Rich Pharmaceuticals, Inc. (OTC Pink: RCHA) is engaged as a biopharmaceutical company, with treatments mainly focusing on acute myelogenous leukemia. Shares of the medical company are shooting up 100% through early trading on Tuesday, March 21, 2017. Over the past three months, Rich Pharmaceuticals, Inc. has seen average daily volume of 11.36 million shares. However, volume of 224.34 million shares or dollar volume of $44,868, has already exchanged hands on Tuesday.
Shares of Rich Pharmaceuticals, Inc. are soaring Tuesday, after the company announced that it has reached an agreement with I Tech Health Corp., to form a subsidiary and launch CannCodex. CannCodex will seek to target the medical marijuana industry with data and services. Rich Pharmaceuticals, Inc. also notes that traditional pharmaceutical companies could also use the data platform, as well. Here is the full press release detailing of the move into the medical marijuana industry:
Rich Pharmaceuticals, Inc. Press Release:
BEVERLY HILLS, CA–(Marketwired – Mar 21, 2017) – Rich Pharmaceuticals, Inc. ( OTC PINK : RCHA ) (“Rich” or the “Company”), a biopharmaceutical company focused on developing and commercializing innovative therapies in oncology, announced today that it has reached agreement with I Tech Health Corp. to form a subsidiary and launch CannCodex to serve the Medicinal Cannabis industry as well as provide data and services to pharmaceutical companies worldwide.
The strategic move was identified as Rich Pharmaceuticals’ management has been approached by numerous players in the Cannabis Industry seeking assistance in formulating a strategy regarding FDA approval of MMJ products.
“A significant number of executives in the Cannabis industry believe that one path the government may take to regulating the industry nationally is to guide all producers into a regulatory framework like the FDA,” stated Ben Chang, CEO Rich Pharmaceuticals. “We believe that building a database and providing related advisory services can help us bridge the period between now and when our drug pipeline starts to generate its own revenue stream,” he continued.
Rich Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing innovative therapies in oncology. The company is in Phase 1/2 clinical trials for the treatment of Acute Myelocytic Leukemia (AML) and Myelodysplastic Syndrome (MDS).
The terms of the agreement with I Tech Health Corp., and a copy of the agreement, were disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2017, which may be found at www.sec.gov or on the Company’s website at www.richpharmaceuticals.com/investor-relations/sec-filings/.
Forward-Looking Statements: This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, references to novel technologies and methods, our business and product development plans, and our ability to obtain financing from GHS Investments. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing new products or technologies and operating as a development stage company, our ability to raise the additional funding we will need to commence clinical trials and to continue to pursue our business and product development plans, our ability to develop and commercialize products based on our technology platform, competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents we file with the SEC, available at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company’s financial position.