COLORADO SPRINGS, Colo.,
March 7, 2014 /PRNewswire/
-- (CBIS) Cannabis Science, Inc., a U.S. Company specializing
in cannabis formulation-based drug development and related
consulting, closes the recently announced, February 20, 2014, financing for $1,000,000.00 through a private
placement with the pricing set at $0.25 per share for Section 144 restricted shares
coupled with a two-year warrant for $0.50 per share to comprise a complete unit
offering.
The offering is fully subscribed with $950,000.00 of
the proceeds received into the Company's account, greatly
strengthening the company financially. The Company plans to raise
further funds in the near term as developmental
milestones are achieved.
The funds raised will
facilitate fast-tracking of Cannabis Science's
projects to include production of pharmaceutical
grade cannabis based formulations to be
developed for cancer, pre-clinical work on the
Company's new product to address neurobehavioral
disorders, and clinical observational studies.
"We are delighted to be able to make a scientific
contribution to the understanding of the biological mode of action
of cannabinoids, and we trust that this work will lead to
developing innovative medicines to meet medical needs of
patients in several therapeutic areas," said Dorothy H. Bray, Ph.D., Director & CEO of
Cannabis Science, Inc. "This support of our innovative
business plan will not only set us apart from our competition but
will also take Cannabis Science to the next level and beyond."
About Cannabis Science, Inc.
Cannabis Science, Inc., takes advantage of its unique understanding
of metabolic processes to provide novel treatment approaches to a
number of illnesses for which current treatments and understanding
remain unsatisfactory. Cannabinoids have an extensive history
dating back thousands of years, and currently there are a growing
number of peer-reviewed scientific publications that document the
underlying biochemical pathways that cannabinoids modulate. The
Company works with leading experts in drug development, medicinal
characterization, and clinical research to develop, produce, and
commercialize novel therapeutic approaches for the treatment for
illnesses caused by infections as well as for age-related illness.
Our initial focus is on skin cancers and neurological
conditions.
Forward Looking Statements
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 Act 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.
Cannabis Science, Inc.
Dr. Dorothy Bray, CEO &
Director
www.cannabisscience.com
dorothy.bray@cannabisscience.com
info@cannabisscience.com
Tel: 1.888.777.0658
Investment Inquiries
Robert Kane, CFO & Director
robert.kane@cannabisscience.com
561.420.4824
SOURCE Cannabis Science, Inc.