Lightlake Therapeutics Inc. Chief Executive Officer Letter to Shareholders
LONDON, Dec. 20, 2013 /PRNewswire/ -- Lightlake Therapeutics Inc. ("Lightlake" or the "Company") (OTC BB: LLTP), a biopharmaceutical company developing addiction treatments based on its expertise in opioid antagonists, today issued a letter by Chief Executive Officer Dr. Roger Crystal updating shareholders on the Company's progress in 2013.
Dear Fellow Shareholders,
As the executive management team of Lightlake Therapeutics Inc. looks ahead to 2014, we are encouraged by our hard work and progress in 2013 and are eager for the opportunities and advancements that 2014 should bring to our company. This has been a fruitful year for the Company as we have achieved a number of milestones, both operationally and clinically. We continue to work diligently to advance our clinical pipeline and secure our patent portfolio as we focus on bringing an intranasal naloxone treatment to market to reverse opioid overdoses.
Since our last update in April 2013, we would like to highlight a few of our accomplishments. We recently completed a two-week joint clinical study with the National Institute on Drug Abuse (NIDA), part of the National Institutes of Health (NIH), for opioid overdose. We received the initial data from this study and it has shown that our naloxone nasal spray can potentially be delivered into the blood stream at least as quickly as the injection process currently used by hospitals, first responders, and others treating opioid overdoses.
The data received from this study will also allow us to apply our novel method of naloxone delivery into a wider range of various addictions that are currently affecting millions of people on a daily basis. While opioid overdose is a significant, near-term opportunity that can potentially be treated with an intranasal naloxone application, there are a number of other markets that our application could potentially be applied to. These opportunities most notably include Binge Eating Disorder, Bulimia Nervosa, and amphetamine and cocaine addiction.
Over the past year, there have been some major advancements throughout these markets. On top of our compelling Phase II data we reported in August 2012, which demonstrated the efficacy and safety of intra-nasal naloxone for Binge Eating Disorder, the American Psychiatric Association (APA) officially added Binge Eating Disorder to the DSM-5 manual in May 2013. DSM-5 is used by clinicians and researchers to diagnose and classify mental disorders in order to improve diagnoses, treatment and research. This manual is the product of more than 10 years of effort by hundreds of international experts in all aspects of mental health. This elevated status places an even greater importance on the clinical work we are doing as it is now an officially recognized disease state by the APA. Over the past few months, we have continued our preparation work for our next anticipated study to be conducted in the U.S.
For Bulimia Nervosa, we expect to commence a Phase II in 2014 in partnership with King's College London. It is important to note that because we are using an approved drug in a unique, specialized formulation, our clinical trials typically are much shorter and cost efficient than a regular biotech clinical trial. This potentially allows us to receive regulatory approval in a faster manner and shortens our time to commercialization.
Operationally, we continue to be meticulous in managing our cash position and we are utilizing all of our resources as efficiently as possible. Through meaningful partnerships, high level collaboration and diligent execution, we anticipate a very exciting year ahead.
In summary, 2013 was a year of great progress, which would not have been possible without the continued support of our loyal shareholders. We look forward to continue making great strides in 2014 as we remain focused on executing on our growth strategy and capitalizing on opportunities as they arise. On behalf of the Lightlake Therapeutics Inc. management team, our Board of Directors and employees, we thank you and wish you a happy, healthy, and prosperous year ahead.
Dr. Roger Crystal, CEO
Forward Looking Statement
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. These and other factors may cause our actual results to differ materially from any forward- looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this presentation to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.
SOURCE Lightlake Therapeutics Inc.