Kannalife Inc (OTCMKTS:KLFE) received patents in AT (Austria), LU (Luxembourg), LI (Liechtenstein), and the Principality of Monaco for its patent called WO2015/106108A2. It is for innovative Functionalized 1, 3-Benzene Diols, and their methods to treat Hepatic Encephalopathy.
Global coverage in the pharmaceutical market
Kannalife achieved near-total coverage in the pharmaceutical market worldwide with this PCT patent and KLS-13019, its lead candidate, and other innovative therapeutic agents such as Atopidine.
Demand for pharmaceuticals
The demand for prescription drugs worldwide expects to grow at a CAGR of 7% during 2019 and 2024. Europe accounts for a major share of pharmaceuticals sales worldwide at 23.2% in 2018. According to experts, the demand for total pharmaceuticals expects to reach more than $226 billion by 2022.
CEO of Kannalife, Dean Petkenas, said the company received patent grant notices from additional four important jurisdictions that report the highest per capita income in the EU. This is in addition to the 12 European States. It holds further scope for sales marketing efforts and collaboration in the future.
The lead candidate of Kannalife, KLS-13019, is capable of acting as a neuroprotective agent. It can cure various diseases that comprise neurodegenerative disorders, oxidative stress, and nervous system disorders. KLS-13019 can treat CIPN.
With the receipt of PCT patent grants, Kannalife holds 23 patents (two patents in the US, and 21 foreign patents) worldwide. Kannalife recently concluded NIH (National Institutes of Health)’s NIDA (National Institute on Drug Abuse) funded STTR Phase 1 study on animal models. The Phase 1 study is conducted to find the efficacy of KLS-13019 in using it as a non-opioid and potent alternative monotherapeutic in reversing and preventing CIPN.
Inducts Terrence O. Tormey in its board of advisors
Kannalife added Terrence O. Tormey, a veteran in the biotechnology and pharmaceutical industry, to its advisors’ board. Dr. Stuart Titus, CEO of Medical Marijuana, said Kannalife continues to prove itself as a leading player in CBD R&D and adds industry veterans like Terrence to its team.
Petkanas said it is an honor to induct Terrence in its advisory board considering his knowledge, vision, and experience in the life sciences industry. He will play a vital role in framing the distribution plan and commercialization of Atopidine.