Spotlight Innovation Inc. (OTCQB: STLT) today announced that it has established subsidiary Caretta Therapeutics, and that the subsidiary has entered into a licensing agreement with Dr. Paul Reid for rights to develop and commercialize products derived from snake venom that may provide analgesic relief from moderate to severe chronic pain. Under the terms of the agreement, Dr. Reid has agreed to grant an exclusive, worldwide license to Caretta Therapeutics to develop, manufacture and sell the products.
Caretta Therapeutics intends
to begin manufacturing its first products by late 2016 and to begin
commercial distribution of over-the-counter formulations beginning in
2017.
The National Institutes of Health's
National Center for Complementary and Integrative Health, utilizing data
from the 2012 National Health Interview Survey, estimates that nearly
50 million American adults have significant chronic pain or severe pain.
About Spotlight Innovation Inc.
Spotlight Innovation Inc.
(OTCQB: STLT) identifies and acquires rights to innovative, proprietary
technologies designed to address unmet medical needs, with an emphasis
on rare, emerging and neglected diseases. To find and evaluate unique
opportunities, we leverage our extensive relationships with leading
scientists, academic institutions and other sources. We provide
value-added development capability to accelerate development progress.
When scientifically significant benchmarks have been achieved, we will
endeavor to partner with proven market leaders via sale, out-license or
strategic alliance. For more information, visit www.spotlightinnovation.com or follow us on www.twitter.com/spotlightinno.
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