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EDMONTON, ALBERTA -- (Marketwired) -- 11/15/17 -- Ceapro Inc. (TSX VENTURE: CZO) ("Ceapro" or the "Company") a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, announced today its financial results for the three-month and nine-month periods ended September 30, 2017 and provided an overview of recent operational highlights.
Financial Highlights for the Third Quarter 2017
"As previously announced, we have increased our investments in our technologies as well as accelerated R&D investments in our product pipeline as a step toward our long-term goal of transforming Ceapro from a manufacturing company to a full-fledged biopharmaceutical company," stated Gilles Gagnon, M.Sc., MBA, President and CEO of Ceapro. "On a short-term basis, to further de-risk and expand our base business in cosmeceuticals, we have made a deliberate first step to achieve this through the acquisition of JuventeDC. In addition to potentially bring more financial security, we expect this strategic move to be a catalyst to ultimately ensure our planned transition into large potential markets. Specifically, this will enable Ceapro to reach the end customer for the first time with high-end cosmeceutical formulations utilizing our two value drivers, beta glucan and avenanthramides, and in addition, given the potential to develop dry products using our PGX technology, position us to offer new chemical complexes of beta glucan impregnated with various bio actives to be included into topical cosmeceutical formulations to treat various skin conditions. The hypothesis being that beta glucan will act as a delivery system."
"On the financial results, the significant sales increase observed in Q3 2017 over Q3 2016 as well as over Q1 and Q2 2017 is mainly due to increased sales of avenanthramides. We are very pleased with the continued growth of avenanthramides, especially in the hair care sector. Regarding sales of beta glucan, while major orders received at the end of 2015 and delivered during the first two quarters of 2016 have not been repeated yet given the dilution factor involved in final products like facial masks, we are very encouraged by an expected replenishment of beta glucan stocks in Q1 2018, especially for the Asian market," Mr. Gagnon added.
Beta Glucan Program Highlights
Ceapro's research program for the development of beta glucan as an active ingredient in functional food/drink and nutraceuticals is progressing very well.
The Company's bioavailability study being conducted in collaboration with researchers at The University of Alberta ("U of A") is well underway. These animal studies are designed to assess the potential for improved bioavailability of Ceapro's new proprietary water soluble chemical complex (iBg-CoQ10) compared to commercially available CoQ10. Ceapro expects results from these studies during Q1 2018.
Decisions are being made for the final formulation of beta glucan for the upcoming clinical study to assess its potential as a cholesterol reducer. The Company plans to file its Clinical Trial Application with Health Canada by year end.
Avenanthramides Program Highlights
The Company's ongoing clinical study assessing avenanthramides as an anti-inflammation product has been completed with The University of Minnesota. Results are currently being analyzed and should be submitted for publication by year end. Results from this study could support the launch of avenanthramides as an active ingredient for functional food to be sold by major players in the food industry.
PGX Enabling Technology Update
Following the completion of its pilot scale facility for its proprietary PGX enabling technology, Ceapro's expert team has delivered required quantities of dry beta glucan for assessment of final formulations to be used in the upcoming clinical study to assess beta glucan as a cholesterol reducer when administered orally.
Collaboration with McMaster University:
Two students presented their work at the Canadian Society of Chemical Engineering Conference held in Edmonton in mid-October. They revealed interesting results especially for the production of aerogels when using McMaster's proprietary biomaterial processed through PGX.
Collaboration with The University of Alberta:
The Company has initiated a two-year project with the U of A to develop at least ten new chemical entities ("NCEs") to be composed of beta glucan impregnated with various bioactives. Physicochemical properties of these NCEs will be tested at U of A, as well as their potential applications in various healthcare sectors. The PGX technology is then a key asset that should enable the transition of Ceapro into a biopharmaceutical company through the development of delivery system(s).
Financial Results for the Three and Nine-Month Periods Ended September 30, 2017
About Ceapro Inc.
Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and "active ingredients" from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company's website at www.ceapro.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Contacts: Jenene Thomas Communications, LLC Jenene Thomas Investor Relations and Corporate Communications Advisor T (US): 908-938-1475 E: Issuer: Gilles R. Gagnon, M.Sc., MBA President & CEO T: 780-421-4555 NEXT ARTICLE
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