OWC Pharmaceutical Research Corp. (OTCQB: OWCP) specializes in the research and development of medical marijuana-based products. Shares of OWC Pharmaceutical Research Corp. are rallying 16.42%, through afternoon trading Friday, September 30, 2016. Over the past three months, the medical marijuana company has seen average daily volume of around 1.63 million shares. However, nearly 31.19 million shares or dollar volume of $240,163, have already exchanged hands through afternoon trading Friday.
Shares of OWC Pharmaceutical Research Corp. are rallying Friday, after the company announced it had signed an agreement with U.S.-based Medmar LLC. OWC Pharmaceutical Research Corp., based in Israel, will receive $300,000 from Medmar LLC and will allocate the capital towards the development of a proprietary psoriasis cream. In exchange, Medmar LLC will then have the exclusive rights for the manufacturing, production, promotion, and marketing of OWC Pharmaceutical Research Corp.’s product line within the United States. The loan does not carry any interest rate and will be repaid from the royalties that are generated through the partnership. Here is the complete press release from OWC Pharmaceutical Research Corp.:
OWC Pharmaceutical Research Corp. Press Release:
PETACH TIKVA, Israel, September 30, 2016 /PRNewswire/ –OWC Pharmaceutical Research Corp. (OWCP), (“OWC” or the “Company”), an Israeli-based developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced it signed an agreement for $300,000 with Medmar LLC (“Medmar”).
According to the terms of the agreement:
- The funds will be allocated to complete the development of the Company’s proprietary psoriasis cream;
- Medmar will have exclusive right to manufacture, produce, publicize, promote and market OWC’s Licensed Products in any state in the U.S;
- The loan is non-interest bearing and will be repaid from royalties generated by the sale of OWC licensed products.
Commenting on his investment, Steve Weinstein, CEO of Medmar said, “Medmar has been anxious to advance cannabis as medicine, however US regulation makes it very difficult for companies here to actively pursue any type of development in the sector; fortunately, the environment in Israel is more favorable to the industry.”
Mr. Weinstein went on to say, “We learned about OWC as they are one of only a handful of companies taking a true clinical approach to the research and development of medical cannabis, and this was important to us. Once we saw the preliminary results for their clinical studies, particularly in the field of psoriasis, we decided to make an investment and partner with them.”
Mordechai Bignitz, OWC’s Chairman and CEO, also commented on the announcement, “As we continue to make progress in our clinical trials for multiple myeloma, psoriasis and fibromyalgia, we are excited to partner with MedMar as we prepare to bring products to market. Their confidence in the potential for the commercialization of our research is clearly evident in the terms of this agreement.”
About OWC Pharmaceutical Research Corp.
OWC Pharmaceutical Research Corp., through its wholly-owned Israeli subsidiary, One Word Cannabis Ltd., (collectively “OWC” or the “Company”) conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. OWC is also developing unique delivery systems for the effective delivery and dosage of medical cannabis. All OWC research is conducted at leading Israeli hospitals and scientific institutions, and led by internationally renowned investigators.
The Company’s Research Division is focused on pursuing clinical trials evaluating the effectiveness of cannabinoids for the treatment of various medical conditions, while its Consulting Division is dedicated to helping governments and companies navigate complex international cannabis regulatory frameworks. For more information, visit: http://www.owcpharma.com/