Canaquest Medical Corp Announces Filing Of Cannabis/Botanical Provisional Patients

CANAQUEST MEDICAL CORP (fka ALGAE DYNAMICS CORP) (OTC:ADYNF) (the “Company” or “CanaQuest”), a company developing unique health products and nutraceuticals utilizing cannabis and botanical oil extracts, has filed two provisional patents which stem from its sponsored research program at Western University in London, Ontario, Canada. The provisional patents cover the United States and Canada.

The provisional patents cover a unique formulation utilizing the cannabis cannabinoid, THC, and a botanical extract to treat various psychiatric disorders, with the unique feature of elimination of the negative side effects associated with THC such as euphoria. The discovery was made by a research team led by Dr. Steven Laviolette, the scientist at Western University in charge of one of the two sponsored research programs that CanaQuest currently has with prominent Canadian universities.

As research is ongoing, these provisional patents represent the first such patents in our Master Platform of intellectual property in this field. CanaQuest is the sole owner of this medical discovery. Animal clinical trials have been completed, showing promising results, and human trials are already designed and scheduled to begin early this year.

Western University’s Dr. Steven Laviolette said, “We are very excited by this unique discovery. Reducing the negative side effects of THC is an important step forward in developing more effective cannabinoid therapeutics”. Dr. Laviolette added: “We are continuing to work out the precise molecular mechanisms underlying the therapeutic modes of action for several unique cannabinoid formulations. These research projects are identifying safer and clinically superior cannabinoid formulations aimed at treating the symptoms of various psychiatric disorders, while eliminating the negative side effects associated with traditional marijuana formats.”

Paul Ramsay, Co-Founder and President of CanaQuest stated, “Our Master Intellectual Property Platform establishes a base for Dr. Steven Laviolette and his team at Western University to create multiple formulations of Medical Cannabis for mental and non-mental health conditions to bring to market to help patients and consumers have a better quality of life.”

About Dr. Steven Laviolette

The investigator leading the research is Dr. Steven Laviolette, a Professor and Neuroscientist in the Schulich School of Medicine & Dentistry at Western University in London, Ontario. Dr. Laviolette is a leader in the study of cannabinoids in mental health and was recently awarded “Faculty Scholar” status at Western University. Dr. Laviolette’s research team has previously made numerous fundamental discoveries related to how cannabinoids impact and may serve as treatments for mental health disorders including schizophrenia, depression, post-traumatic stress disorder and anxiety. Dr. Laviolette’s primary research focus is in characterizing how specific phytochemical derivatives of cannabis may interact with specific brain pathways and molecular mechanisms whereby they may improve symptoms associated with various mental health disorders. Research from Dr. Laviolette’s team has been published in the top neuroscience and psychiatry journals in the world. The following is a link to Dr. Laviolette’s profile on the Western University website.

https://www.schulich.uwo.ca/anatomy/people/bios/faculty/laviolette_steve.html

About CanaQuest Medical Corp (formerly Algae Dynamics Corp)

CanaQuest Medical Corp is engaged in the development of unique health products and nutraceuticals that utilize hemp, cannabis and algae oils. The Company has engaged two Canadian universities to provide research into the use of botanical extracts and cannabis formulations, which we plan to use to develop products that combine the significant health benefits of Omega 3s, derived from algae oil, and extracts from cannabis oil. Our research is focused on the use of cannabis in the context of cancer and the use of cannabis derivatives for the development of our novel pharmacotherapies for mental health. The name change to CanaQuest Medical Corp reflects our new strategy, activities and developments. CanaQuest is also in the process of obtaining a purchase/sale, import/export license for cannabis and cannabis products as permitted under the Health Canada Cannabis Act.

For more information, visit our website at https://www.canaquest.com.

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which 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, use of proceeds and the development, costs and results of current or future actions and opportunities in the sector. 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 new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. 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 the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

COMPANY CONTACT:
Paul Ramsay, Co-Founder & President, CanaQuest Medical Corp
ramsay@algaedynamics.com
416-704-3040

Source: globenewswire.com