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CBIS news 8 years 6 months ago #75

  • brian630
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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" GlobeNewswire ***"Press Releases "
COLORADO SPRINGS, Colo. , June 28, 2010 (GLOBE NEWSWIRE) -- Cannabis Science, Inc. (OTCBB:CBIS), 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®, 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 ÂÂ*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 territoriesÂÂ*-- which is common for new biotech companiesÂÂ*-- 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® 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® will lead to the fast-tracking of other whole cannabis extracts by the regulatory authorities."

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