PETACH TIKVA, Israel, May 13, 2015 /PRNewswire/ --
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israel-based Israel subsidiary, One World Cannabis Ltd. (the "Company") developer of cannabinoid-based therapies targeting a variety of different medical indications, today announced that it has extended its contract with Sheba Academic Medical Center to further conduct clinical trials on fibromyalgia to help to advance better treat patients through the use of medical cannabis.
Expected to begin in the middle of the third quarter for 12-15 months, the clinical study is being performed by Professor Howard Amital, Internist and Rheumatologist, Head of Department of Internal Medicine B and Research Center for Autoimmune Diseases at Sheba Academic Medical Center, Tel-Hashomer. Prof. Amital is an Associate Professor in Chair at the Tel Aviv University's Sackler Faculty of Medicine.
"While fibromyalgia is a chronic widespread disease impacting the daily lives of individuals - from the loss of workdays and productivity, to a decreased capacity of mental clarity - we look to further gain compounding results to support existing preliminary data on the efficacy of cannabis treatment through our clinical trials," said Prof. Amital.
The Company is expected to receive Helsinki Committee (IRB) Approval to the study next month.
"Data already obtained from initial phases of fibromyalgia studies has already provided some promising evidence through the use of medical cannabis and will be crucial in finding further solutions and the development of more targeted treatments," added Mr. Alon Sinai, the Company COO.
According to a the 2014 National Pain Foundation and National Pain Report, participating patients reported high health care usage and frequent work limitations in regards to their fibromyalgia disability, with many patients experiencing significant disability, insomnia, symptoms of depression and/or anxiety and cognitive dysfunction.
Estimated to affect two to eight percent of the female population, with a female to male incidence ratio that is between 7:1 and 9:1 to women, fibromyalgia has seen a rising number of cases year over year. According to the U.S. Centers for Disease Control (CDC), there is a direct correlation of fibromyalgia to office and emergency room visits, procedures and tests, and hospitalizations, which are the largest components of direct medical costs among patients with fibromyalgia. The costs for undergoing treatment for fibromyalgia alone are estimated to be between $3400-$6000, with total costs (direct and indirect) per person anticipated to be $5,945 annually.
The U.S. National Institutes of Health estimates that five million Americans suffer from fibromyalgia, characterized by deep tissue pain, with no known cure, and the disorder is difficult to treat. Recognized as a diagnosable disorder by the U.S. National Institutes of Health and the American College of Rheumatology, fibromyalgia (FM or FMS) is a debilitating medical condition characterized by chronic widespread pain compounded with a heightened response to pressure. Other symptoms include: debilitating fatigue, sleep disturbance and joint stiffness. Its exact cause is unknown but is believed to involve psychological, genetic, neurobiological and environmental factors.
About OWC Pharmaceutical Research
OWC Pharmaceutical Research, through its wholly-owned Israel-based subsidiary, One World Cannabis Ltd, which was founded in 2014 by a group of professionals with expertise in the field of medical cannabis (marijuana) treatment and medical cannabis regulatory affairs. The Company's Research Division is focused on pursuing clinical trials evaluating the effectiveness of cannabinoids in the treatment of various medical conditions, while its Consulting Division is dedicated to helping governments and companies navigate complex international cannabis regulatory frameworks. OWC Pharmaceutical Research is publicly-traded in the United States. (OTCQB: OWCP).
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SOURCE OWC Pharmaceutical Research Corp.