Pharmaceutical Raises $750k to Complete Safety Trials OWC Pharmaceutical Raises $750k to Complete Safety Trials
OWC Pharmaceutical Research Corp. ( OWCP 0.05 0.00%), an Israel-based pharmaceutical research company dedicated to the development of cannabinoid treatments, products, and delivery technologies, recently announced a $750,000 equity purchase agreement with Kodiak Capital Group to finance the completion of safety trials for its proprietary cannabis delivery system for multiple myeloma and other studies.
“There are a number of companies working on cannabinoid-based therapies, but OWC Pharmaceutical Research is one of only a few that are conducting trials in accordance with IRB,” said OWC Chairman Mordechai Bignitz. “We believe that this strategy not only provides OWC with a distinct competitive advantage, but that it will also demonstrate that cannabis therapies can be just as effective, if not more effective, than industrial pharmaceuticals.”
Under the agreement, OWC has the right to sell Kodiak $750,000 worth of common stock at a discount to the market price. According to Kodiak’s Jim Fitzpatrick, “Kodiak is hyper-focused on broadening its investment portfolio of companies in the emerging cannabis industry and is deploying our institutional capital in situations we believe offer true opportunities; we are impressed with the OWC’s professionalism and results to date.”
Last year, the company announced that it received the first basic science lab results on the effect of several cannabidiol (CBD) and tetrahydrocannabinol (THC) on multiple myeloma cell line RPMI8226. CBD and THC decreased survival of multiple myeloma cells in a concentration-dependent manner, prompting the company to begin developing unique formulations that include cannabis extracts for a new delivery system.
Multiple myeloma is the second most common hematologic cancer and represents 2% of cancer deaths.