Amarantus Engages Evolution Venture Partners to Evaluate Strategic Alternatives for Expansion into the Legal Hemp Industry
May 28 2019 - 9:51AM
InvestorsHub NewsWire
Amarantus Engages Evolution Venture Partners to Evaluate Strategic
Alternatives for Expansion into the Legal Hemp Industry
New York, NY -- May 28, 2019 -- InvestorsHub NewsWire --
Amarantus Bioscience Holdings, Inc. (OTC Pink: AMBS) (the
“Company,” or AMBS), a US-based JLABS-alumnus biotechnology holding
company developing first-in-class orphan neurologic, regenerative
medicine and ophthalmic therapies and diagnostics through its
subsidiaries, today announced that it has engaged Evolution Venture
Partners (www.evovp.com), a crossover-focused biopharmaceutical
advisory and investment firm that is expanding its business into
the legal cannabis sector, to assist the Company in evaluating
potential business opportunities and strategic alternatives in the
emerging legal hemp industry. The engagement is for a period of six
months, during which time the Company will continue to execute on
its biopharmaceutical holding company financing and spinoff model
while it evaluates launching or acquiring hemp-based
operations.
“With the recent passing of the Farm Bill in the fourth quarter
of 2018, the legal hemp industry has emerged as one of the fastest
growing industries in the United States, projected to grow from
less than $1 billion in 2018 to over $20B by 2023,” said Gerald E.
Commissiong, President & CEO of Amarantus. “As we have
continued to evaluate business models and management candidates to
fulfill our mission of creating value for shareholders, it has
become crystal clear that focusing on generating free cash-flow
will give Amarantus and its various stakeholders the best
opportunity to unlock the tremendous value inherent in the
Amarantus subsidiary portfolio. A transition to hemp operations is
potentially an attractive and exciting addition to the slow-moving,
binary, cash-draining biotechnology industry, and provides
potential investors in our pending Regulation A+ offering the
ability to not only get direct exposure to the Amarantus portfolio
of subsidiaries, but also to an industry experiencing exponential
growth in the United States and globally. By focusing on hemp,
Amarantus remains eligible to list on a national stock exchange in
the United States.”
On December 20, 2018, President Trump signed into law the
Agricultural Improvement Act of 2018, which legalized hemp and
hemp-derived products, including cannabidiol (CBD) and other
non-psychoactive cannabinoids, at the federal level in the United
States. Hemp has been defined internationally as the cannabis plant
containing less than 0.3% tetrahydrocannabinol (THC). Cannabinoids
have long been thought by neuroscientists and other researchers to
have medicinal properties that could improve upon existing
pharmaceutical and wellness products under certain circumstances,
although additional research is required to further understand how
best to safely use such products. Recently, the United States Food
& Drug Administration approved the first ever cannabis-derived
drug, Epidiolex from GW Pharma, for the treatment of certain
seizures in children. Amarantus Chief Scientific Officer, Dr. John
Commissiong, authored a book in 1978 while a professor at the
University of the West Indies entitled ‘Ganja = Marijuana’ which
was one of the first science-focused books describing the
physiological effects of cannabis. Cannabis scientific research has
been advanced primarily in Israel over the last 50 years, although
US-based research has expanded substantially over the last 20 years
as American states began decriminalizing and legalizing cannabis
for medicinal and recreational purposes. Amarantus intends to build
upon this existing body of knowledge to inform its evaluation of
strategic options.
About Amarantus Bioscience Holdings, Inc.
Amarantus Bioscience Holdings (AMBS) is a JLABS alumnus
biotechnology company developing treatments and diagnostics for
diseases in the areas of neurology, regenerative medicine and
orphan diseases through its subsidiaries. AMBS’ wholly-owned
subsidiary Elto Pharma, Inc. has
development rights to eltoprazine, a Phase 2b-ready small molecule
indicated for Parkinson's disease levodopa-induced dyskinesia,
Alzheimer’s aggression and adult attention deficit hyperactivity
disorder, commonly known as ADHD. AMBS acquired the rights to the
Engineered Skin Substitute program, a regenerative medicine-based
approach for treating severe burns with full-thickness autologous
skin grown in tissue culture that is being pursued by AMBS’
wholly-owned subsidiary Cutanogen
Corporation. AMBS’ wholly-owned subsidiary MANF
Therapeutics, Inc. owns key intellectual property rights and
licenses from a number of prominent universities related to the
development of the therapeutic protein known as mesencephalic
astrocyte-derived neurotrophic factor
(“MANF”). MANF Therapeutics,
Inc. is developing MANF-based products as
treatments for brain and ophthalmic disorders and Parkinson’s
dsiease. MANF was discovered by the Company’s Chief Scientific
Officer John Commissiong, PhD. Dr. Commissiong discovered MANF from
AMBS’ proprietary discovery engine PhenoGuard. The Company also
owns certain rights to the Alzheimer’s blood diagnostic LymPro
Test ®, as well as MSPrecise™ and NuroPro.
For further information please visit www.Amarantus.com, or
connect with the Amarantus
on Facebook, LinkedIn, Twitter and Google+.
Amarantus Investor and Media Contact:
Gerald Commissiong
Office: 650-862-5391
Email: gerald@amarantus.com
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