Vancouver, British Columbia--(Newsfile Corp. - May 4, 2020) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) ("PreveCeutical"), is pleased to announce that it is working on an extension to its successful cannabis sol-gel program to address the COVID-19 pandemic (the "Program Extension"). The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.
The focus of the Program Extension will be on the expedited development of a cannabidiol (CBD) sol-gel, at GMP standards, to potentially reduce the possibility of coronavirus infections, including the current COVID-19. Independent researchers in Southern Alberta have provided a detailed medical journal report.
Although a global effort towards developing a safe and effective vaccine for COVID-19 is underway, the vaccine is anticipated to take at least 1-2 years to develop and go into production, and to meet global demands.
With the Company's success in formulating cannabis extract sol-gel formulations in its CBD Sol-gel program, it is uniquely placed to develop and commercialize a CBD sol-gel formulation which the Company believes may reduce the possibility of contracting coronavirus infections ahead of any vaccines reaching the market.
The Company's CBD Sol-gel program has successfully achieved significant milestones, including:
- Extraction and chemical fingerprinting of cannabis extracts (news releases on September 4, 2018, and November 5, 2018).
- Infusion of cannabis extracts, acid and neutral CBD forms (news release November 20, 2018), into wholly water-based sol-gels, using FDA approved excipients (news release July 9, 2019).
- Effective delivery and sustained retention of the cannabis extract infused sol-gels from the nasal spray applicator to the nasal cavity (news release November 19, 2018).
- Confirmed safety of the cannabis extract infused sol-gels when applied to freshly explanted human mucosal tissue, with no elevation in clinically accepted biomarkers of acute toxicity (news release on January 8, 2020).
PreveCeutical has been working on the CBD sol-gel program since September 2017 and has spent over $750,000 in research, not including management and employee overheads.
PreveCeutical is currently working on terms of the Program Extension with partners, and PreveCeutical anticipates formulation development getting underway in the next few weeks. As extensive work on the CBD sol-gel formulation has already taken place, the Program Extension, which has the potential of developing a wholly water-based CBD sol-gel formulation and nasal applicator to reduce the possibility of coronavirus infections, is planned on being ready for testing in as little as four months.
PreveCeutical plans on engaging with global health agencies to seek fast track approval of the CBD sol-gel formulations resulting from the Program Extension.
Although PreveCeutical believes that any such intentions, plans, estimates, beliefs and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs and expectations will prove to be accurate. Researchers say while clinical trials still need to be done, data they have been collecting over the past few years shows promise that some cannabis extracts may help in the prevention and treatment of COVID-19.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences. The Company's current research and development programs include dual gene curative and preventive therapies for diabetes and obesity; the Cannabidiols Sol-gel Program aiming to provide relief across a range of indications from pain, inflammation, seizures, and neurological disorders.; Nature Identical™ peptides for the treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
On behalf of the Board of Directors of PreveCeutical
Stephen Van Deventer, Chairman and Chief Executive Officer
For further information, please contact:
Stephen Van Deventer at telephone: +1 604 306 9669
Or Investor Relations email@example.com
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the completion of the Program Extension and the successful development of CBD sol-gel formulations which have the ability to reduce the possibility of coronavirus infections, including COVID-19, the anticipated timing of the development of a vaccine for COVID-19, and the continued research interests of PreveCeutical, PreveCeutical's anticipated business plans, and its prospects of success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as "will", "pro forma", "plans", "expects", "may", "should", "budget", "schedules", "estimates", "forecasts", "intends", "anticipates", "believes", "potential", "proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions regarding PreveCeutical, including expected growth, results of operations, including PreveCeutical's research and development activities, performance, industry trends, growth opportunities, anticipated time periods for the development of a vaccine for COVID-19, that PreveCeutical will be granted requisite expedited approvals by world health agencies for the results of the Program Extension, and that PreveCeutical will be able to obtain the financing required to carry out the Program Extension, retain and attract qualified research personnel and obtain and/or maintain the necessary intellectual property rights needed to carry out future business activities.
Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to: complexities and delays in connection with research and development activities and the actual results of research and development activities including the successful development of CBD sol-gel formulations which have the ability to reduce the possibility of infections from coronaviruses, including COVID-19; the ability of PreveCeutical to, among other things, protect its respective intellectual property, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities and obtaining expedited requisite approvals from world health agencies; and the ability of PreveCeutical to commercialize products, pursue business partnerships, complete their research programs as planned, including the Program Extension, and obtain the financing required to carry out their planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or pharmaceutical industry may also adversely affect the future results or performance of PreveCeutical. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, PreveCeutical assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although PreveCeutical believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by PreveCeutical from time-to-time. These reports and PreveCeutical's filings are available at www.sedar.com. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), or any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
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