COLORADO SPRINGS, Colo., March 7, 2014 /PRNewswire/ -- (CBIS) Cannabis Science, Inc., a U.S. Company specializing in cannabis formulation-based drug development and related consulting, closes the recently announced, February 20, 2014, financing for $1,000,000.00 through a private placement with the pricing set at $0.25 per share for Section 144 restricted shares coupled with a two-year warrant for $0.50 per share to comprise a complete unit offering.
The offering is fully subscribed with $950,000.00 of the proceeds received into the Company's account, greatly strengthening the company financially. The Company plans to raise further funds in the near term as developmental milestones are achieved.
The funds raised will facilitate fast-tracking of Cannabis Science's projects to include production of pharmaceutical grade cannabis based formulations to be developed for cancer, pre-clinical work on the Company's new product to address neurobehavioral disorders, and clinical observational studies.
"We are delighted to be able to make a scientific contribution to the understanding of the biological mode of action of cannabinoids, and we trust that this work will lead to developing innovative medicines to meet medical needs of patients in several therapeutic areas," said Dorothy H. Bray, Ph.D., Director & CEO of Cannabis Science, Inc. "This support of our innovative business plan will not only set us apart from our competition but will also take Cannabis Science to the next level and beyond."
About Cannabis Science, Inc.
Cannabis Science, Inc., takes advantage of its unique understanding of metabolic processes to provide novel treatment approaches to a number of illnesses for which current treatments and understanding remain unsatisfactory. Cannabinoids have an extensive history dating back thousands of years, and currently there are a growing number of peer-reviewed scientific publications that document the underlying biochemical pathways that cannabinoids modulate. The Company works with leading experts in drug development, medicinal characterization, and clinical research to develop, produce, and commercialize novel therapeutic approaches for the treatment for illnesses caused by infections as well as for age-related illness. Our initial focus is on skin cancers and neurological conditions.
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 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.
Robert Kane, CFO & Director
SOURCE Cannabis Science, Inc.