ICC Labs Inc. ("ICC Labs" or the "Company") (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce that it and one of its Uruguayan subsidiaries have entered into a framework collaboration agreement (the "Framework Agreement") with the Pasteur Institute of Montevideo, a Uruguayan foundation devoted to biomedical research.
In accordance with the Framework Agreement, ICC Labs will provide the Pasteur Institute with various cannabinoid extracts and the Pasteur Institute will conduct scientific and medicinal research programs (the "Research Programs"). Each Research Program will be subject to regulatory approval and to further definitive agreements that will define the specific contributions of the parties. Under the Framework Agreement, the Research Program will be managed by a steering committee consisting of two representatives of ICC Labs and two representatives of the Pasteur Institute. It is the intent of the parties that the results of the Research Program, whether patentable or not, will be owned solely by ICC Labs. Any inventions that occur incidental to the Research Program will be subject to a co-ownership agreement between the parties.
In addition to the above, ICC Labs is pleased to announce its first Research Program with the Pasteur Institute. Over a period of two years, ICC Labs will provide US$400,000 in funding and three phytocannabinoid extracts to the Research Program and the Pasteur Institute will conduct various scientific and medicinal research activities designed to ascertain potential effects of the phytocannabinoids on immune response, neuroprotection and intestinal microbiota.
Alejandro Antalich, the CEO of ICC Labs, commented: "We are very committed to this framework for the development of pharmaceutical products, and the related impact on the scientific community. With this first step we are seeking to innovate in the use of new medicines applied to different clinical pathologies, and to generate and making available to the global health community the necessary tools for proper medical prescriptions related to cannabinoids. We are excited by the search for new solutions for a better quality of life, and to reduce the suffering caused by different diseases and the side effects of the treatments used to combat them."