Cannabis Science Raising Working Capital and Entering European Medical Cannabis Market With Expanded Opportunity Among Europe's
August 30 2010 - 8:26AM
Cannabis Science Inc. (OTCBB:CBIS) ("Cannabis Science, CBIS, or
Company"), a pioneering US biotech company developing
pharmaceutical cannabis products, is pleased to announce that the
Company is currently raising working capital in the European market
and pursuing listings on the Frankfurt and other major European
exchanges.
Cannabis Science is vigorously seeking entry into the European
medical cannabis market on the footsteps of GW Pharmaceuticals plc
(GWPharm.com), a UK based commercial cannabinoid pharmaceutical
company, which paved the way with the introduction and approval of
its product, Sativex® in the UK and now Spain, which gave its
regulatory approval on July 28, 2010. Currently Sativex® is
approved in the UK and Spain as a prescription medicine for
treatment of MS spasticity and in Canada for relief of neuropathic
pain and advanced cancer pain.
See:
http://cannabisscience.com/news-a-media/press-releases/191-cbis-reprots-important-validation-for-medical-cannabis.html
In total, the medicine has been exported to 28 countries for
either named patient prescription use or for clinical trial
purposes. FDA clinical trials are currently in progress in the U.S.
for administering Sativex® as an adjunctive analgesic treatment for
cancer. GW has raised working capital of over $90 million through
the public markets. In addition, GW has received signature
licensing and milestone payments for prescription cannabinoid
medicines and clinical trials totaling over
$60 million to date, with over $365 million in future
milestone payments slates plus effective royalties of
20-30%. In June 2010, GW received a valuation of over $300
million (£158m) 1 based on its single Sativex® product.
1 See:
Edison Investment Research report, June 3, 2010,
http://gwpharma.co.uk/uploads/gwpharma030610review.pdf
CBIS is working toward regulatory approval of its proprietary
medical cannabis products and delivery methods and will seek
European Mutual Recognition Procedure (MRP) to get marketing
authorization for all European member states, in addition to UK
regulatory approval through the Medicines and Healthcare product
Regulatory Agency (MHRA). The Company expects rapidly developing
opportunities for the over 500 million citizens in Europe,
following the report that the German health ministry has announced
plans to legalize medical use of marijuana. Cannabis Science
will seek licensing partners to realize value and take its multiple
medical cannabinoid products and delivery methods to market upon
entering clinical trial phases and regulatory approvals.
See:
http://cannabisscience.com/news-a-media/press-releases/202-cannabis-science-plans-european-expansion.html
.
Cannabis Science President and CEO Dr. Robert Melamede, PhD.,
noted, "Germany's actions are expected to speed up the official
recognition of the medical value of cannabis by other European
countries, especially those who had been ahead of the Germans
regarding acceptance of medical marijuana (Spain, Finland,
Switzerland, and the Czech Republic). Of course, the Dutch have led
the way. Last December, the Wall Street Journal reported that the
Dutch Cannabis Bureau, besides supplying cannabis to all the
pharmacies in the Netherlands, also supplies Italy, Finland and
Germany through the Ministry of Health of each country. The Bureau
sells around 100 kilos (220 pounds) of marijuana per year to other
countries. Of course, that is a tiny fraction of what is needed in
the European Union with a population of over 500 million."
See: http://online.wsj.com/article/SB125928114285465741.html
Richard Cowan, Cannabis Science CFO, added, "Spain already has a
limited medical cannabis program, and its approval of GW
Pharmaceutical's whole cannabis extract (Sativex®) should open the
way to more such products, as well as whole cannabis derivatives in
other forms. Last December's Journal article quoted Brendan Hughes,
senior legal analyst of the European Monitoring Centre for Drugs
and Drug Addiction in Lisbon, as saying, "I can imagine European
citizens will eventually think cannabis is a good medicine and that
it should be accessible to people who suffer from serious pain as a
result of HIV, multiple sclerosis or other grave illnesses." He has
been prophetic, but things are now moving faster than anyone
expected. Of course, it will never be fast enough for those who
urgently need medical cannabis today. Consequently, Cannabis
Science will be an advocate for both science and the rights of the
patients in Europe as it has been in America."
About Cannabis Science, Inc.
Cannabis Science, Inc. is at the forefront of medical marijuana
research and development. The Company works with world authorities
on phytocannabinoid science targeting critical illnesses, and
adheres to scientific methodologies to develop, produce, and
commercialize phytocannabinoid-based pharmaceutical products. In
sum, we are dedicated to the creation of cannabis-based medicines,
both with and without psychoactive properties, to treat disease and
the symptoms of disease, as well as for general health
maintenance.
This Press Release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange of 1934. A statement
containing words such as "anticipate," "seek," intend," "believe,"
"estimate," "expect," "project," "plan," or similar phrases may be
deemed "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Some or all of
the events or results anticipated by these forward-looking
statements may not occur. Factors that could cause or contribute to
such differences include the future U.S. and global economies, the
impact of competition, and the Company's reliance on existing
regulations regarding the use and development of cannabis-based
drugs. Cannabis Science, Inc. does not undertake any duty nor does
it intend to update the results of these forward-looking
statements.
CONTACT: Cannabis Science Inc.
Dr. Robert J. Melamede, President & CEO
1-888-889-0888
info@cannabisscience.com
www.cannabisscience.com
Investor Relations
Mark J. Friedman
1-877-431-CBIS (2247)
info@cannabisscience.com
www.cannabisscience.com