PETACH TIKVA, Israel, September 30, 2016 /PRNewswire/ --
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), ("OWC" or the "Company"), an Israeli-based developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced it signed an agreement for $300,000 with Medmar LLC ("Medmar").
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According to the terms of the agreement:
The funds will be allocated to complete the development of the Company's proprietary psoriasis cream;
Medmar will have exclusive right to manufacture, produce, publicize, promote and market OWC's Licensed Products in any state in the U.S;
The loan is non-interest bearing and will be repaid from royalties generated by the sale of OWC licensed products.
Commenting on his investment, Steve Weinstein, CEO of Medmar said, "Medmar has been anxious to advance cannabis as medicine, however US regulation makes it very difficult for companies here to actively pursue any type of development in the sector; fortunately, the environment in Israel is more favorable to the industry."
Mr. Weinstein went on to say, "We learned about OWC as they are one of only a handful of companies taking a true clinical approach to the research and development of medical cannabis, and this was important to us. Once we saw the preliminary results for their clinical studies, particularly in the field of psoriasis, we decided to make an investment and partner with them."
Mordechai Bignitz, OWC's Chairman and CEO, also commented on the announcement, "As we continue to make progress in our clinical trials for multiple myeloma, psoriasis and fibromyalgia, we are excited to partner with MedMar as we prepare to bring products to market. Their confidence in the potential for the commercialization of our research is clearly evident in the terms of this agreement."
About OWC Pharmaceutical Research Corp.
OWC Pharmaceutical Research Corp., through its wholly-owned Israeli subsidiary, One Word Cannabis Ltd., (collectively "OWC" or the "Company") conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. OWC is also developing unique delivery systems for the effective delivery and dosage of medical cannabis. All OWC research is conducted at leading Israeli hospitals and scientific institutions, and led by internationally renowned investigators.
The Company's Research Division is focused on pursuing clinical trials evaluating the effectiveness of cannabinoids for the treatment of various medical conditions, while its Consulting Division is dedicated to helping governments and companies navigate complex international cannabis regulatory frameworks. For more information, visit: http://www.owcpharma.com/
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, filing patent applications, product development, and business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in OWC Pharmaceutical Research Corp. (OTCQB: OWCP) periodic reports filed from time-to-time with the Securities and Exchange Commission.
Ziv Turner, Chief Executive Officer - One World Cannabis Ltd.
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Last updated on: 30/09/2016
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