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Cannabis Science President and CEO Dr. Robert Melamede, PhD., Files Preliminary Patent Disclosures With the University of Colorado
Tuesday, June 01, 2010
Regarding New Technology That Cannabis Science Intends to Develop Through a Private Company Acquisition
Colorado Springs, CO -- Cannabis Science, Inc. (OTCBB: CBIS), a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to announces preliminary patent disclosures and major steps towards the acquisition of a private company for the development of the new patentable products that should facilitate broad acceptance of specific Cannabis Science pharmaceutical products designed for the treatment of chronic pain, Post Traumatic Stress Disorder (PTSD) and other critical illnesses addressed throughout the www.cannabisscience.com company website.
Dr. Robert Melamede, PhD., Cannabis Science President and CEO, reported, "We have been negotiating to purchase a privately held biopharmaceutical company that owns complementary patented intellectual property for specific clinical stage cannabinoid products and uses. As a faculty member at the University of Colorado at Colorado Springs, I have filed a preliminary patent disclosure with the University of Colorado regarding additional new technology that Cannabis Science intends to develop through the targeted private company acquisition. As a part of this process, we are hiring a distinguished patent attorney to help with the University disclosure and ultimate patent filings. We are also using our FDA consultants to advise on the technology's FDA approval pathway because we foresee several new FDA pharmaceutical products that can be derived from this deal."
Richard Cowan, Cannabis Science CFO, explained further steps the company is taking, "We are hiring a prominent Los Angeles law firm to perform the due diligence on the acquisition to confirm representations and formalize the structure of the deal. Negotiations on the over-arching technology related to the above disclosure have been ongoing for the last few months and we have now reached the point where we are prepared to move forward. The attorneys will validate the development of the proprietary intellectual property by previous licensees of the technology. They will also examine several patents already filed and or issued on the related technology. This development is further evidence of Dr. Melamede's ability to identify and bring together a variety of new technologies aimed at developing pharmaceutical cannabis products that target critical illness for worldwide distribution."
Dr. Melamede emphasized, "Yesterday was Memorial Day when we are supposed to remember those who have fought for our country, but we are still way too far behind when it comes to helping our veterans suffering with PTSD, chronic pain, and other problems for which many have found that only medical cannabis can help. We remain committed to the development of various pharmaceutical cannabis products for the treatment of Post Traumatic Stress Disorder (PTSD) and related pain among our veterans to whom we owe so much. The intellectual properties mentioned above should specifically facilitate getting Cannabis Science's products to military personnel in need of our Cannabis Pharmaceutical medicines."
Cannabis Science Inc.
Cannabis Science is at the forefront of pharmaceutical medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. Cannabis Science, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
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