Cannabis Science Reports Important Validation for Medical Cannabis as Bayer Pays '$15 Million Milestone Payment' for GW Pharmaceuticals' Sativex(R) for MS, as the UK Government Approves "First Prescription Cannabis Medicine"
COLORADO SPRINGS, Colo. - Cannabis Science, Inc. (OTCBB:CBIS - News), a pioneering U.S. biotech company developing pharmaceutical cannabis products, reports an important milestone for the continued validation of medical cannabis, as UK-based GW Pharmaceuticals (http://gwpharm.com/) receives $15 million milestone payment from Bayer. This payment to GW is based on the UK Government's approval of the "First Prescription Cannabis Medicine", GW Pharmaceuticals Sativex(R), an "Oromucosal Spray" tincture for the treatment of spasticity due to Multiple Sclerosis (MS). Analysts at Piper Jaffray forecast that peak sales could reach $180 million in Europe and Canada combined. Presently, GW has a market capitalization of over $260 million.
Richard Cowan, Cannabis Science CFO noted, "Bayer's $15 million 'milestone payment' to GW clearly puts the world on notice that pharmaceutical cannabis is now 'mainstream'. Previously, the US FDA granted GW a Phase III IND for Sativex, and a Phase IIb/III trial for cancer pain is currently ongoing. GW has also received an 18 million dollar licensing fee from Otsuka for the US rights, and they also received millions more from licensing fees from Almiral of Spain for the European rights outside of the UK. The licensees also pay for the work necessary for regulatory approval. Clearly, Big Pharma recognizes the explosive growth this industry is experiencing and does not want to be left behind. Obviously, licensing of products and territories -- which is common for new biotech companies -- suggests another important way Cannabis Science can move forward with its financing objectives."
Dr. Robert Melamede, PhD., Cannabis Science President and CEO, said, "The UK Government's approval of Sativex(R) is long overdue. MS patients in the UK and around the world have long used cannabis to get relief from pain and spasticity. We hope, given this recognition of the medical value of cannabis, that the UK government will stop arresting patients who use the plant to deal with their pain and suffering, whatever their medical problems may be. Also, we think this approval should lead to faster regulatory action in the future for medicines derived from whole plant extracts from cannabis. Given the millennia of use that proves the safety of cannabis, and its widespread medical use by millions of people for a great variety of problems today, we hope that the approval of Sativex(R) will lead to the fast-tracking of other whole cannabis extracts by the regulatory authorities."
About Cannabis Science, Inc.
Cannabis Science, Inc. is at the forefront of pharmaceutical grade medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. A statement containing words such as "anticipate," "seek," intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. Cannabis Science, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.