KALY Announces $20 Million LOI to Fund Cannabis Biopharmaceutical Technology
DALLAS, Feb. 4, 2020 /PRNewswire/ -- Kali-Extracts, Inc. (Kali, Inc. dba/Kali-Extracts, Inc.) (USOTC: KALY) ('KALY') today announced entering into letter of intent (LOI) under which KALY could receive a $20 million investment to fund its Cannabis Biopharmaceutical Technology. KALY has a U.S. Patented Cannabis Extraction Process it uses to produce proprietary formulations for the treatment of various medical conditions. The proposed investment values KALY's cannabis biopharmaceutical technology at $50 million. The confidential terms of the LOI target a planned $5 million first tranche within ninety days.
KALY's cannabis biopharmaceutical technology intellectual property portfolio contains a deep pipeline of cannabinoid product candidates including four distinct compounds listed here:
- Chronic Obstructive Pulmonary Disease (COPD) - The market for COPD treatment is anticipated to reach $14 billion by 2025;
- Type 2 Diabetes - The market for Type 2 Diabetes is expected to be a $64 billion market by 2026;
- Cancer Pain Management - The overall pain management treatment market is anticipated to reach $83 billion by 2024, and
- Epilepsy - The market for epilepsy treatment is anticipated to reach $9 billion by 2022.
In conjunction with the research already conducted and the next phase of research now moving forward, KALY recently filed for a new patent application specifically on its formulation for symptoms associated with COPD and other similar respiratory conditions. KALY also filed for a trademark on the name RespRx as the brand name for its CBD formulation to treat the symptoms associated with COPD and other similar respiratory conditions. The market for COPD treatment is anticipated to reach $14 billion by 2025.
In addition to KALY's ongoing efforts to develop prescription therapies, KALY has initiated a program to certify its proprietary CBD extracts derived from KALY's U.S. Patented Extraction Process as an Over-the-Counter (OTC) drug under the requirements prescribed by the U.S. Food and Drug Administration.
Follow further developments at: https://www.kali-extracts.com/
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE Kali-Extracts, Inc.