CANNABIS SCIENCE, INC. (OTCMKTS:CBIS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On January 3, 2017 Cannabis Science, Inc. (the Company), entered
into a Collaborative Research 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.
to the Agreement the Institute has developed know-how and
expertise in the treatment of cancer and the Company would like
to collaborate with the Institute to develop and investigate the
use of Cannabinoids to cure various cancers and obtain from the
Institute data and certain rights to inventions that are
developed during research funded by the Company.
To the degree that the Project is successful, it is contemplated
that Research Results shall be expeditiously disseminated to the
public through joint publications. Authorship shall be based on
contributions to the Project, in accordance with academic
standards and customs, and proper acknowledgment for each partys
contribution shall be made in any presentation or publication
reporting Research Results.
Each Party has disclosed and shall retain ownership of their
respective intellectual property (IP). All rights, title and
interest in and to any Inventions conceived and reduced to
practice jointly by the Company and the Institute hereby (Joint
Inventions) shall be jointly owned by the Company and the
Institute. Patent applications with respect to Joint Inventions
shall be filed according to the provisions of the agreement.
The term of the Agreement is for one year. In consideration for
this Agreement and performance of the Research, the Company has
paid the Institute Two Hundred and One Thousand and Six Hundred
and Fifty-Six dollars (US) ($201,656).
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.
Item 8.01 Other Events
In a press release issued on January 6, 2017, the Company
incorrectly referenced the entity Dana-Faber / Harvard Cancer
Center (DF/HCC) with whom it had signed the Agreement.
Dana-Farber Cancer Institute, Inc. is the correct entity the
Company has signed the agreement with and that is working
collaboratively with the Company.
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 up +0.0024 at 0.0681 with 43,077,308 shares trading hands.
