Reuters Reports That Kannalife is Considering an Initial Public Offering This Year to Fund Development of a Cannabis-Based Treatment for a Brain Disorder That Affects 200,000 Americans
SAN DIEGO, Feb. 26, 2016 (GLOBE NEWSWIRE) — Medical Marijuana, Inc. (OTC Pink:MJNA) is pleased to announce that the Company’s portfolio investment company, Kannalife Sciences, Inc. (“Kannalife”), has made global news headlines from a Reuters article covering Kannalife’s new cannabidiol (CBD)-like molecule KLS-13019. The Reuters article also discussed Kannalife’s plans to fund its continued research and move toward clinical trials on a treatment forhepatic encephalopathy (HE). The full article can be read online here.
“Kannalife is seeing an enormous opportunity with the development of KLS-13019. We believe that a successful clinical trial for Grade 3 hepatic encephalopathy (HE) patients could lead to several other applications for the compound. At Medical Marijuana, Inc., our sincere appreciation goes out to the scientists and researchers cited in the American Chemical Society’s ACS Medicinal Chemistry Letters that exhibited the science behind KLS-13019,” states Dr. Stuart W. Titus, Chief Executive Officer of Medical Marijuana, Inc.
Along with moving KLS-13019 toward clinical trials, Kannalife is preparing a Series B Offering, where the Company seeks to raise $5 million to $10 million. As reported by Reuters, Kannalife may explore a possible IPO in the near future. Via the proposed Series B Offering, Kannalife believes the funding will be sufficient for them to begin clinical trials in the first quarter of 2017.
About Kannalife Sciences, Inc.
Kannalife Sciences, Inc. is a phyto-medical company involved in the research and development of novel therapeutic agents designed to be neuroprotectants and immuno-modulators. Kannalife is currently conducting research and development at the Pennsylvania Biotechnology Center in Doylestown, PA, for target drug candidates to treat Hepatic Encephalopathy (“HE”) and Chronic Traumatic Encephalopathy (“CTE”). HE and CTE are oxidative stress related diseases that affect cognitive and behavioral functions. For more information, visit: www.Kannalife.com.