New Colombia Resources, Inc. (OTC Pink: NEWC) is engaged in the acquisition, exploration, and development of metallurgical coal properties in Colombia. In addition, the company is in the medical marijuana business. Shares of New Colombia Resources, Inc. are rallying 60%, through early morning trading Friday, October 14, 2016. Over the past three months, New Colombia Resources, Inc. has seen average daily volume of around 6.2 million shares. However, nearly 27.5 million shares or dollar volume of $274,500, has already exchanged hands early Friday.
Shares of New Colombia Resources, Inc. are rallying Friday, after the company announced it has formed a joint venture with Advanced Imaging Projects, LLC. In addition, the joint venture has filed for orphan drug status for its cannabinoid pharmaceutical product with the Food and Drug Administration. New Colombia Resources, Inc. says the orphan drug application will be filed within the next 60 days and the company expects to hear a response from the FDA 90 days after filing. Here is the press release detailing of the joint venture and regulatory filing:
New Colombia Resources, Inc. Press Release:
BARRANQUILLA, Colombia, October 14, 2016 /PRNewswire/ –New Colombia Resources, Inc.(OTC: NEWC) (the “Company”), a U.S. listed Colombian resource company with premium metallurgical coal and medical marijuana assets, is pleased to announce they will be applying for an orphan drug designation with their collaboration partners, Advanced Imaging Projects, LLC (AiP) for regulatory agency approvals of a cannabinoid pharmaceutical product for multiple medical indications with a focus on treatment of a rare pediatric disease. Once the application is submitted the designation and/or comments are expected within 90 days. The Company expects to file the application in the next 60 days.
Other companies with cannabis drug applications with the FDA include, GW Pharmaceutical (GWPH), Zynerba Pharmaceuticals (ZYNE), and INSYS Therapeutics (INSY). These designations confer significant advantages including waiver of application filing fees, expedited approval, government grants, and reduced number of patients in clinical trials. Dr. Stanley Satz , Chairman and Chief Scientific Officer of Advanced Imaging Projects stated, “My sense is that by working together with New Colombia Resources, similarly we could obtain this for the cannabinoid under development.”
New Colombia Resources and Advanced Imaging Partners have been in discussions and meetings in the U.S. and Colombia for the past year and are building a team of physicians, biostatisticians, and toxicologists in preparedness of FDA trials and a pre- IND meeting. With many more states expected to approve medical marijuana in the upcoming elections, including Florida, they feel it is the best time to submit the application which they’ve been working on for the past year.
The joint venture will seek the collaboration of Colombia’s Ministry of Health for the clinical trial to be conducted in Colombia. The Ministry has publicly expressed interest in bringing Cannabis research to Colombia and the Company feels their project is in line with this aspiration. In late August, New Colombia Resources received a letter from the Presidency of Colombia directed to the Health Minister requesting his assistance on behalf of the company’s medical marijuana project. “There would be great personal satisfaction in this project as I lived in Colombia for 5 years while working for the World Health Organization there,” further commented Dr. Satz.
To view or purchase cannabis based products from the Company’s medical marijuana joint venture in Colombia, Sannabis, visit http://www.sannabis.co. Follow Sannabis on Facebook for photos and testimonials at https://www.facebook.com/sannabis.cannamedicinal
New Colombia Resources, Inc.
New Colombia Resources, Inc. is focused on the acquisition and development of high-quality metallurgical coal properties and other available resources in the Republic of Colombia. They expect to have several revenue producing businesses including; metallurgical coal mining and rock quarry aggregates for domestic Colombian highway and railroad building projects. The Company owns 100% of La Tabaquera metallurgical coal mine in Colombia with an estimated 15- 17 million tonnes of reserves. They have another pending acquisition for 390 ha and a solicitation contract for 184 ha metallurgical coal concession. New Colombia Resources also holds a significant position in Sannabis SAS which legally produces medical marijuana products in the Republic of Colombia, visit http://www.sannabis.co. For more information on the Company visit http://www.newcolombiaresources.com.