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Source: Scythian Biosciences Corp.
TORONTO, April 18, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (the "Company" or “Scythian”) (TSXV:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl:SCCYF) is pleased to announce that Argentina-based ABP S.A. (“ABP”), a pharmaceutical import and distribution company that Scythian is in the process of acquiring, has received its first purchase order (the “Order”) of CBD oil, which is to be fulfilled under the supply agreement with Aphria Inc. (TSX:APH) (“Aphria”), a prominent Canadian producer of medical cannabis. The Order is for Aphria’s renowned CBD oil strain, Rideau.
ABP’s first order will go to the Dr. Juan P. Garrahan Pediatric Hospital (the “Hospital”), a highly recognized and one of the most credible medical institutions in South America, to support a first of its kind clinical study focused on treating refractory epilepsy in children. The study, which will be conducted over 2.5 years, will also determine the product’s pharmacokinetics in order to optimize the dosage of future treatments. The study will include the participation and guidance of some of the top neurologists and pediatric specialists in the country. Additionally, with the support of Scythian and ABP, a training program will be conducted during and after the study to train and educate a network of specialized doctors across multiple provinces in the country using Aphria’s pharmaceutical grade medical cannabis.
“I am very proud of ABP working with the Scythian team for reaching this new milestone of a first purchase order under the first permit issued by the Argentina Ministry of Health for the import of pharmaceutical-grade medical cannabis,” said Jonathan Gilbert, CEO. “Scythian, through ABP, is honoured to begin its research and development legacy in Argentina through the first medical cannabis shipment to scientists exploring the treatment of childhood epilepsy. There’s no better way to symbolize and cement our commitment to patients and their needs.”
Today's announcement follows the Company's press release of April 9, 2018, in which the Company announced that ABP had received its license to import CBD oil into Argentina after having entered into an exclusive international supply agreement for Argentina with Aphria (the “Supply Agreement”). Under the terms of the Supply Agreement, Aphria will supply ABP with cannabis products for research and development purposes as well as for distribution to hospitals, retail pharmacies, and private health providers in Argentina’s public health system.
Scythian previously announced on March 12, 2018 that it had entered into a non-binding letter of intent with MMJ International Investments Inc. (“MMJ”) to acquire MMJ, the sole shareholder of ABP. A binding definitive agreement governing the terms of the acquisition was expected to be entered into by March 31, 2018. On March 29, 2018, Scythian announced an extension to complete and sign a definitive agreement to April 30, 2018. If the acquisition of MMJ is completed, ABP will become a subsidiary of the Company. The acquisition of MMJ is subject to approval from the TSX Venture Exchange.
About Scythian Biosciences Corp.
Scythian is a research and development company committed to advancing prevention and treatment efforts for concussion and traumatic brain injury with its proprietary cannabinoid-based combination drug therapy.
Scythian’s mission is to be the first accepted drug regimen for the treatment of concussion. Scythian is partnered with the University of Miami and its neuroscientific team to conduct pre-clinical and clinical trials of its drug regimen. Through the Company’s collaborative efforts with the university, Scythian has access to the university’s extensive network of experts in the fields of traumatic brain injury and concussion. These connections provide Scythian with the ability to conduct its clinical studies at world-class facilities by widely recognized medical professionals.
Scythian has initiated its international expansion by launching additional cannabis-related activities across the globe. These significant endeavours complement the Company’s research and development efforts to enhance the many medical applications of cannabis.
Scythian is evaluating several strategic initiatives and pursuing partnerships with local cultivators, pharmaceutical import and distribution entities and universities in North America, South America, the Caribbean and beyond. This comprehensive approach positions Scythian as a potential global frontrunner in the research and development of medical cannabis.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Scythian Biosciences Corp.
Jonathan Gilbert, CEO
Phone: (212) 729-9208
Email: info@scythianbio.com
For media inquiries, please contact:
David Schull or Nic Johnson
Russo Partners
(858) 717-2310
david.schull@russopartnersllc.com
nic.johnson@russopartnersllc.com