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Cynapsus Therapeutics Inc. : Cynapsus Provides Update and 2012 Outlook
April 16, 2012
TORONTO, CANADA - Anthony Giovinazzo, President and CEO of Cynapsus Therapeutics (CTH: TSX-V), has provided shareholders with a strategy update in an open letter that is available on the company web site (www.cynapsus.ca) and below.
Dear friends and shareholders,
I want to take this opportunity to give you an update on our progress at Cynapsus over the past year and provide you some insights to our goals for 2012.
At the outset I would like to thank the Board of Directors and all our shareholders for their continued support and patience as we continue the re-direction of Cynapsus into a high value company.
I would also like to thank our small team of employees, consultants and vendors for their loyalty to the company and their performance under tight timelines and significant workloads. We have accomplished much together in this last year.
Our strategy since my appointment in November 2009 has been to build significant value over a three year period, and in the 3rd or 4th year, have this value realized for the benefit of all shareholders. This vision has not changed.
If you recall, last year I indicated that 2011 "will most likely be a critical turning point for Cynapsus, as the accomplishment of our goals should allow past and future shareholders to see Cynapsus in a different light". We think we accomplished this in a number of different ways.
We had four stated goals for 2011:
With these specific goals in mind, I can report that our efforts in 2011 have resulted in the following:
In 2011, we successfully completed a number of additional tasks that have added value in a short period of time:
As you can see, we have been focused and are working intensely to accomplish more in less time while making prudent use of our available resources. Our plan and execution focus for 2012 will be to deliver several critical new building blocks of value and de-risking of the APL-130277 asset. Successful completion of these goals should result in 2012 becoming a major break out year for Cynapsus in several respects.
Goals for 2012
The accomplishment of these goals should substantially affect the risk/reward perception of the company, in a positive fashion. In addition to these critical goals, we have other tasks and goals which we will also prioritize for 2012, namely:
I hope you find this summary useful. As always, thank you for your support.
Please feel free to contact me if you have any questions.
Sincerely,
Anthony Giovinazzo
President and CEO
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
About Cynapsus Therapeutics
Cynapsus is a specialty clinical development pharmaceutical company targeting diseases of the brain. Cynapsus' lead drug candidate, APL-130277, is a reformulation of an approved drug (apomorphine), for the treatment of motor fluctuation in Parkinson's disease. APL-130277 is designed to address a much larger moderate to severe patient population, which represents a significant portion of Parkinson's patients.
Cynapsus' strategy is to grow its portfolio of drug candidates through in-licensing and acquisitions, and to advance projects to Phase 2 proof-of-concept clinical studies. Once the drug candidates are sufficiently derisked, Cynapsus intends to out-license the programs to the appropriate pharmaceutical marketing partners for a combination of upfront, milestone, and royalty payments.
More information about Cynapsus (CTH: TSX-V) is available at www.cynapsus.ca.
Contact Information
Anthony Giovinazzo
President & CEO
W: (416) 703 2449 (Ext. 225)
ajg@cynapsus.ca
Andrew Williams
COO & CFO
W: (416) 703-2449 (Ext. 253)
awilliams@cynapsus.ca
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cynapsus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to Cynapsus' business disclosed under the heading "Risk Factors" in Cynapsus' current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although Cynapsus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cynapsus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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