WORCESTER, Mass. and TORONTO, Dec. 17, 2014 /PRNewswire/ -- Generex Biotechnology Corporation (www.generex.com) (OTCBB:GNBT) today announced its participation in a MedCannAccess (www.MedCannAccess.com) partnership with CannScience Innovations Inc.
MedCannAccess today announced that it has acquired a substantial minority equity stake in CannScience, a leading cannabinoid drug development firm. This partnership positions MedCannAccess to be a leader in the development of pharmaceutical cannabinoid products.
"Successful companies in the cannabis industry will have three legs to their platform: quality production, an effective patient acquisition and retention strategy, and innovative research and development capabilities," said Rade Kovacevic, VP Business Development at MedCannAccess. "We believe we have strong positions already in the first two legs, and through this investment, we have solidified the R&D piece of our platform, positioning us as a leader in future cannabinoid drug development. Physicians and patients alike have been calling for access to cannabinoid products that do not require smoking or inhalation; this partnership will allow us to take that significant step forward."
CannScience is an R&D biopharmaceutical company established in Toronto, Canada to conduct research and product development for extracts and formulations related to medical cannabis and its derivatives. CannScience is developing proprietary technologies and owns know-how related to the chemistry and pharmacology of cannabinoids and potentially how they integrate with various medical devices and drug delivery technologies. CannScience intends to develop commercial ready products and obtain regulatory approval for RapidMist™ in the Canadian and international jurisdictions. The company's founders have a wealth of experience in the life sciences industry and access to laboratories at some of the top research institutions in Canada.
"CannScience is working to develop its product pipeline which will include proprietary drug, device, and delivery technologies," said Har Grover, the CEO of CannScience. On November 18, 2014, CannScience entered into a non-binding Letter of Intent with Generex to license Generex's proprietary RapidMist™ drug delivery technologies to CannScience for the buccal delivery of cannabis derived products into the bloodstream.
MedCannAccess was established to provide access to the highest-quality of medical cannabis products developed through research and innovation, aiming to improve the quality of life for persons with a wide range of conditions including chronic disabilities and terminal illnesses. MedCannAccess is a proud member of the Canadian Medical Cannabis Industry Association, Toronto Board of Trade, Guelph Chamber of Commerce and Ontario Chamber of Commerce.
About Generex Biotechnology Corporation
Generex is engaged in the research, development, and commercialization of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The Company's proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company's proprietary RapidMist™ device. Antigen Express, Inc. is a wholly owned subsidiary of Generex. The core platform technologies of Antigen Express comprise immunotherapeutic vaccines for the treatment of malignant, infectious, allergic, and autoimmune diseases. Antigen Express has pioneered the use of specific CD4+ T-helper stimulation technologies in immunotherapy. One focuses on modification of peptides with Ii-Key to increase potency, while a second relies on inhibition of expression of the Ii protein. Antigen Express scientists, and others, have shown clearly that suppression of expression of the Ii protein in cancer cells allows for potent stimulation of T-helper cells and prevents the further growth of cancer cells. For more information, visit the Generex website at www.generex.com or the Antigen Express website at www.antigenexpress.com.
Cautionary Note Regarding Forward-Looking Statements
This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex cannot be sure when or if it will be permitted by regulatory agencies to undertake additional clinical trials or to commence any particular phase of clinical trials. Because of this, statements regarding the expected timing of clinical trials or ultimate regulatory approval cannot be regarded as actual predictions of when Generex will obtain regulatory approval for any "phase" of clinical trials or when it will obtain ultimate regulatory approval by a particular regulatory agency. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.
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SOURCE Generex Biotechnology Corporation