CTT Pharmaceutical Holdings' wholly owned Canadian subsidiary, CTT Pharma, has filed a statement of claim with the Ontario Superior Court of Justice against Aurora Cannabis. The Company is seeking compensation for Aurora’s denial of contractual commitments with CTT, which includes expenses, royalties due, lost royalties and damages.
"CTT’s patented sublingual cannabis-infused strips were successfully launched into the Canadian medical cannabis market, under the brand name Aurora Dissolve Strips, as announced on October 8, 2019," the team with the company explains. "Despite rapid sales of the Dissolve Strips and continued demand from patients, as well as several planning meetings to discuss an expanded product line and production planned for the end of Q1, 2020, Aurora indicated subsequently that it was unwilling to commit further resources to the partnership and claimed the original agreement was no longer in force."
“Following the successful technology transfer to Aurora and a very successful market introduction of the product, Aurora’s decision to not continue our partnership was both surprising and disappointing”, stated Cam Birge, CEO of CTT. “Aurora suddenly claiming that the existing agreement was no longer in force, at a time when payments were due to CTT under the original agreement, left the Company with no other choice than to seek a legal remedy. Despite our best efforts to resolve our differences amicably and constructively, we were not able to resolve the impasse and felt we had no other choice than to file a statement of claim seeking legal recourse to the fullest extent possible for the benefit of our stakeholders.”
Mr. Birge continued, “With our exceptionally low burn rate we are well positioned to pursue our interests and execute on our licensing and partnership strategy with the objective of generating substantial shareholder value. Consequently, we intend to team up with partners that have the capital and ability to execute and move fast. We will also be pivoting to a more aggressive business development model, and we intend to expand into new industry verticals to capitalize on opportunities and accelerate growth, initiatives we anticipate reporting on in more detail shortly.”
CTT had originally entered into a commercialization agreement with CanniMed, which subsequently was acquired by Aurora. CTT and Aurora jointly worked towards commercialization, culminating in a very successful market introduction with the initial production run substantially selling out in under 60 days. CTT’s sublingual strip technology is patented in the United States and Canada and has international patents pending in over 50 countries.
For more information:
CTT Pharma
1-800-516-1635
info@cttpharmaceuticals.com
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