PROTEXT PHARMA ANNOUNCES SUCCESSFUL COMPLETION OF GOVERNMENT INSPECTION OF PROPOSED MEDICAL CANNABIS SITE FACILITY
Company to Target Inflammation and Pain Management
Florida, USA -- July 11, 2018 -- InvestorsHub NewsWire -- 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, is pleased to announce that a meeting was held July 4th 2018 at the company’s office in White River, Mpumalanga with senior Government staff members of the South African Health Products Regulatory Authority (SAHPRA), (formerly known as the Medicine Control Council-MCC). The meetings lasted approximately seven hours and included in depth discussion of the company anticipated medical cannabis business in the country, site visit and complete inspection of a large industrial building the company has secured and plans to use for growing, cultivating and extraction of cannabis for medical purposes.
Commenting on the meeting, Mr. Duffield stated, “In my opinion the site inspection was successful, and the industrial building we have secured was given the green light as a suitable facility for building our medical cannabis operations. As a final condition to the license being issued, an update to our Site Master Plan has been requested by SAHPRA in order for the project to be implemented. It is our understandings from these meetings that SAHPRA is fully supportive with the issuing of the necessary licenses which will allow the company to develop a cannabis medicines platform in South Africa.”
Mr. Duffield added, “As of the end of last year, South Africa became one of a few select countries where medical cannabis is legal on a Federal level through Government issued licenses. While the licensing process has been lengthy, we believe we are near the finish line. The anticipated license will legally permit the growing of cannabis and allow the Company to conduct research for the purpose of producing a full profile non-psychoactive cannabis extract for medicinal use. The facility will incorporate an on-site laboratory which will be designed and engineered to process live plant material. The Company will use its proprietary processing and extraction technology to 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 our 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. As a Schedule 4 drug in South Africa, the non-psychoactive cannabis medicine can be prescribed by health professionals and, importantly, will allow the Company to export globally where medical cannabis is currently legal.”
“Where other cannabis companies have focused their research on specific ailments like epilepsy conditions such as neuron disorders pain, cancers, we plan to target a much larger addressable market. An estimated 52.5 million adults in the USA suffer from over 100 types of arthritis including osteoarthritis and rheumatoid arthritis gout, lupus, fibromyalgia, and septic arthritis. There is currently no cure. Based on emerging evidence the Company has created a cellular arthritis model to develop a schedule 4 Drug that delivers anti-inflammatory activities through the dampening of inflammation in osteoarthritis and rheumatoid arthritis key cells. The initial investigation is to validate the anti-inflammatory effects of the cannabinoid complex in in-vitro models. In terms of market size, South Africa has a population of 55 million, compared to 36 million in Canada, where medical cannabis has been legal for many years and is a multi-billion dollar business. The Company intends to further distribute into those countries where medical cannabis importation, distribution and use are permitted,” concluded Mr. Duffield.
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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 product that are all-natural ingredients formulated for pharmaceutical applications and produced under pharma-grade conditions. Please visit http://www.protextm.co for further information.
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