LONDON, July 30, 2014 /PRNewswire/ -- Lightlake Therapeutics Inc. ("Lightlake") (OTCQB: LLTP), a biopharmaceutical company developing addiction treatments based on its expertise in opioid antagonists, announced today that it has received a funding commitment from a prominent international research and development foundation.
The foundation has a focus on promoting innovative research-based initiatives, including those addressing health issues. Lightlake has been developing a nasal spray for the delivery of naloxone that could widely expand its availability and use in preventing opioid overdose deaths, a public health problem of epidemic proportion in the United States. The chief purpose of the foundation's funding commitment is to advance Lightlake's opioid overdose reversal spray towards FDA approval and commercial launch.
The foundation's commitment is for up to $3,000,000, with Lightlake having the ability to make capital calls up to a total of $3,000,000. If the entire commitment of $3,000,000 is invested by the foundation, then the foundation would receive a 6% interest in Lightlake's product and 6% of Lightlake's net profit generated by the product, as defined in the funding commitment investment agreement.
"We are truly fortunate to have such a respected foundation supporting our efforts," said Dr. Roger Crystal, CEO of Lightlake. "The foundation's commitment to invest in our treatment reflects a high level of confidence in our platform and its potential to positively impact the world."
About Lightlake Therapeutics Inc.
Lightlake Therapeutics Inc., a biopharmaceutical company, is using its expertise in opioid antagonists to build a platform of innovative intranasal naloxone solutions to common addictions and related disorders. Lightlake is developing a treatment to reverse opioid overdoses, which have reached epidemic proportions in the United States. Lightlake has successfully completed a clinical trial for this treatment in collaboration with the National Institute on Drug Abuse, part of the National Institutes of Health. Lightlake also has successfully completed a Phase II clinical trial to treat Binge Eating Disorder. For more information please visit: http://www.lightlaketherapeutics.com.
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Lightlake Therapeutics Inc.
Dr. Roger Crystal, CEO
+44(0)203 617 8739
Investor Relations Contact:
Booke and Company, Inc.
SOURCE Lightlake Therapeutics Inc.