SAN DIEGO, Aug. 5, 2014 (GLOBE NEWSWIRE) -- Medical Marijuana, Inc. (OTC Pink: MJNA) is pleased to announce that one of its investment portfolio companies, KannaLife Sciences, Inc. ("KannaLife"), a bio-pharmaceutical and phyto-medical company, has been awarded its second license agreement by the National Institutes of Health (NIH) to develop a drug to treat a concussion syndrome called CTE using derivatives from medical marijuana. The license agreement is in effect through February, 2021. In addition to CTE, in June 2012, KannaLife was previously awarded an exclusive license from NIH, for the same '507 Patent, for the development of a target drug candidate for treating Hepatic Encephalopathy (HE).
Boston University's website cites, "Chronic Traumatic Encephalopathy (CTE) is a progressive degenerative disease of the brain found in athletes (and others) with a history of repetitive brain trauma, including symptomatic concussions as well as asymptomatic subconcussive hits to the head."
While the NFL is still suspending players for testing for Marijuana use , past and present players are actively throwing red flags about the effects of concussions. The issue has escalated to the point that the NFL has provided the National Institutes of Health with $30 million in research grant monies to develop a CTE drug.
The U.S. Department of Health and Human Services holds Patent #6,630,507, "Cannabinoids as Antioxidants and Neuroprotectants." KannaLife Sciences is involved in the research and development of therapeutic agents designed to reduce oxidative stress and act as immuno-modulators and neuroprotectants and currently holds an exclusive license agreement with the National Institutes of Health – Office of Technology Transfer (NIH-OTT) for the commercialization of U.S. Patent #6,630,507, "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent"). The NIH has licensed the same patent to Kannalife Sciences to develop an FDA-approved drug for CTE through 2021.
"Kannalife is extremely pleased to have the opportunity to continue its body of research in the field of encephalopathy and brain related disorders. We hope our early pre-clinical success in HE can be a pathway to an additional solution for finding a treatment for CTE and to alleviate the debilitating effects of concussions," states Dean Petkanas, Chairman and Chief Executive Officer of Kannalife Sciences .
KannaLife CEO, Dean Petkanas, was featured on Fox Business discussing the NIH's research and development for CTE and in a recent Albany Times Union article discussing involvement in supporting legalization of medical cannabis in New York and playing a key role in establishing standardization within the cannabis industry. KannaLife co-founder Thoma Kikis was featured on New York's News 12 in a piece about the NIH's agreement with the Company and recently in a Bloomberg TV News interview.
"The announcement of a new federal license on CTE research and development is groundbreaking," states Michelle Sides, Chief Operating Officer of Medical Marijuana, Inc. "Medical Marijuana, Inc. recognized that Kannalife Sciences' phyto-medical capabilities were 'game changing.' As a result, MJNA committed to Series A funding in 2013. We are thrilled at the NIH's decision to grant an additional license to KannaLife Sciences to develop an FDA-approved CTE drug. We hope the NFL sees this opportunity to work with KannaLife in collaboration towards finding a therapeutic agent to help treat severely concussed players and retired players suffering with CTE. Finding a solution for CTE benefits NFL players past and present and it also applies to athletes participating in other professional and recreational sports." The NFL is not the only professional sports league plagued with concussions. Current and former players in many professional contact sports leagues as well as service members and veterans also included in those raising concerns about effects of concussions.
For additional information, visit www.KannaLife.com .
About Medical Marijuana Inc.
Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value. For more information, please visit the company's website at: www.MedicalMarijuanaInc.com .
About KannaLife Sciences, Inc.
KannaLife Sciences, Inc. ("KannaLife") is a late-stage biopharmaceutical and phyto-medical technology company. KannaLife was created to develop natural, phyto-medical products to be used in health and wellness regimens. KannaLife is currently conducting research and development of novel new therapeutic agents to be used as transport carriers for other compounds seeking to break the blood/brain barrier. KannaLife is also developing their own compounds to be used for the treatment and prevention of oxidative and neurotoxic stresses borne from a variety of ailments and illnesses. For more information, visit KannaLife.com .
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections.This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana Inc. to be materially different from the statements made herein.
LEGAL DISCLOSURE
Medical Marijuana Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). The Company does grow, sell, and distribute hemp-based products and is involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
For further information, please contact: Investor Relations Contact: Perry Coleman Medical Marijuana, Inc. P. 443-453-5088 Toll Free: 888-OTC-MJNA (888-682-6562) Media relations contact: Andrew Hard Director of Public Relations P. 858-335-6563
