NEWS you ask here you go Protext Mobility Completes Name Change to Protext Pharma and Provides Update on Medical Cannabis License
BY Market Wire
— 10:00 AM ET 05/23/2017
BOCA RATON, FL -- (Marketwired) -- 05/23/17 -- Protext Pharma, Inc. ("Protext" or "the Company"), a biotech company engaged in the development of pharmaceutical applications with highly bioavailable Phytofare® extracts, has announced today that its name change to Protext Pharma, Inc is now effective with the State of Delaware, and is pleased to provide the following shareholders update on its wholly owned subsidiary Cannabis Biosciences. The Company expects to submit the name change to FINRA in the coming days.
Roger Baylis-Duffield, Chief Executive Officer of Protext Pharma, reports the latest news relating to the establishment of the company's medicines platform in South Africa, through its wholly owned subsidiary Cannabis Biosciences. "Last week, the company completed an important next step in the process of attaining its medicine cannabis license with a visit by inspectors from the Ministry of Health assigned to validate and approve the dedicated ten thousand square foot premises to undertake this responsibility. When granted, this license is expected to permit the Company to grow, cultivate, develop and produce a non-psychoactive cannabis complex containing the full profile of all the phytonutrients, including cannabinoids, cannabinoid acids, terpenes and polyphenols. Based on Plandai clinically-proven sciences and bioavailability, the new cannabis complex of phytonutrients is expected to achieve pharmaceutical standards."
Mr. Baylis-Duffield added, "After meeting with the inspectors this week, our further understanding is the application will be reviewed for approval by the Portfolio Committee, followed by granting of the license which is expected to occur in June 2017. Once issued, we believe this will be the first license of its kind to be issued to the private sector on the continent of Africa, and the company will then be one of a few companies in the world legally allowed to conduct research and development and produce cannabis medicines. Part of the forthcoming responsibilities will be to work with the Government of South Africa to develop non-psychoactive cannabis medicines with an objective to have our product declassified from a Level 6 controlled substance to a Level 0 controlled medicine. This declassification would be game-changing as it will allow our non-psychoactive cannabis medicines to be sold throughout the world. We would have a unique opportunity for the global licensing, the marketing and distribution of these branded medicines."
The company intends to develop non-psychoactive cannabis medicines with initial investigations focused on confirming the anti-inflammatory activities in vitro with cannabinoid receptors for targeting arthritis therapies, where an estimated 52 million people in United States suffer from various forms of this disease. Mr. Baylis-Duffield explained, "The aim is to establish the therapeutic benefits of our cannabis medicine in suppressing and containing inflammation in human cells. This should directly lead to improved activity, the slowing of degradation in affected joints, and the reduction of both pain and disability."
Mr. Baylis-Duffield concluded, "Given the relatively new industry and emerging market for cannabis based medicines, many investors are seeking to gain greater knowledge in analyzing medical cannabis companies, and a deeper understanding of cannabinoid science and patent viability. We therefore encourage our investors and shareholders to connect and engage with us through social media in order to fully understand the potential value and wellness benefits that may be achieved through our technology."
