Spotlight Innovation Subsidiary Caretta Therapeutics Announces Venodol, a New Over-the-counter Product to Treat Chronic Pain
Caretta Therapeutics also signs Master Broker Agreement for Distribution of its Products into Retailers
URBANDALE, Iowa, Jan. 18, 2017 /PRNewswire/ -- Spotlight Innovation Inc. (OTCQB: STLT) today announced that subsidiary Caretta Therapeutics plans, in the second quarter of 2017, to launch its first product. Venodol, a topical roll-on intended to provide relief from chronic pain, is a non-addictive alternative to opioid and steroidal analgesics. It was developed under a licensing agreement with Dr. Paul Reid to commercialize products derived from snake venom. Additionally, Caretta Therapeutics has signed a Master Broker Agreement with a premier global distribution brokerage firm to distribute its products into supermarket, drug store, mass merchandise and warehouse chains.
Commenting on the announcement of Venodol, John Krohn, Spotlight Innovation's President and Chief Operating Officer, said, "Chronic pain decreases the quality-of-life of tens of millions of people in the United States and hundreds of millions around the world. We believe there is significant demand for non-surgical, non-addictive chronic pain remedies. We are pleased to announce Venodol as our first product for this substantial market, and our broker agreement positions us for successful distribution of our products into marquee mass market retailers."
Venodol is tentatively scheduled to be available over-the-counter in the United States in the second quarter of 2017, in both regular and extra strengths. Caretta Therapeutics intends to introduce additional chronic pain relief products under the licensing agreement.
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.
Statements in this press release that are not purely historical are forward-looking statements. Forward-looking statements herein include statements regarding Spotlight Innovation's efforts to develop and commercialize its various technologies and products, and to achieve its stated benchmarks (including, without limitation, statements relating to if and when Caretta Therapeutics will succeed in making available products it is developing). Actual outcomes and actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include: risks and uncertainties, such as the inability to finance the planned development of the technologies; the inability to hire appropriate staff to develop the technologies; unforeseen technical difficulties in developing the technologies; the inability to obtain regulatory approval for human use; competitors' therapies proving to be more effective, cheaper or otherwise more preferable; or, the inability to market a product. All of which could, among other things, delay or prevent product release, as well as other factors expressed from time to time in Spotlight Innovation's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with Spotlight Innovation's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release and Spotlight Innovation undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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SOURCE Spotlight Innovation Inc.
Released January 18, 2017