ALGAE DYNAMICS CORP Announces Research Agreement With University of Waterloo to Investigate Use of Cannabis Oil in the Contex...
February 24 2017 - 8:30AM
Marketwired
ALGAE DYNAMICS CORP Announces Research Agreement With University
of Waterloo to Investigate Use of Cannabis Oil in the Context of
Cancer
TORONTO, ON-(Marketwired - Feb 24, 2017) - ALGAE DYNAMICS CORP
(OTCQB: ADYNF) (the "Company"), a development stage company focused
on the commercialization of its proprietary BioSilo cultivation and
extraction system for the growth of algae strains for use in the
food and health supplement industry, today announced a research
agreement with the University of Waterloo to perform fundamental
research on cannabis oil and its constituents in the context of the
development and treatment of cancers of the colorectum, pancreas,
breast and prostate. The Sponsored Research Agreement is entitled
"Studies on botanical oils from Algae Dynamics".
This announcement follows the Company's previously announced new
strategic initiative to explore the extraction of oils from other
botanicals, most notably cannabis, and to seek product development
and formulation opportunities that combine the benefits of algae
and cannabis oils. This research agreement will directly support
this initiative and will "carry out studies relating to the
cellular safety and known cancer-related potential of components"
within botanical oils, with a focus on cannabis.
Paul Ramsay, Chairman and President of the Company said, "With
this research agreement, we are building upon the previously
announced strategic initiative into the use of extracts from
cannabis oil, in conjunction with algae oil, to develop unique
health products and formulations. In our previous press release, we
outlined a three-part approach, the first being Research and
Development work with Canadian universities. This is the first of
such research agreements relating to the use of botanical extracts
including cannabinoids that we expect to employ".
The investigator leading the research is Dr. Jonathan Blay, a
professor and researcher in the School of Pharmacy at the
University of Waterloo. Dr. Blay has an extensive background in
cancer research and the fostering of novel areas of cancer research
in Canada. Dr. Blay's main research focus is in understanding the
tumor microenvironment of solid cancers, particularly cancers of
the colorectum, pancreas, breast and prostate. His laboratory
focuses on mechanisms that lead to the spread of cancer, or
metastasis, and ways to interfere with that dissemination of
disease using novel therapeutics. His full profile may be seen on
the University of Waterloo website:
https://uwaterloo.ca/pharmacy/people-profiles/jonathan-blay
The Company's contribution to the three-year Sponsored Research
Agreement, which commences April 1, 2017 and terminates March 30,
2020, is C$200,000 per year. The Company believes, from past
experience, that it will be able to leverage the research
expenditures with matching scientific grants pursuant to programs
of various branches of government. The Company will be responsible
for the filing of patents relating to this research and will own
such patents if and when issued. The Company has agreed to make
payments to the University upon filing of each patent, when each
patent is issued, after first commercial sale and when gross sales
reach C$1,000,000. There are no ongoing royalty payments, relating
to the use of the patents. The workplan may be extended and
modified to achieve best outcomes which may include 1) delegating
specific research areas of research work that require additional
technologies to appropriate providers; and 2) engaging research
collaborators to extend the research into additional areas of
benefit to the Company.
The Company's core product development strategy has been the
extraction of Omega-3 fatty acids from certain strains of algae,
with high concentrations of DHA, which is the foundation of the
endocannabinoid system (ECS). The ECS is a group of endogenous
cannabinoid receptors located in the mammalian brain and throughout
the central and peripheral nervous systems, consisting of
neuromodulatory lipids and their receptors. Omega-3 fatty-acids are
required for the production of ECS and cannabinoid receptors. In
light of the potential synergies, the Company has developed its
strategy which is aimed at developing new products and formulations
that combine the health benefits of algae and cannabis oils.
As reported earlier, the Company is continuing to seek
opportunities to partner with or take ownership in existing Access
to Cannabis for Medical Purposes Regulations (ACMPR) licensed
producers to allow for access to the marketplace.
About Algae Dynamics Corp
ADC is currently engaged in the commercialization of our
proprietary BioSilo algae cultivation system for the high volume,
low cost production of pure contaminant-free algae biomass. This
biomass is high in Omega-3s DHA/DPA, vitamins, minerals and
antioxidants, all of which are in demand by the growing
multibillion dollar food/beverage and health care sectors. Our
integrated BioSilo manufacturing system provides low cost algae
biomass production with modest capital cost requirements compared
to conventional approaches. Furthermore, our "controlled outcomes"
technology provides ultra-high purity algae biomass,
differentiating it from other producers in the market. Following
completion of a commercial-scale production facility we intend to
produce algae biomass for sale into the functional additive and
supplement markets, focusing on Chlorella and Omega-3 oil.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the Securities Act and Section
21E of the Securities Exchange Act of 1934, as amended. Statements
in this press release which are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, use of
proceeds and the development, costs and results of current or
future actions and opportunities in the sector. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with new projects and development
stage companies, our ability to raise the additional funding we
will need to continue to pursue our exploration and development
program, and our ability to retain important members of our
management team and attract other qualified personnel. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that any beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that any such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form 10-K
for the most recent fiscal year, our quarterly reports on Form 10-Q
and other periodic reports filed from time-to-time with the
Securities and Exchange Commission.
FOR MORE INFORMATION, PLEASE CONTACT: Paul Ramsay Phone:
289-997-6740 Email: ramsay@algaedynamics.com www.algaedynamics.com
http://www2.marketwire.com/mw/release_html_b1?release_id=1298519
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