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BALTIMORE, July 05, 2023 (GLOBE NEWSWIRE) — Greater Cannabis Company, Inc. (“GCANRx” or the “Company”) (OTC: GCAN) a publicly traded biopharmaceutical company pioneering development of next generation therapeutics is pleased to announce that it has been granted final approval for its double blind, placebo controlled Phase II Clinical Trial for the treatment of Autism Spectrum Disorder (ASD) from the Israel Ministry of Health.
The Company previously announced that it is planning to conduct a Phase II clinical trial spearheaded by principal investigator, Dr. Adi Aran, M.D., to study the safety and efficacy of its neuroprotective cannabinoid therapeutic to treat autism related spectrum disorders (ASD) and other neuropsychiatric disorders such as Parkinson’s Disease, Alzheimer’s Disease, schizophrenia, and epilepsy.
The primary objective of the clinical trial is to evaluate the efficacy, safety and tolerability of GCANRx’s proprietary therapeutic in pediatric patients (between 4 and 13 years of age) using a daily oral treatment. The patients will be randomized in a 1:1 ratio to receive either GCANRx’s therapeutic or a matched placebo. The primary efficacy objective of the study will be to assess the effect of the neuroprotective therapeutic compared to placebo on behavioral problems, using the Aberrant Behavior Checklist-Irritability Subscale (ABC-I) score – change from baseline to week 12. The primary safety objective of the study will be to assess absolute and relative frequencies of serious adverse events for therapeutic and placebo groups. The main secondary objective is to assess the effect of the neuroprotective therapeutic compared to placebo on the core ASD symptoms using the Vineland TM Adaptive Behavior Scales (3rd edition, VABS3)- 2-Domain Composite Score, and Social Responsiveness Scale 2nd edition (SRS-II) total score – change from baseline to week 12. The study, which will be conducted in Israel, is expected to begin enrolling patients in the coming weeks.
ASD is a life long condition with no cure that affects 7 million people in the US (about 5.4 million adults), and over 75 million people globally. Current pharmaceutical therapies are only minimally effective and have significant side effect profiles including obesity and altered hormone production. The cost of caring for autistic Americans reached $268 billion in 2015 and could increase to $461 billion by 2025, with the total cost of medication to treat estimated to be $37 billion. Today there are 1.5 million people already using CBD to treat ASD in the US. A recent survey found that 22.6% of parents are using CBD for their ASD child, with annual spending on CBD to treat ASD symptoms exceeding $1.85 billion.
“We are excited to announce that GCANRx has received a final official approval to embark on its Phase II Clinical Trial for our therapeutic aimed at treating ASD and other neuropsychiatric disorders. This significant milestone marks another pivotal moment in our path to develop innovative therapeutic solutions for patients suffering from complex neurological disorders”, said Aitan Zacharin, Chief Executive Officer of GCANRx. “Positive results in this study carry promise for a novel treatment for ASD as well as for other neuropsychiatric disorders such as schizophrenia, Alzheimer’s disease, and Parkinson’s disease, which share similar pathophysiological processes, and can have an enormous impact on the lives of countless families as well as on public health,” added Zacharin. “GCANRx’s therapeutic represents a promising candidate in our pipeline, leveraging cutting-edge research and scientific advancements. This Phase II Clinical Trial will enable us to rigorously evaluate the safety and efficacy of our therapeutic, and we believe will further solidify its potential as a game-changing treatment.”
ENDS
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About Greater Cannabis Company: The Greater Cannabis Company (OTC: GCAN), (“GCANRx” or the “Company”) is a publicly traded clinical stage biopharmaceutical company focused on the development of new and effective cannabinoid therapeutics. The Company conducts medical research, and is pursuing clinical trials, to develop innovative cannabis-based treatments for various medical conditions and their symptoms with an initial focus on neuropsychiatric disorders. GCANRx’s mission is to bring its products to the global market for the benefit of patients seeking better solutions for their unmet medical needs.
Disclaimer: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company’s products and services, the ability to complete development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Forward-Looking Statements: This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
