MMJ PhytoTech announces it has successfully raised $5 million via an equity placement to institutional investors introduced by its corporate advisor, Merchant Corporate Finance Pty Ltd.
The funds raised will be used, in part, to accelerate the company’s entry into the Australian market following the recent passing of legislation by the Australian Federal Government legalising cannabis for medicinal purposes in Australia.
The funding will also be applied to facilitate the company’s Israeli-based subsidiary, PhytoTech Therapeutics Ltd, to pursue its planned Phase 2 clinical study to test the efficacy of its exclusively licensed Pro-Nano-Liposheres oral capsule formulation for treating pain and spasticity in patients who suffer from multiple sclerosis.
MMJ recently completed its Phase 1 clinical study of its exclusively licensed Pro-Nano-Liposheres oral capsule formulation and demonstrated very positive results in comparison to GW Pharmaceutical’s leading oromucosal MC spray, Sativex, and the company looks forward to the commencement of the Phase 2 trial in the second half of 2016.
For more information:
MMJ PhytoTech
Andreas Gedeon, Managing Director
+1 (250) 713 6302
[email protected]
www.mmjphytotech.com.au
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