PALO ALTO, Calif., Dec. 21, 2015 (GLOBE NEWSWIRE) -- Cantabio Pharmaceuticals, Inc. ("Cantabio") (OTCQB:CTBO) is pleased to announce the completion of its reverse merger (the "Merger") with Gardedam Therapeutics, Inc. ("Gardedam"). The effective date of the Merger is December 18th, 2015.
Cantabio will have an exclusive focus on the discovery and development of Gardedam's drug pipeline for neurodegenerative diseases such as Parkinson’s disease (PD) and Alzheimer’s Disease (AD).
As part of a large and developing portfolio of therapeutic candidates, Cantabio will first progress its research into the DJ-1 protein, advancing small molecule pharmacological chaperones and engineered blood brain penetrant DJ-1 drug candidates into pre-clinical development for the treatment of Parkinson’s and Alzheimer’s diseases.
Having completed the Merger, Cantabio issued 15.5 million shares of its common stock to the holders of Gardedam common stock. Under the terms of the Merger, these shares will be restricted from trading for a period of one year from the closing of the Merger. After the close of the Merger a total of 27.25 million shares of common stock will be outstanding.
Gergely Toth, MBA, PhD, founder of Gardedam and CEO of Cantabio, said, “The Merger strengthens our financial position allowing us to accelerate our drug discovery and development of clinical candidates for Parkinson’s and Alzheimer’s disease. With recent research establishing a genetic link between the DJ-1 protein and familial and sporadic PD, AD and other neurodegenerative diseases we are particularly focused on rapidly advancing into clinical trials our novel DJ-1 protein therapeutic candidates. These may protect from oxidative stress and protein misfolding, both processes that have been linked to the onset and progression of these diseases. In view of the lack of approved therapies for Parkinson’s and Alzheimer’s diseases, our pharmacological chaperone and CNS penetrant engineered protein drug discovery technologies provide potential for the development of disease modifying clinical candidates with novel mechanisms of action.”
“I am delighted that we have been able to form a strong executive team, all graduates of the Executive MBA program at the Judge Business School at the University of Cambridge, with extensive scientific and business experience. We have also appointed an exceptional scientific advisory board and aim to build Cantabio into one of the leading discovery driven biotechnology companies focusing on the development of therapies targeting these neurodegenerative diseases. We have a strategy that is also strongly focused on delivering returns for investors and we are very excited about taking the company forward.”
About Cantabio Pharmaceuticals Inc
Cantabio Pharmaceuticals Inc. is a preclinical stage biotechnology company focusing on commercializing novel therapies and the intellectual property generated from its research and development activities. Its primary focus is on therapeutic candidates for Parkinson’s disease (PD), Alzheimer’s disease (AD) and other related neurodegenerative diseases. Cantabio’s strategy combines therapeutic focus, target family biophysics, drug discovery technology and expertise into an innovative drug discovery approach and its current main focus is on identifying and developing small molecule pharmacological chaperones for clinical trials. In addition, the company is developing therapeutic proteins that can pass through the blood-brain barrier to supplement existing levels of proteins, which display loss of function during disease conditions.
Notice Regarding Forward Looking Statements
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding potential results and future plans and objectives of Cantabio Pharmaceuticals, Inc. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in our documents filed from time to time with the Securities and Exchange Commission. Other risk factors may include, but are not limited to, fluctuation in quarterly results, and increased competition in our operations, our ability to continue operations as scheduled, and our ability to protect the proprietary technology we use. Further, the company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the company's control, such as announcements by competitors and service providers.
The contents of this press release are presented as a general overview of the company. It is intended only to contain general information regarding the company and its business and does not purport to provide complete disclosure or analysis of all matters, which may be relevant to a decision to make an investment, including all risk factors or similar considerations. Although the information is believed current as of the date herein, the information may be subject to change, amendment or supplementation, and the company does not expect, and assumes no obligation, to update or otherwise revise the information herein.
Contact COO Dr. Thomas Sawyer pr@cantabio.com (844) 200-CTBO
