WEST DES MOINES, IA--(Marketwired - Dec 3, 2015) - Spotlight Innovation Inc. (OTCQB: STLT) announces that it has formed CDT Veterinary Therapeutics, Inc., a subsidiary company to develop cancer therapeutics for the veterinary market. CDT Veterinary Therapeutics is Spotlight Innovation's third subsidiary company, joining Celtic Biotech and Memcine Pharmaceuticals.
CDT Veterinary Therapeutics is currently focused on the commercialization of Crotalin, a protein fraction purified from the venom of the tropical rattlesnake Crotalus durissus terrificus. Crotalin is comprised of cytotoxic proteins that have been shown in animal studies to be highly toxic to a variety of cancer cell lines and has the potential to be an effective cancer therapeutic in companion animals.
Cris Grunewald, President and CEO of Spotlight Innovation, said, "The veterinary cancer therapeutics market for companion animals represents an opportunity with lower barriers of entry and a pathway to revenue. We are excited to be moving forward with CDT Veterinary Therapeutics and beginning our exploration of this market."
Veterinary medicine is a natural market to begin commercialization efforts, noted Dr. Paul Reid, President of CDT Veterinary Therapeutics. "As drug development incorporates a multitude of animal studies, it makes sense to assess the veterinary market opportunity as we continue with our human trials," Dr. Reid said. "Human trials have three phases of clinical development, whereas single trials predominate marketing authorizations in the veterinary space."
Pets are living longer and healthier lives, and are frequently reaching advanced age. Much like their human counterparts, the incidence of cancer and other aliments increases as they grow older. The American Pet Products Association (APPA) estimates that there are 77.8 million pet dogs and 85.8 million pet cats in the United States. According to the American Veterinary Medical Association, cancer accounts for almost half of the deaths of pets over 10 years of age. While dogs get cancer at roughly the same rate as humans, cats have a somewhat lower incidence rate. As veterinary medicine becomes more sophisticated -- including the introduction of diagnostic technologies, treatments and surgeries once reserved for people -- expenditures for companion animal veterinary care are increasing. According to the APPA, veterinary care costs were $15.04 billion in the U.S. in 2014, up from $10.1 billion in 2007. In response to increasing costs, the North American Pet Health Insurance Association reports double-digit increases in companion animal healthcare insurance policies each year since 2009 and a 14.6% increase in policies from 2012 to 2013 with an estimated 2013 North American market size of $595 million.
As interest in the comparison of cancer across species -- comparative oncology -- has increased, so
has the infrastructure to support animal research studies. One example is The Comparative Oncology Trials Consortium (COTC), a network of twenty academic comparative oncology centers, centrally managed by the NIH-NCI-Center for Cancer Research's Comparative Oncology Program. COTC member institutions design and execute clinical trials in dogs with cancer to assess novel therapies with the goal of informing the development path of these agents for future use in human cancer patients.
Crotalin is a protein fraction purified from the venom of the tropical rattlesnake Crotalus durissus terrificus. Crotalin is comprised of cytotoxic proteins that have been shown in animal studies to be highly toxic to a variety of cancer cell lines and has the potential to be an effective cancer therapeutic in companion animals.
About Spotlight Innovation Inc.
Spotlight Innovation Inc. (OTCQB: STLT) identifies, acquires and incubates companies that have unique intellectual property (IP) in the medical sector. The Company has relationships with the nation's leading academic and institutional IP developers, and locates promising IP technologies with potential for market share capture. With strong support, development, resources and strategic planning expertise, we believe we can develop IP that will have a positive effect on healthcare. We partner with proven sector leaders on commercialization once technologies are fully developed. Additional information available at www.spotlightinnovation.com.
About CDT Veterinary Therapeutics, Inc.
CDT Veterinary Therapeutics, Inc., a subsidiary of Spotlight Innovation Inc., was formed for the development of novel products for the treatment of cancers in animals for the veterinary market. Its first anticipated product, Crotalin, is a protein fraction purified from the venom of the tropical rattlesnake Crotalus durissus.
About Celtic Biotech Iowa, Inc.
Celtic Biotech Iowa, Inc., a subsidiary of Spotlight Innovation Inc., is developing novel, clinical trial-phase products for the treatment of cancers and pain in humans. Derived from naturally specialized receptor-binding proteins, these products have the potential to reduce treatment costs, increase survivability, and improve the quality of life for cancer patients. Additional information available at www.celticbiotech.com.
About Memcine Pharmaceuticals, Inc.
Memcine Pharmaceuticals, Inc., is an early-stage biotech company focused on enhancing vaccine efficacy to improve human and animal health globally. Memcine's Immunoplex™ immunotherapy technology platform uses the body's naturally occurring targeting system to deliver vaccine components. The current portfolio of potential infectious disease vaccine targets includes influenza, HepB, and Ebola. Memcine Pharmaceuticals has also conducted pre-clinical experiments in a mouse model of breast cancer, where the vaccine technology showed considerable promise as a therapeutic treatment. Additional information available at www.memcine.com.
Forward Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Photographs of Crotalus durissus are available for the media upon request from DresnerAllenCaron by contacting Rudy Barrio at 212-691-8087.
Spotlight Innovation Inc.