Kannalife Sciences, Inc. a biopharmaceutical and phyto-medical company completed a share exchange transaction with TYG Solutions Corp. (TYYG) in order to become a publicly traded company. Kannalife still has a 72-day waiting period to apply to FINRA for a name change and new ticker symbol.
Kannalife says it will be the only publicly traded company in the cannabinoid therapeutics space which holds an exclusive license to a U.S. government patent from the National Institutes of Health (“NIH”).
Kannalife Sciences currently holds two licenses with NIH. The first, an exclusive license for the commercialization of U.S. Patent #6,630,507, “Cannabinoids as Antioxidants and Neuroprotectants” which the company calls the “‘507 Patent”, to research and develop novel cannabinoid-based therapeutics to treat hepatic encephalopathy and the second, a non-exclusive license under the same ‘507 Patent to treat chronic traumatic encephalopathy (CTE).
In addition to that Kannalife said it has developed its own patented molecules led by KLS-13019 and was recently awarded U.S. Patent #9,611,213, “Functionalized 1,3-benzene diols and their method of use for the treatment of hepatic encephalopathy.” According to a February 10, 2016 publication in the American Chemical Society KLS-13019 was found to be 50-fold more potent as a neuroprotectant and >400-fold safer than CBD.
“While we certainly don’t consider ourselves an ‘anything cannabis’ company, we haven’t lost sight of the fact that Kannalife was among a select few companies in the pharmaceutical space to approach drug development in cannabinoid therapeutics,” Kannalife Sciences CEO Dean Petkanas said. “We were indeed, not only early movers but also a pioneer in the pre-clinical research of cannabidiol (CBD) for certain disorders. In that, we have also developed alternative cannabidiol-derived new chemical entities (NCEs) to advance some of the clinical benefits of CBD while improving upon some of the pharmacokinetic limitations of CBD.”
Petkanas added, “The transaction with TYYG allows us to look toward the future as a publicly traded company and continue our research into developing disruptive cannabinoid-based therapeutics for neurodegenerative and oxidative stress-related diseases.”