PETACH TIKVA, Israel, July 10, 2017 /PRNewswire/ --
OWC Pharmaceutical Research Corp. (OTCQB: OWCP) today announced that its wholly-owned, Israel-based subsidiary, One World Cannabis Ltd. (OWC), has filed a patent application with the European Union Patent and Trademark Office for its active cannabinoid-based psoriasis topical cream. (The patent application number is EP 17178303.8)
This action by OWC is a key step in the Company's continuing program to fully protect its intellectual property ("IP"). OWC's strategy in seeking to fully protect its IP, including the filing of this European patent application will enable the Company to accelerate its ongoing discussions and negotiations regarding scientific, medical and commercial collaboration.
Commenting on the filing of the patent application, Mr. Mordechai Bignitz, Chairman and CEO of OWC Pharmaceutical Research, stated, "Our primary short-term objective is to introduce our topical cream for skin conditions including, most importantly, psoriasis to the market. Our necessity to fully protect our intellectual property limited our ability to provide potential customers and partners with the required data for their due diligence and review. Our proprietary data includes specifics regarding the formulation of the topical cream, consisting of cannabinoids and other compounds that facilitate the efficient delivery of the cream to infected areas. The filing of this European patent application also enables us to fully discuss with potential customers and partners the requirements for manufacturing the cream in accordance with national and local regulations. It also enables us to provide potential customers and partners with the manufacturing requirements, based on the highest-level of international standards and protocols, and includes specifics regarding the manufacturing process including required equipment and systems."
Further commenting on the filing of the European patent application, Dr. Yehuda Baruch, the Company's Chief Science Officer and OWC's Director of Research and Regulatory Affairs stated, "The European market is very important to OWC and our product implementation strategy. Populous European countries including Germany, Italy, Spain and r Greece all have medical cannabis programs, and therefore are key markets for our psoriasis List of European Medical Marijuana friendly countries per Medical Marijuana.EU :
About OWCP's Active Cannabinoid-based topical cream for skin conditions starting with 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, causing a buildup of lesions that tend to burn and itch.
While the real 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. According to Global Data and the World Health Organization, the reported prevalence of psoriasis in countries ranges between 0.09% and 11.4%, making psoriasis a serious global problem with at least 100 million individuals affected worldwide. The global market of psoriasis treatments expected to increase from a value of $6.6 billion in 2014 to more than $13.3 billion by 2024.
OWCP developed its proprietary active cannabinoid-based topical cream for psoriasis management, with the objective of reducing the skin dryness of patients suffering from the disease. Results of OWC's pre-clinical efficacy studies indicated that the Company's topical cream treats the main symptoms of psoriasis by primarily reducing keratinocytes (epidermis cell) proliferation and reducing inflammation markers related to psoriasis. OWC previously reported trial results that concluded that after the application of its active cannabinoid-based topical cream, that there was up to a 70% improvement in a variety of inflammation markers directly associated with psoriasis.
About OWC Pharmaceutical Research Corp.
OWC Pharmaceutical Research Corp., through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., is conducting medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines.
OWCP is also developing unique delivery systems for the effective delivery and dosage of medical cannabis.
All OWCP 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 and cannabis-based products 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 news release contains 'forward-looking statements' as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, filing patent applications, product development, and business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in OWC Pharmaceutical Research Corp. (OTCQB: OWCP) periodic reports filed from time-to-time with the Securities and Exchange Commission.
Chairman and CEO
SOURCE OWC Pharmaceutical Research Corp.