TORONTO, March 06, 2018 (GLOBE NEWSWIRE) -- ALGAE DYNAMICS CORP (OTC: “ADYNF”) (the "Company"), a company focused on the development of unique health products and nutraceuticals utilizing cannabis and algae oils, today provided a corporate update.
The Company is focused on initiatives designed to build shareholder value. The key initiatives are as follows:
- Continued Research and Product Development into Nutraceutical Formulations utilizing cannabis and algae oils. Leveraging our previously announced C$400,000 research grant from MITACS, a not-for-profit, Canadian national research organization, Western University has made significant progress in its research into anxiety, depression, schizophrenia, and post-traumatic stress disorder, drawing on twelve years of cannabis compound research.
- Preparing Patent Filing. A key nutraceutical formulation for anxiety is currently undergoing product trials, led by Dr. Steven Laviolette, Western University. Based on better than expected trial results, the Company intends to file a patent on the formulation in the near future.
- Partnership with Licensed Producers. Discussions are ongoing with Licensed Producers to partner with the Company to provide a secure source of cannabis plant material and to jointly produce cannabis oil or use in our nutraceutical formulations, as well as for third party sale. The Company has expanded its discussions with additional preferred Licensed Producers as alternatives from previously announced initiatives.
Paul Ramsay stated, “We are advancing on several fronts and working at the same time to raise the capital needed to support these initiatives and to meet our ongoing reporting requirements. We are particularly heartened by the excellent research being done in both of our university relationships, but at this point, especially the work of Dr. Steven Laviolette at Western University.”
Dr. Laviolette said, “We are making rapid progress on our project with Algae Dynamics and are already working out the precise molecular mechanisms underlying modes of action for several unique cannabinoid formulations. I am confident these soon-to-be patented formulations will offer safer and clinically superior outcomes to traditional medical marijuana products for treating mental health symptoms. At the same time, our THC and CBD formulations will reduce or eliminate many of the negative side effects associated with cannabis”.
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 University of Western Ontario. Dr. Laviolette is a leader in the study of cannabinoids in mental health. 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. His full profile may be seen on the University of Western Ontario, website www.uwo.ca
http://www.schulich.uwo.ca/anatomy/people/bios/faculty/laviolette_steve.html
About Algae Dynamics Corp
ADC is engaged in the development of unique health products and nutraceuticals that utilize hemp, cannabis and algae oils. We have engaged two Canadian universities to provide research into the use of extracts from cannabis oil, 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 oil in the context of cancer, and the use of cannabis derivatives for the development of novel pharmacotherapies for mental health.
For more information, visit http://www.algaedynamics.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.