VANCOUVER, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – PreveCeutical Medical Inc. (the “Company” or “PreveCeutical”) (CSE:PREV) (OTCQB:PRVCF) (FSE:18H), announces the grant of two additional permits (the “Permits”) by the Australian Government, Department of Health, for the importation of a second shipment of cannabis plant materials into Australia for research purposes and the shipment of dried cannabis materials pursuant to the Permits.
The Permits, which were granted to the Pharmacy Australia Centre of Excellence (“PACE”) at the University of Queensland (“UQ”), allow PACE to import shipments of cannabis material for research purposes. PreveCeutical’s Canadian licensed producer partner has also received the required Canadian permits to export their medical cannabis materials to PACE.
The cannabis materials are used for PreveCeutical’s soluble gel (“Sol-gel”) drug delivery research program (the “Program”), for testing an array of cannabis strains for the development and commercialisation of cannabinoid-based Sol-gels. The Program is led by PreveCeutical’s Chief Research Officer, Dr. Harendra Parekh and conducted by PreveCeutical’s research partner, the University of Queensland, and aims to develop a technology that will increase the bioavailability of drugs by using a nose-to-brain delivery system.
By applying Sol-gel technology to cannabis, PreveCeutical intends to develop therapies for relief from a range of symptoms, including pain, inflammation, seizures and neurological disorders (see news release dated April 24, 2017). The advantages of Sol-gels over conventional liquid nasal sprays include longer therapeutic effects, reduced dosage requirements, and reduced negative side effects, such as irritation.
Cannabis Storage and Security Regulations
The Australian Government, Department of Health, has strict regulations with regard to procuring, possessing, using and disposing of cannabis and cannabis-derived materials that govern both the Company’s production and in-vitro testing of cannabinoid-based Sol-gels. Regulations include, but are not limited to, maintaining records of imported materials, using approved storage receptacles and restricting access and use of controlled substances to authorized persons. A recent audit of the Program, conducted by the Department of Health, revealed that Dr. Parekh and PACE are doing exceptional work complying with the regulations.
About PreveCeutical
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; the Program; 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. This product is available on the Company’s website.
For more information about PreveCeutical, please visit www.PreveCeutical.com, follow us on Twitter: http://twitter.com/PreveCeuticals and Facebook: www.facebook.com/PreveCeutical.
On Behalf of the Board of Directors
“Stephen Van Deventer”
Chairman, CEO and President
For further information, please contact:
Deanna Kress
Director of Corporate Communications & Investor Relations
+1-778-999-6063
deanna@PreveCeutical.com
Forward-Looking Statements:
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 necessary additional permits to import, export 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 matters related to the Company’s future business plans and research programs. 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 any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities, commercialise therapeutic and diagnostic technologies, execute its proposed business plans, pursue business partnerships, complete its research programs as planned and obtain the financing required to carry out its planned future activities. 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.
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