PETACH TIKVA, Israel, March 9, 2016 /PRNewswire/ -- OWC Pharmaceutical Research Corp. (OTCQB: OWCP), ("OWC" or the "Company"), an Israeli-based developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced that it has completed development of a topical cream compound designed to ensure the effective delivery and dosage of its proprietary cannabinoid formulations. The cream was developed through a strategic alliance with Emilia Cosmetics Ltd., one of Israel's largest private label cosmetics manufacturers.
The Company has finished the IRB (Institutional Review Board) protocol for Phase I equivalent, double blind, randomized and placebo-controlled study, which will be submitted for approval. This initial study will comprise multiple escalating doses to determine the safety, tolerability and pharmacokinetic profile of the medical grade cannabis cream in healthy volunteers. Once the initial study is completed, OWC intends to initiate studies at one of the biggest academic medical centers in Israel to determine the effect of the cream on psoriasis.
Psoriasis is an autoimmune disease that causes red, scaly patches to appear on the skin, and can be associated with other serious health conditions, including diabetes, heart disease and depression. Skin cells in patients with psoriasis grow at an abnormally fast rate, often causing a buildup of lesions that tend to burn and itch. While the underlying cause of psoriasis is not known, genetics are believed to play a major role in its development. According to the National Psoriasis Foundation, psoriasis affects 7.5 million people in the United States, and about 1 million Canadians, according to the Canadian Psoriasis network.
"The development of an effective topical delivery mechanism for medicinal cannabinoids is another significant milestone for OWC," said Dr. Yehuda Baruch, the Company's Director of Research and Regulatory Affairs. "It is estimated that upwards of 3% of the world's population suffer from psoriasis. Our preliminary internal research indicates that our formulation is effective in alleviating the symptoms of psoriasis, and we are very optimistic that clinical studies will corroborate our research that cannabinoids can provide relief to those who suffer from the condition, for which very few effective treatments exist."
About OWC Pharmaceutical Research Corp.
OWC Pharmaceutical Research Corp., through its wholly-owned Israeli subsidiary, One Word Cannabis Ltd., (collectively "OWC" or the "Company") conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. OWC is also developing unique delivery systems for the effective delivery and dosage of medical cannabis. All OWC research is conducted at leading Israeli hospitals and scientific institutions, and led by internationally renowned investigators.
The Company's Research Division is focused on pursuing clinical trials evaluating the effectiveness of cannabinoids for the treatment of various medical conditions, while its Consulting Division is dedicated to helping governments and companies navigate complex international cannabis regulatory frameworks. For more information, visit: http://www.owcpharma.com/
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about OWC's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, OWC or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by OWC with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of OWC's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause OWC's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause OWC's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in OWC's filings with the SEC. In addition, OWC operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. OWC does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Registration Statement on Form S-1 as filed with the U.S. Securities and Exchange Commission on February 16, 2016.
Ziv Turner, Chief Executive Officer – One World Cannabis Ltd.
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SOURCE OWC Pharmaceutical Research Corp.