BOCA RATON, FL--(NewMediaWire - Sep 20, 2017) - Protext
Pharma, Inc. (PINKSHEETS: TXTM) ("Protext" or "the Company"),
a biotech company engaged in the development of pharmaceutical
botanical medicines that are formulated with highly-bioavailable
plant extracts, today announced that the government of South Africa
published recommended amendments to the Medical Innovation Bill
that would change the status of cannabis products that do not have
psychoactive properties from a Schedule 7 prohibited substance to a
Schedule 4 substance. Schedule 4 drugs, which include antibiotics
and corticosteroids, may be given verbally to the pharmacist by the
doctor, although such instruction must be followed up by a written
prescription within 7 days. Under the proposed guidelines,
Cannabis sold "on the street" will remain a Schedule 7 substance
and be prohibited. Protext Pharma anticipates that its
Phytofare® Cannabinoid extract will be non-psychoactive and thus
fall under the Schedule 4 classification.
This announcement follows the Medicines Control Council's (MCC)
proposed guidelines for growing cannabis for medicinal purposes,
which was published for comment in March 2017. In last week's
Medical Innovation Bill (Cannabis guidelines) briefing of the
portfolio committee on health, Dept. of Health (DoH) Deputy
Director Law Enforcement, Griffith Molewa, said they would approve
regulations in the next few weeks. The MCC indicated that
licenses would be issued thereafter.
Roger Baylis-Duffield, Chief Executive Officer of Protext
Pharma, commented, "From where we sit, the cannabis
reclassification is a very positive development and it's
encouraging to see South Africa take a leading role in recognizing
the potential medical benefits of cannabis and pave the way for new
research. South Africa is one of only a few countries around
the world to have achieved governmental support for the
legalization of cannabis for medical use. There is a growing body
of evidence indicating cannabis can help regulate the
endocannabinoid system, which explains its perceived benefits for a
host of ailments especially inflammation, depression,
post-traumatic stress, muscle spasticity, chronic pain, and other
neural disorders. The cannabis business is a large and emerging
market anticipated to grow to $55.8 billion by 2025. Our
segment of this market, cannabis based medicines, is at the cusp of
what could be a new industry for decades to come."
With regards to the much-anticipated license which would allow
the company to proceed with developing a cannabis medicines
platform in South Africa, Mr. Duffield stated, "Despite the
licensing process taking longer than anticipated, we remain
confident that the issuance of a cannabis license allowing the
Company to grow cannabis for the purpose of research and producing
cannabis based medicines is still on track. We believe we're
uniquely positioned to be granted this license having developed an
expertise in the extraction of phytonutrients from live plants, as
well as having a home base and corporate presence in South Africa
for some years. On Tuesday of this week, we were notified by the
DoH that our application has now moved on to the Narcotic Desk of
SAPS (South African Police Service) for police clearance of all
applicants to check for suitability in handling cannabis, as per
the MCC guidelines published March 2017. The Company is in
regular communication with senior government officials at the
Ministry of Health and we expect to have the license issued once
the final regulations are ratified, which, according to statements
from government, should be very soon."
Once the license is issued, the company intends to use a 10,000
square foot facility in the Mpumalanga province where plants will
be grown, cloned and cultivated to ensure a consistent chemical
profile. The facility will incorporate an on-site laboratory
which will be designed and engineered to process live plant
material and after separation and recovery of the oil-phase as a
separate income stream, the final stage will be specific to the
production of the Phytofare® complex containing cannabinoids,
cannabinoid acids, terpenes, limonene and polyphenols. The
resulting complex will be subjected to product profiling, analysis
and bioavailability in order to determine efficacy and dosage. The
Company will use its proprietary processing and extraction
technology to commence investigations and produce a full-profile
cannabis extract, one that contains both CBD and the precursor acid
form of THC (THC-A and THC-B) found in live cannabis plants. The
Company's investigations will be designed to show that the
extraction process, which will use live leaf and low temperatures
to extract the phyto-chemicals, should leave the acid forms of THC
intact, resulting in a non-psychoactive extract with full medicinal
potential and having the heightened bioavailability of other
Phytofare® extracts.
Investors are encouraged to follow Protext using:
YouTube: http://bit.ly/ProtextYouTube
Twitter: https://twitter.com/protxtm
Instagram: https://www.instagram.com/protextm/
About Protext Pharma, Inc.
Protext Pharma operates two wholly owned subsidiaries; Plandai
Biotechnology South Africa (Pty) Ltd. and Cannabis Biosciences,
Inc. The Company is engaged in the research, clinical testing
and commercialization of highly bioavailable botanical products --
all-natural ingredients formulated for pharmaceutical applications
and produced under pharma-grade conditions. Please
visit http://www.protextm.co for further information.
About Plandai Biotechnology SA
Through its wholly owned subsidiary Plandai Biotechnology SA,
the Company has the exclusive worldwide license to develop
Phytofare® extracts from live plant materials including Phytofare®
catechin complex, a highly bioavailable, and clinically proven
antioxidant complex produced from live green tea
leaves. Phytofare® can deliver a therapeutic level of
catechins, which function as powerful antioxidants, to the system
where they remain active for over 24 hours.
About Cannabis Biosciences
The Company is actively pursuing government licensing that will
allow it to use its proprietary processing and extraction
technology to commence investigations and produce a full-profile
cannabis extract, one that contains both CBD and the precursor acid
form of THC (THC-A and THC-B) found in live cannabis plant. The
Company's investigations will be designed to show that the Cannabis
Biosciences extraction process, which will use live leaf and low
temperatures to extract the phyto-chemicals, should leave the acid
forms of THC intact, resulting in a non-psychoactive extract with
full medicinal potential and having the heightened bioavailability
of other Phytofare® extracts.
Safe Harbor Statement
This release contains forward-looking statements that are based
upon current expectations or beliefs, as well as a number of
assumptions about future events. Although we believe that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, we can give
no assurance or guarantee that such expectations and assumptions
will prove to have been correct. Forward-looking statements are
generally identifiable by the use of words like "may," "will,"
"should," "could," "expect," "anticipate," "estimate," "believe,"
"intend," or "project" or the negative of these words or other
variations on these words or comparable terminology. The reader is
cautioned not to put undue reliance on these forward-looking
statements, as these statements are subject to numerous factors and
uncertainties, including but not limited to: adverse economic
conditions, competition, adverse federal, state and local
government regulation, international governmental regulation,
inadequate capital, inability to carry out research, development
and commercialization plans, loss or retirement of key executives
and other specific risks. To the extent that statements in this
press release are not strictly historical, including statements as
to revenue projections, business strategy, outlook, objectives,
future milestones, plans, intentions, goals, future financial
conditions, events conditioned on stockholder or other approval, or
otherwise as to future events, such statements are forward-looking,
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements contained in this release are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the statements made. The company disclaims any
obligation to update information contained in any forward-looking
statement. This press release shall not be deemed a general
solicitation.