CANNABIS SCIENCE, INC. (OTCMKTS:CBIS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. |
Effective April 27, 2017, Cannabis Science, Inc. (the Company),
entered into a new Research Collaboration Agreement (the
Agreement) with Dana-Farber Cancer Institute, Inc., (the
Institute) a Massachusetts not-for-profit corporation, having its
principal offices at 450 Brookline Avenue, Boston, MA 02215. This
Agreement builds on a Research Collaboration Agreement entered
into between the Company and the Institute on January 3, 2017,
and expands the scope of the working relationship of the parties.
to the Agreement, the Institute has developed know-how and
expertise in the treatment of cancer and desires to obtain
funding and technical support from the Company to further such
research. The Company would like to establish a consortium of
academic investigators from several U.S. not-for-profit
institutions, and would like the Institute to be the lead
institution to develop and investigate the use of cannabinoids to
cure various cancers, investigate synergies with radiotherapy and
immunotherapy, and obtain certain data and rights to inventions
developed during research funded by the Company.
This consortium will operate as a virtual institute/consortium
involving researchers from different institutions conducting
research on medical cannabis for treatment of cancers and other
indications. The research would also include investigating
synergies in the use of cannabinoids in combination with standard
treatment approaches such as radiotherapy and immunotherapy.
Seed funding for the consortium/virtual institute will be
provided by the Company. The virtual institute will be dedicated
to conducting medical cannabis research and complementary
education activities. Collaborations amongst consortium Principal
Investigators will be designed to accelerate clinical translation
(with FDA approval) of medical cannabis for cancer and other
indications without the usual side effects that have hitherto
hampered clinical translation.
The specific aims that will be supported under the new Agreement
will include:
- Develop unique cannabinoid-delivery technology;
- Conduct scale-up studies to validate and optimize treatment
parameters when using the developed delivery
technologies/products; - Investigate the use of cannabinoids in greater effective
management of pain during chemoradiotherapy; and - Establish core research facility for extracting/analyzing and
loading of superior grade cannabinoids in different precision
delivery technologies towards treatment of different indications
without the side effects that have been a barrier to clinical
translation.
The term of the Agreement is for five years. In consideration for
the Agreement and performance of the Research, the Company shall
pay the Institute $1,834,062, payable in yearly installments.
Each Party shall have the right to seek additional third-party
funding for the Research and in the case of the Company, for
commercialization of all Inventions derived as a result of the
Agreement and both parties shall mutually agree on the terms and
conditions (outside of the terms of the Agreement) for any
third-party research funding.
About CANNABIS SCIENCE, INC. (OTCMKTS:CBIS)
Cannabis Science, Inc. is engaged in medical marijuana research and development. The Company works on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce and commercialize phytocannabinoid-based pharmaceutical products. The Company is involved in 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. The Company focuses on the development of governmentally approved pharmaceuticals, including CS-TATI1, CS-S/BCC-1 and neurological therapy under study or development. The Company’s subsidiaries include Cannabis Science BV and Cannabis Science International Holding BV. CANNABIS SCIENCE, INC. (OTCMKTS:CBIS) Recent Trading Information
CANNABIS SCIENCE, INC. (OTCMKTS:CBIS) closed its last trading session down -0.0012 at 0.0623 with 9,214,350 shares trading hands.