VANCOUVER, BC / ACCESSWIRE / June 27, 2014 / Pacific Therapeutics Ltd. (CSE:PT) (PCFTF) (Frankfurt:1P3) (the "Company") is a clinical stage specialty pharmaceutical company focused on the repurposing and reformulation of existing FDA approved drugs for large markets. The Company's lead programs focus on diseases of excessive scarring (fibrosis) and erectile dysfunction which are $1 billion plus market opportunities.
The Company has issued 500,000 options to purchase common shares to a director and officer under the 2013 stock option plan as approved at the Issuers previous annual general meeting. The options may be exercised at a price of $0.06 per share for a period of one (1) year. The issuance of the options is subject to regulatory approval.
The Company's immediate focus is to bring PTL-2015 its lead product to treat erectile dysfunction (ED) to market in Europe. In 2011 the total market worldwide for drugs to treat ED exceeded $5 billion. PTL-2015 is a new formulation of an approved ED treatment using the Company's proprietaryoral dissolving technology ("sublingual formulation").
Sales of ED therapies by the market leader alone exceeded $1.9 billion in 2011. The sublingual formulation of PTL-2015 may improve on existing drugs for erectile dysfunction potentially acting faster and with fewer side effects. As large pharmaceutical companies lose their patents on these drugs the opportunity has developed for innovative formulations of drugs for ED. This is a very exciting development for Pacific Therapeutics Ltd. as it shortens the time to market for the Company's first product and may add significantly to future revenues.
The Company plans to build on the already significant development of the sublingual treatment with the initiation of a pivotal bioequivalence trial. With successful results from this trial the Company will begin the application for marketing approval in Europe.
ABOUT PACIFIC THERAPEUTICS LTD.
The Company's strategy includes reformulating approved drugs to increase efficacy and patient compliance, while reducing side effects, as well as completing the further clinical testing, manufacturing and other regulatory requirements sufficient to seek marketing authorizations. This strategy may reduce the risk, time and cost of developing therapies by avoiding the risks associated with basic research and using compounds with unknown safety and toxicity profiles.
Pacific Therapeutics Ltd. lead drug candidate for fibrosis (progressive scarring of the organ), PTL-202 is a combination of an FDA approved drug and an amino acid which is an extremely potent and important antioxidant. The Company has completed an initial clinical trial of the combination with positive results. "It's estimated that 45 % of all deaths are related to fibrotic changes" World Health Organization Feb, 2008.