Yahoo Finance CSE New Listing - Ovation Science Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2018) - Ovation Science (CSE: OVAT) is one of the latest new listing on the Canadian Securities Exchange. On September 29, 2017, the company entered into a licensing and assignment agreement with Skinvisible, under which Ovation acquired the exclusive worldwide right to manufacture, distribute, market, sell, sublicense and promote products formulated with Invisicare® technology for hemp seed oil and cannabis products. In consideration, Ovation paid US$500,000 to Skinvisible (www.skinvisible.com)
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Invisicare® (www.invisicare.com) is a polymer-based technology covered by patents and used in topical and transdermal delivery formulations. Products using Invisicare® technology deliver greater amounts of cannabis and enhances cannabinoid penetration into the blood stream. The technology also forms a protective bond that holds ingredients on skin resisting rub-off and wash off, is non-occlusive and allows for normal skin respiration and perspiration.
Ovation has developed topical and transdermal creams and lotions made with CBD, THC and combinations thereof. The company's business model is to sublicense the technology to licensed businesses engaged in the production of cannabis or hemp seed oil products for specific approved markets and/or geographic areas.
Ovation has 2 partners already in place to bring its products to market including Canopy Growth Corporation in Canada and Lighthouse Strategies in the USA. Lighthouse has launched BASK Extended Wellness Cream and BASK PLUS Extended Wellness Cream in Nevada and California.
Ovation is headed by Terry Howlett, CEO, who founded Skinvisible, Inc. in 1998, and was President and CEO of Skinvisible Pharmaceuticals Inc. from March 1999 to January 2018.
The company raised gross proceeds of $2,415,000 from an IPO placement of 8,050,000 units priced at $0.30 per unit, which included the full exercise of the over-allotment option of 1,050,000 units by PI Financial Corp. Each unit consisted of one share and one half a warrant, with each full warrant exercisable at $$0.45 for 24 months, subject to an acceleration clause.
For more information, please visit the company's website at www.ovationscience.com, contact Greg Werbowski at 604-283-0903 or email ir@ovationscience.com.
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