Ceapro Provides Business Update on Progress of Ongoing Development Programs, Technology and Cosmeceutical Base Business

EDMONTON, Alberta, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), today provided an update on its progress across its current business.

On December 14, 2023, the Company announced it entered into a definitive agreement to combine operations with Aeterna Zentaris Inc. (“Aeterna Zentaris”), a TSX and Nasdaq listed specialty biopharmaceutical company, in an all-stock merger of equals transaction to be effected by way of a plan of arrangement under the Canada Business Corporations Act (the “Arrangement”). The Arrangement is subject to various conditions, including the approval of the Company’s shareholders and optionholders (collectively, the “Securityholders”) at the special meeting of Securityholders scheduled for March 12, 2024 (the “Meeting”). In addition to the proposed Arrangement, the Company continues to execute on progress across its ongoing development projects, as detailed below.

“We continue to make promising progress across all areas of our business. Given the recent developments, we anticipate that all key success factors will align to expand our business model. Through the planned merger with Aeterna Zentaris, we aim to become a combined company with high potential for value creation in the biopharmaceutical industry. We look forward to an exciting future ahead for the Company and generating value in the short and long term for all stakeholders,” stated Gilles Gagnon, M.Sc., MBA, President and CEO.

Pipeline Development

Ceapro’s focus is on avenanthramides, beta glucan from oat and yeast and new chemical complexes/delivery systems.

• Avenanthramides (Avs):
  • Phase 1-2a clinical trial being conducted at the Montreal Health Institute: Following the successful completion of bioassays for measurement of Avs in human tissues, the trial is maintaining rapid progress forward. Since December 9, 2023, three cohorts of eight healthy subjects have already been completed with ascending doses from 30mg to 60mg and 120mg. No significant adverse events have occurred with the first two doses and members of the Data Safety Monitoring Board will complete the full analysis of results from the 120mg cohort during the first week of March, being able to declare whether the trial may be pursued as planned and to give a green light for the next dosage of 240mg. These results are very promising given that the higher the dose without safety concerns, the larger the potential for extending to various inflammation-based diseases.

• Oat beta glucan powder (OBG):
  • Samples of powder formulation have been successfully prepared and shipped to Symrise AG, Ceapro’s long-term partner, for liquid reformulation and assessment for the Chinese market.

• Yeast beta glucan (YBG):
  • Specifications have been standardized and the product is ready to be used for the PGX scale up projects in Edmonton and Austria. Depending on the successful scale up of PGX technology and approval from health authorities, this product could be offered as an immune booster before year end 2024.

• Enriched Oat Flour with High Concentration of Avenanthramides:
  • The first batch has been successfully produced. Samples have been sent to one major customer.
  • The Company is assessing the potential of this product for preventive antimicrobial properties when used to produce oat based nutritional products.