CALGARY – Asia Green Biotechnology Corp. (CSE:ASIA) reported that it has entered a new agreement with Pathway Rx Inc. and Swysh Inc. pursuant to which AGB will expand its participation in the development and ultimate commercialization the Cannabis sativa varieties to which Pathway and Swysh own the rights for prevention and treatment of certain infectious diseases. Both Pathway and Swysh have previously entered agreements with the Company to participate in and to fund initial scientific trials activities on a general basis and in particular with respect to treatments for migraine and related health issues previously being developed by Pathway/Swysh. Under this new agreement, the Company will provide key elements of the financing required to undertake first and second stage human clinical trials of the specific migraine treatments being developed by Pathway/Swysh, and this participation will be rewarded with full licensing rights to such products in the Company’s Asian territory as well as the grant of certain royalty provisions for sales of the products in North America.
This development is a significant part of a wider program to have these varieties, and possibly other versions of the strains, studied for their efficacy in humans and eventually approved and applied as new drugs and as over-the-counter health products. The particular focus of this study and further studies which may be derived from it is on the ability of an element of a proprietary strain to treat and minimize symptoms in those suffering from migraine headaches. In addition to the suffering of individuals, migraine also has an impact on society which can be measured in both direct costs (medical care etc.) and indirect costs (missed work and disability at work).
Dr. Igor Kovalchuk, a director of AGB, is also the chief executive, a director and a shareholder of Pathway Rx and Swysh. As such, he will maintain an active and direct role in the initiation and ongoing administration of the trials to be undertaken. In commenting on these developments, Dr. Kovalchuk stated: “This is a very significant development in the expansion of our relationship with AGB and in particular relative to our progress in testing products with potential to provide migraine headache treatments. Obtaining permission to proceed with clinical trials is an extremely material and positive step, and through this we are confident that we can expand our understanding of the important potential of these products to provide significant benefits to human health.”
David Pinkman, CEO of AGB, added: “While we have recently experienced many positive developments in the expansion of our seed distribution and hemp crop promotional activities in SE Asia, to be a core partner in an undertaking such as the conduct of the migraine study clinical trials in Canada is a significant addition to the profile of our business. If successful, these trials may offer AGB sources of income from both the domestic and licensed international markets and, more importantly, will lay the groundwork for the introduction of significant treatments of multiple ailments which have afflicted people around the world.”
AGB is an early-stage international bio-technology company focused on the development, evaluation, testing, application and, ultimately, supply to the market of proprietary organic hybridization technology and certain products derived from that technology. The core approach of the business is centred on the planting, growth and harvesting of new and valuable strains of hemp and related crops in commercial quantities under the terms of license agreements with InPlanta Biotechnology Inc., Swysh Inc. and Pathway Rx Inc.
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