Medical

Emerald Health Invests in Nemus Bioscience, Funding CBD Glaucoma Clinical Trial

By October 28, 2018 No Comments

Long Beach CA-based cannabis drug development company Nemus Bioscience (OTC: NMUS) announced its majority shareholder, Emerald Health Sciences (EHS), offered it $20 million in credit to fund operations, and committed to buy up to 10 million shares of Nemus in the open market.

Nemus’ Board of Directors also appointed Emerald CEO and Chairman Dr. Avtar Dhillon to be Executive Chairman of Nemus’ Board. Dhillon is also Chairman of the Cannabis Canada Council.

The funding will allow Nemus to launch its first human clinical trial of glaucoma. Nemus is a biopharmaceutical company focused on discovery and commercialization of cannabinoid-based therapeutics, currently for eye problems and chemo relief.

The company’s product candidates in preclinical stage include treatments for glaucoma; chemo-induced nausea; and methicillin-resistant staphylococcus aureus. Its products under research include treatments for chemo-induced peripheral eye neuropathy; plus uveitis, dry eye syndrome, macular degeneration, and diabetic retinopathy.

Nemus has an exclusive license agreement to use proprietary technology from the University of Mississippi to research, develop, and commercialize products for the treatment of infectious diseases. It is developing ways to deliver cannabinoid-based drugs with optimum effect.

Dr. Brian Murphy, CEO and CMO of Nemus, said, “We appreciate the conviction of Emerald Health… Their deep expertise and… financial support allows us to advance our proprietary, bio-engineered cannabinoid-based therapeutics. (Dr. Dhillon’s) track record in building life science companies brings significant validation to our executive management team.”

“Targeting CB-1 and CB-2 receptors for the treatment of various diseases is attracting significant attention within the industry, said Dr. Dhillon, “and we believe that Nemus’ technology, licensed from the University of Mississippi, is at the forefront of this race. I look forward to…expanding Nemus’ clinical pipeline.”

The $20 million credit facility Emerald is giving Nemus will mature in October 2022. Nemus can draw from and repay it without penalty at its discretion. The interest rate is 7%. The deal gives Emerald an option to convert any debt at $0.40 per share. EHS will also buy up to 10 million shares of Nemus common stock.

Dr. Dhillon is a life science entrepreneur with 35 years in medical practice and company building. As a founder or investor, he has raised over $1B in public and private financings. As CEO at NASDAQ-listed Inovio Pharmaceuticals, he led the turnaround of the company.

Dhillon now serves as a board member and chairman for several life science and investment companies. Prior to his current work, Dhillon practiced family medicine for 12 years. He has a BSc in Human Physiology and an MD from the University of British Columbia.

Source: Nemus press release

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