TUCSON, AZ / ACCESSWIRE / March 20, 2019 / PRESS RELEASE / WEED, Inc. has announced that it has entered into an exclusive license and assignment agreement with Yissum, the technology transfer company of the Hebrew University of Jerusalem Ltd., Israel.
Under the terms of the agreement, WEED, Inc. agrees to exclusively license and, purchase from Yissum, certain patents, technology and know-how (upon payment of certain installments) relating to formulations for the administration and delivery of lipophilic compositions (including cannabinoids) developed by Prof. Elka Touitou at the Hebrew University of Jerusalem.
Under the agreement, WEED is obligated to pay multi-million dollar consideration to Yissum, which is payable in installments and includes a product sales-related milestone payment, with WEED only receiving the exclusive license rights and the assignment rights to the above intellectual property after payment of the relevant installment payments.
In order to close the exclusive license portion of the agreement and the assignment portion of the agreement, WEED, Inc. needs to raise additional funds to pay the consideration required under the agreement.
WEED Inc. has also announced that it has entered into a consulting agreement with Touitou, of the Institute of Drug Research, School of Pharmacy, The Hebrew University of Jerusalem.
Touitou will serve as the chairperson of WEED, Inc.'s Scientific Advisory Board and will advise and support WEED, Inc. with respect to its scientific research and product development for this project.
Glenn E. Martin, CEO of WEED, Inc. said, '' WEED, Inc. has made history in the Holy Land! After several months of intense and productive negotiations along with several trips to Israel, WEED and Yissum have successfully concluded this multi-million USD exclusive license and assignment agreement.
''Further I'm pleased to announce that we believe this historic arrangement with WEED, Inc. and its wholly owned subsidiary WEED Israel Cannabis Ltd., for this exclusive license and assignment of five patent families held by Yissum based on the innovations of Professor Elka Touitou, will now allow us to move forward to help and benefit patients."
Martin added, ''I'm down in Australia until March 30th working with our Australian team to advance WEED's global research goals that we are starting in Israel. We are bringing Israeli advances in CBD studies to Australian patients, which is vital to WEED's 'country to country' product synergies.
Prof. Touitou is a pioneer in cannabinoid research, and published the first scientific work on transdermal delivery of cannabinoids in 1988. Our researchers are looking to develop efficient products for at least two 'indications,' one of which will be focused on woman's health, utilizing Cannabinoids.''
Dr. Yaron Daniely, CEO and president of Yissum stated, ''As global leaders in the field of Cannabis and Endocannabinoid research, Yissum diligently looks for appropriate commercial partners to advance promising technologies from Hebrew University for the benefit of patients. We are hopeful that this partnership delivers important new products and therapies to those in need.''
Elliott Kwestel, Director and Corporate Secretary of WEED Israel Cannabis Ltd. commented, ''WEED Israel is looking to acquire all appropriate licenses with the goal of bringing vertically integrated products to market globally within one year. Further studies in high dosage THC, THC and continuing CBD research are on the horizon.''
The assignment of the five patent families to WEED, Inc. pursuant to the agreement with Yissum, is the first-of-its-kind originating from Cannabinoid research conducted at The Hebrew University of Jerusalem.
Touitou said, ''Cannabinoids are very lipophilic molecules with a relative low bioavailability, short activity and their existing formulations often have low patient compliance. There is a great need and demand for pharmaceutical products with improved efficacy and prolonged therapeutic effect.
Our new sophisticated technologies offer diverse solutions for promoting enhanced delivery and adequate administration of Cannabinoids for high therapeutic efficiency in treating patients currently suffering from various diseases.''
Dr. Liat Shbiro, PhD, added, ''It's an incredible privilege to work with Prof. Touitou who shall lead WEED Israel's cannabis research and chair our Israeli Scientific Advisory Board.''
In this deal, WEED Inc. was represented by the law firm of Snell & Wilmer L.L.P., Phoenix, Arizona, USA and Marcella Eytan and Nir Zohar of the law firm Pearl Cohen Zedek Latzer Baratz, Tel-Aviv, Israel.