EMPOWER CLINICS : ANNOUNCES RECEIPT OF CONTRACTS AND BUDGET FOR FIRST CLINICAL TRIAL

EMPOWER CLINICS ANNOUNCES RECEIPT OF CONTRACTS AND BUDGET FOR FIRST CLINICAL TRIAL

Oct 23, 2023| Press Releases

EMPOWER CLINICS ANNOUNCES RECEIPT OF CONTRACTS AND BUDGET FOR FIRST CLINICAL TRIAL FROM GLOBAL FORTUNE 500 PHARMACEUTICAL COMPANY AND PROVIDES CORPORATE UPDATE

VANCOUVER, B.C.: OCTOBER 23, 2023 - EMPOWER CLINICS INC (CSE:EPW) (PINK:EPWCF) ("Empower" or the "Company") a healthcare company with a developing research and clinical trials division announces its subsidiary EPW Curesearch LLC ("EPWC") has been awarded its first clinical trial and has received contracts and budget from the trial sponsor, a major European pharmaceutical company with a market cap over $100 Billion, who is conducting a large global clinical trial focused on Chronic Obstructive Pulmonary Disease (COPD).

The Company previously announced on July 31, 2023 that it had numerous study applications underway covering a variety of disease states. The Company now anticipates being awarded its second clinical trial, a Phase 3 Atherosclerotic Cardiovascular Disease study that is being led by another one of our senior and most experienced principal investigators (PI)'s. The major global pharma sponsor has scheduled the Pre-Site Visit which is commonly followed by confirmation of a study award.

"With contracts, study structure, and the all-important study budgets in hand, we are now in a position to be 'greenlit' and ready to commence patient recruitment in the month of November 2023." stated Steven McAuley, Chairman & CEO. "Our PI and staff at the medical site have now received supplies and study drugs from the sponsor. Basically, we are all excited and ready to go live on this exciting new chapter for our company."

Together, the Company, our PI and the sponsor have established preliminary patient recruitment targets of patients sourced mainly from the current roster of patients. The recruitment window is anticipated to remain open through mid 2024 with possible extensions allowed, and each patient's involvement lasting fifty-two (52) weeks plus an additional twenty (20) weeks of follow up. The sponsor has put no limits on the maximum allowable patients for our site, that enables EPWC to recruit additional patients from outside sources such as other medical centers, hospitals and social recruitment channels including Facebook, Instagram, Twitter and other marketing methods.

CEASE TRADE ORDER AND ACCOUNTING AND AUDIT STATUS

The Company previously announced a Cease Trade Order which remains in effect. Various audit and accounting procedures continue, and numerous technical decisions continue to be worked through that may provide areas of audit simplification based on outcomes and Board recommendations. The Company is not in a position at this time to provide a firm commitment on expected completion of filings and resumption of trading. The Company anticipates it will provide regular updates in the future.

EXPANDED PARTNERSHIPS WITH SPECIALIST MEDICAL GROUPS

Mr. McAuley states, "We continue to look for other medical groups and PI partnerships in other markets. We are leveraging key local relationships in markets that are large, diverse and can provide us expansion opportunities based on our developing sponsor and CRO connections." PI's are practicing medical doctors who are specialists or internists with previous research and clinical trials experience. As such, they are integral to the success of any Site Management Organization (SMO) as follows:

●SMO leverages the medical practice of the PI's and their patient rosters to generate new participants in active clinical trials and research, which in turn commences meaningful revenues from the Biotech and Pharmaceutical industries.
● SMO will provide oversight, direction and support to the PI's and their patients.
● SMO will also act as a liaison between the pharmaceutical company and the assigned Contract Research Organization (CRO).
● Target trials typically span one to two years in length and can be extended if the trial has not yet gathered enough data or has not been closed.

THE MARKET OPPORTUNITY IS SIGNIFICANT

The CRO Services Market in terms of revenue was estimated to be worth $76.6 billion in 2023 and is poised to reach $127.3 billion by 2028, growing at a CAGR of 10.7% from 2023 to 2028 according to a new report by MarketsandMarkets.1 Factors such as continuously growing pharmaceutical, biotechnology and medical device R&D pipelines and technological advancements in the clinical trials process are driving the growth of this market. In recent years, the costs associated with drug and product development have increased significantly, driving pharma, biotech and medical device companies to look for partnerships to drive modernizations and smarter ways of conducting business.

This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions, and engagement with management
https://agoracom.com/ir/EmpowerClinics

To get enhanced access to investor information about Empower Clinics, please visit the download page to get your Empower Clinics Investor Experience Wallet Pass today.

ABOUT EMPOWER:

Empower is a patient-focused healthcare company operating with the goal of positively impacting lives and future healthcare outcomes through clinical trials. The Company has launched two clinical research sites becoming a Site Management Organization (SMO) with six principal investigators (PI) with multiple clinical trials under application. Empower has announced its intention to create a proposed spinout with a focus on healthcare AI to support identification, recruitment, and onboarding of clinical trial patients.

ON BEHALF OF THE BOARD OF DIRECTORS:

Steven McAuley
Chief Executive Officer

1 Markets and markets report March 2021 https://www.marketsandmarkets.com/Market-Reports/contract-researchorganization-service-market-167410116.html reviewed February 6, 2023

CONTACTS:

Media:

Steven McAuley CEOs.

[e-mail]
[phone]

Investors:

Tamara Mason
Business Development &
Communications
[e-mail]
[phone]

DISCLAIMER FOR FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include statements regarding the Company will be able to reach patient recruitment targets within the recruitment window if at all; that the Company will successfully recruit additional patients from other medical centers of other marketing channels including social media campaigns. Such forward-looking statements are based on assumptions known to management at this time and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including that the Financing may not be completed on the terms expected or at all, and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.