Kannalife Sciences Does Reverse Merger To Become A Publicly Traded Company

Kannalife Sciences, Inc. a biopharmaceutical and phyto-medical company completed a share exchange transaction with TYG Solutions Corp. (TYYG) in order to become a publicly traded company. Kannalife still has a 72-day waiting period to apply to FINRA for a name change and new ticker symbol.

Kannalife says it will be the only publicly traded company in the cannabinoid therapeutics space which holds an exclusive license to a U.S. government patent from the National Institutes of Health (“NIH”).

Kannalife Sciences currently holds two licenses with NIH. The first, an exclusive license for the commercialization of U.S. Patent #6,630,507, “Cannabinoids as Antioxidants and Neuroprotectants” which the company calls the “‘507 Patent”, to research and develop novel cannabinoid-based therapeutics to treat hepatic encephalopathy and the second, a non-exclusive license under the same ‘507 Patent to treat chronic traumatic encephalopathy (CTE).

In addition to that Kannalife said it has developed its own patented molecules led by KLS-13019 and was recently awarded U.S. Patent #9,611,213, “Functionalized 1,3-benzene diols and their method of use for the treatment of hepatic encephalopathy.” According to a February 10, 2016 publication in the American Chemical Society KLS-13019 was found to be 50-fold more potent as a neuroprotectant and >400-fold safer than CBD.

“While we certainly don’t consider ourselves an ‘anything cannabis’ company, we haven’t lost sight of the fact that Kannalife was among a select few companies in the pharmaceutical space to approach drug development in cannabinoid therapeutics,” Kannalife Sciences CEO Dean Petkanas said. “We were indeed, not only early movers but also a pioneer in the pre-clinical research of cannabidiol (CBD) for certain disorders. In that, we have also developed alternative cannabidiol-derived new chemical entities (NCEs) to advance some of the clinical benefits of CBD while improving upon some of the pharmacokinetic limitations of CBD.”