Cannabis Science Inc. (OTCBB:CBIS) ("Cannabis Science, CBIS, or Company"), a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to announce that the Company is currently raising working capital in the European market and pursuing listings on the Frankfurt and other major European exchanges.
Cannabis Science is vigorously seeking entry into the European medical cannabis market on the footsteps of GW Pharmaceuticals plc (GWPharm.com), a UK based commercial cannabinoid pharmaceutical company, which paved the way with the introduction and approval of its product, Sativex® in the UK and now Spain, which gave its regulatory approval on July 28, 2010. Currently Sativex® is approved in the UK and Spain as a prescription medicine for treatment of MS spasticity and in Canada for relief of neuropathic pain and advanced cancer pain.
See: http://cannabisscience.com/news-a-media/press-releases/191-cbis-reprots-important-validation-for-medical-cannabis.html
In total, the medicine has been exported to 28 countries for either named patient prescription use or for clinical trial purposes. FDA clinical trials are currently in progress in the U.S. for administering Sativex® as an adjunctive analgesic treatment for cancer. GW has raised working capital of over $90 million through the public markets. In addition, GW has received signature licensing and milestone payments for prescription cannabinoid medicines and clinical trials totaling over $60 million to date, with over $365 million in future milestone payments slates plus effective royalties of 20-30%. In June 2010, GW received a valuation of over $300 million (£158m) 1 based on its single Sativex® product.
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