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Pivot Pharmaceuticals acquiring drug delivery technology company

Vancouver, British Columbia-based Pivot Pharmaceuticals Inc. disclosed the acquisition of Thrudermic LLC, a North Carolina-based private company that is developing a nanotechnology for the delivery of its products via the skin.

Thrudermic is developing TDL Transdermal Nanotechnology, a lipid-based nano-dispersion technology for transdermal formulation and administration of bio-cannabis products.

Pivot will pay $1 for all of the issued and outstanding units of Thrudermic, and issue an aggregate of 500,000 common shares to Joseph Borovsky and Leonid Lurya for their intellectual property portfolio, including patents, goodwill and know-how in connection with the TDL Transdermal Nanotechnology.

Borovsky has been appointed Pivot's vice president of product formulation and Lurya has been appointed executive director of product formulation.