PreveCeutical Receives Australian State Approval to Acquire and Use Cannabis as Part of Its Research and Development Program
PreveCeutical Medical Inc. (CSE:PREV) (OTCQB PRVCF) (FSE:18H) (the “Company” or “PreveCeutical”) is pleased to announce that it has received approval (the “Approval”) from the Environmental Hazards Unit of the Queensland Government (the Australian state-level authority) to acquire, store and use high-quality cannabis oil and dried cannabis plant extracts. The Approval is a significant milestone which enables PreveCeutical’s Chief Research Officer, Dr. Harendra Parekh, to apply for an importation permit (the “Permit”) with the Office of Drug Control in Canberra (the Australian federal-level authority). Upon receipt of the Permit, shipment of cannabis material from the Company’s Canadian licenced producer (see news release dated September 21, 2017) to the Pharmacy Australia Centre of Excellence (“PACE”) may be initiated.
The Approval is a component of PreveCeutical’s research and development program for the commercialization of Sol-gels that provide a nose-to-brain delivery of cannabinoids intended to provide relief for a range of ailments, such as pain, inflammation, seizures, and neurological disorders. (see news release dated April 24, 2017). The Sol-gel research and development program is currently being conducted at the PACE facility located in Brisbane, Australia, led by Dr. Parekh.
PreveCeutical’s Chairman and CEO, Mr. Stephen Van Deventer commented, “We are extremely pleased to receive this approval as it brings us one step closer to bringing the Sol-gel nose-to-brain delivery system to market.”
About PreveCeutical Medical Inc.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; a Sol-gel platform for nose to brain delivery of medical compounds including cannabinoids; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9® is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom.
For more information about PreveCeutical, please visit https://preveceutical.com/, follow us on Twitter:https://twitter.com/PreveCeuticals and Facebook: www.facebook.com/PreveCeutical.
On Behalf of the Board of Directors
“Stephen Van Deventer”
Chairman & CEO
For further information, please contact:
Director of Corporate Communications & Investor Relations
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future including the Company’s anticipated business plans, and the prospect of its ability and success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “schedules”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, the ability of the Company to obtain the Permit and complete the shipment of cannabis material from Canada to PACE, matters related to the Company’s current and planned research and development programs, and the Company’s ability and success in executing its proposed business plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to the inability of the Company, to, among other things, obtain the Permit or any other required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities, complete its research programs as planned, obtain the financing required to carry out its planned future. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or pharmaceutical industry, may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company’s filings are available at www.sedar.com.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.