WPD Pharmaceuticals Provides Corporate Update

VANCOUVER, British Columbia, April 08, 2020 (GLOBE NEWSWIRE) -- WPD Pharmaceuticals Inc. (CSE: WBIO)(FSE: 8SV1) (the “Company” or “WPD”), a clinical stage pharmaceutical company, is pleased to provide a corporate update on its business and the continued development of its portfolio of drug candidates.

“It’s been some time since our last corporate update after going public in January.  Given these difficult times during social distancing and isolation, we feel it’s important to continue communicating to our shareholders and provide an update on the advancements of our drug portfolio,” commented Mariusz Olejniczak, CEO of WPD. “We have made great strides advancing our comprehensive drug portfolio with our license partners, Moleculin Biotech and CNS Pharmaceuticals and we are looking forward to executing on our growth strategy.”

Balance Sheet and Capital Structure

In February 2020, the Company received $825,714 from the exercise of warrants and options previously issued. WPD's current cash and cash equivalents are about CAD $2 million, with no long-term debt. The Company has 112,991,816 million common shares issued and outstanding with the majority held under a 36 month escrow. Management and insiders own 35.5%.

WPD has sufficient liquidity and capital to fund its operations into 2021, while continuing to advance its drug portfolio with license partners CNS Pharmaceuticals Inc. (“CNS”) and Moleculin Biotech, Inc. (“Moleculin”). WPD received CAD $800,000 in reimbursement from the Polish National Center for Research and Development for the development of WPD101, exclusively licensed from Wake Forest University. The total amount accessible under the grant is approximately CAD $7.4 million. For the development of its entire drug portfolio, WPD has access to CAD $20 million in non-dilutive, government grant, payable on reaching certain milestones.

Scientific Board Appointments

WPD is pleased to welcome Waldemar Debinski, the inventor of WPD’s drug candidates WPD101, WPD102 and WPD103, to its Scientific Advisory Board. The Company’s name “WPD” comes from the names of founder Waldemar Priebe and inventor, Waldemar Debinski.  Dr. Debinski joins WPD’s esteemed scientific team of experts and his experience and knowledge of researching and developing drug candidates will be extremely valuable as the Company continues to advance its drug portfolio.