2020 with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life.
Contact the author at jon.hopkins@proactiveinvestors.com