OTTAWA, ONTARIO--(Marketwired - June 2, 2016) - GrowPros Cannabis Ventures Inc. ("GrowPros" or the "Company" or "GCI") (CSE:GCI) is pleased to announce the creation of a new subsidiary PhytoPain Pharma Inc. ("PPP"). PPP will be owned 80% by GCI and with 20% owned by Dr. Guy Chamberland, M.Sc., Ph.D. and Mr. Andr Rancourt as co-founders with GCI.
The mission of PPP is the development and commercialization of botanical based pharmaceuticals. PPP is a clinical-stage drug development company engaged in the development of medication to alleviate symptoms related to pain, Insomnia and anxiety disorders in patients suffering from Cancer and other chronic and terminal diseases that cause uncontrolled pain and or insomnia.
PPP has submitted a pre-CTA (Clinical Trial Applications) information package to the Therapeutics Drug Directorate (TPD). As agreed with TPD, Health Canada will provide guidance to PPP's planned Phase I clinical trial of its lead product, an inhalation cannabis drug product. The company intends on initiating the Phase I clinical trial later this year. PPP is developing this product as a prescription controlled drug for the management of uncontrolled pain in cancer patients.
PPP has licenced a hypnotic drug from Mondias Naturals Inc for the management of insomnia in patients with chronic pain. This latter product is currently in late stage (Phase III) clinical testing. PPP is currently developing a combination product for the treatment of uncontrolled pain. The proprietary combination product should reach clinical testing in 2017.
GrowPros announced today that Dr. Guy Chamberland, M.Sc., Ph.D., was appointed as Chief Scientific Officer and will take over the role of drug development and regulatory affairs. "The Board of Directors and I are delighted that Guy has agreed to join PPP," said Andr Audet, Chairman. "Guy is someone with tremendous expertise in drug development and specifically the development of botanical drugs and combination products, his unquestioned intellect, work ethic, and integrity will prove to be of great value to the GCI organization and its shareholders."
Dr. Chamberland has worked over 22 years in the pharmaceutical and natural product industries and is also a professor of herbal medicine and clinical research at the cole d'Enseignement Suprieur de Naturopathie du Qubec. He has successfully developed intellectual property for several botanical drug products and has managed numerous development programs and worked closely with marketing teams to develop physician education programs.
GCI is also announcing today that Andr Rancourt was appointed as the Vice President Corporate Development and will take over the strategic and licencing operations of PPP.
Mr. Rancourt is highly experienced in management, start-up companies, and commercial strategies for human and agriculture products. He has developed an expertise in the area of negotiation and has successfully negotiated collective agreements for Station Radiophonique Rgional de Tlmdia Qubec as well as agreements for companies in the metal and Agro-Food businesses. In addition, he negotiated license agreements as well as several technology transfers. Over the last ten years, Mr. Rancourt worked as a consultant to re-organize the operations of companies on behalf of several venture capital investment funds.
"Andr is someone with tremendous expertise in negotiation and has a vast network of contacts in the industry. His dedication and work ethic will benefit the PPP organization and its shareholders. The Board of Directors and I are excited that Andr is joining PPP to help the corporation become a world leader in botanical drugs," commented Andr Audet, Chairman.
Subject to regulatory approval, Mr. Rancourt and Dr. Chamberland will each receive from GrowPros:
- upon submission of pre-CTA information package: 1,250,000 options at $0.05 for 5 years and 750,000 common shares warrants at $0.05 for 1 year;
- upon commencement of Phase 1 clinical trials of PPP0001: 2,000,000 common shares warrants at $0.05 for 2 years; and
- upon successful completion of Phase 1 clinical trials of PPP0001: 2,000,000 common shares warrants at $0.05 for 3 years
"The creation of PPP provides GCI with a clear and defined approach to medicinal cannabis product development. GCI 's subsidiaries will now be able to collaborate on the development and design of a cannabis production facility designed to produce the standardized raw material that PPP will require to develop and bring their inhalation cannabis drug product to market. Rather than being another applicant producer vying for a piece of an already oversaturated ever changing dried flower and cannabis oils market, we will now focus on creating licensed protected pharmaceutical and natural health products containing cannabis and other medicinal plants," commented Ryan Brown, Chief Executive Officer.
Update on application
GCI is finalising technical plans for its revised 12,500 sq. ft. two-storey production facility to be built in conjunction with Delta 9 Bio-Tech Inc. ("Delta 9") a licensed producer under the Marijuana for Medical Purposes Regulation ("MMPR"). As previously announced, Delta 9 will be submitting an application to build a secondary production facility under section 26 of the MMPR. As per the terms of the agreement, GCI will acquire the license from Delta 9 in exchange for $2,000,000 in stock payable in 5 equal payments upon milestone completions.
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