On January 22, 2015 PhytoTech Medical has become the first medical cannabis company on the Australian Securities Exchange (ASX). The company raised AUS$5.9 million dollars (approx. US$4.7 million) at a share price of $0.20 per share. The offer was significantly oversubscribed, demonstrating the high level of demand in the market to invest in MC stocks and the caliber of the offering by PhytoTech.
Cannabis based medications are currently in clinical use worldwide. The most known formulation is Sativex, a sublingual spray delivering CBD and THC. PhytoTech will develop an improved, oral capsule formulation and transbuccal, delivery system that consists of a flexible, muco-adhesive patch that will release the active ingredients of cannabis in a controlled manner.
Yaacov Michlin, CEO of Yissum, stated: "We are very pleased to collaborate with PhytoTech in developing the inventions of Professors Domb and Hoffman for the purpose of delivering the active components in cannabis. Medical cannabis is increasingly being used for a variety of indications, such as reducing nausea during chemotherapy and relieving pain and muscle spasticity in MS patients. Development of state-of-the art delivery systems for the active ingredients will undoubtedly pave the way for a wider variety of clinical indications for these types of drugs."
"We are happy to collaborate with Yissum in developing this novel delivery platform for THC and CBD," said Boaz Wachtel, Managing Director of PhytoTech Medical. "We believe that Yissum's novel transbuccal delivery method is particularly appropriate for the delivery of these agents, and helps avoid problems such as lack of standardization of drug concentration, and health risks stemming from more traditional ways of absorbing cannabis, such as smoking."
About Yissum
Yissum Research Development Company of the Hebrew University of Jerusalem Ltd. was founded in 1964 to protect and commercialize the Hebrew University's intellectual property. Products based on Hebrew University technologies that have been commercialized by Yissum currently generate $2 Billion in annual sales. Ranked among the top technology transfer companies in the world, Yissum has registered over 8,500 patents covering 2,400 inventions; has licensed out 750 technologies and has spun out 90 companies. Yissum's business partners span the globe and include companies such as Syngenta, Monsanto, Roche, Novartis, Microsoft, Johnson & Johnson, Merck, Intel, Teva and many more. For further information please visit:
http://www.yissum.co.il
About PhytoTech Medical Limited:
PhytoTech Medical (ASX:PYL) is a medical cannabis company, which aims to commercialize Medical Grade Cannabis (MGC) and high potential cannabis based therapeutics products to the rapidly growing international market with regulated medical cannabis legislation. With research facilities located in Israel, a global leader in medical cannabis research, the Company is strategically positioned to become a key player in the global MGC market.
The Company is focused on the research, development and commercialization of products for administering MGC, and on new treatments utilizing MGC therapeutic components for various medical conditions. In addition, the Company aims to grow proprietary strains of MGC in California, Uruguay and other jurisdictions.
Source:
PhytoTech Medical Limited
Contact:
Tsipi Haitovsky Media Liaison, Yissum Ltd. Tel: +972-52-598-9892 E-mail: tsipih@yissum.co.il