Blake Insomnia Therapeutics Inc. Seeks Financing for Clinical Trials

NEW YORK, Jan. 17, 2017 -- Blake Insomnia Therapeutics Inc. (OTC:BKIT) is preparing to launch a fundraising drive to complete Phase II clinical testing of its patent-pending ZLX-1 compound for treating stress-related insomnia. The company has compiled a shortlist of appropriate investors to approach for funding. 

Since the ZLX-1 patent application covers multiple active ingredient combinations, Phase II clinical testing will determine which combination and dosage will deliver the most potent effect. Completing Phase II clinical testing will require approximately $5 million. After successful completion of Phase II, the company will seek an additional $10 million for Phase Phase III testing, the final step required to receive FDA approval. Phase III trials involve widespread testing of the compound for potential side effects.

Blake Insomnia Therapeutics CEO Birger Jan Olsen says: “We are proceeding according to plan and we are now ready to meet with potential financial partners to fund Phase II clinical testing. We remain optimistic that we will be able to complete the clinical phase quickly, so we can bring this promising therapy to market.”

Blake Insomnia Therapeutics Inc.
is a New York-based pharmaceutical company devoted to improving night-time and daytime quality of life for people with insomnia. The company’s patent-pending ZLX-1 compound has demonstrated efficacy without producing side effects identified as the No. 1 problem with current sleep medication. The ZLX-1 compound is marketed under the brand name, Zleepax™.

Please visit www.blakeinsomnia.com to learn more about the company, management and the ZLX-1 compound.

Forward-Looking Statements:

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Contact
Birger Jan Olsen
CEO
Blake Insomnia Therapeutics Inc.
1 (800) 612-2905
[email protected]