Pressure BioSciences announced that it has signed a binding letter of intent to merge with Cannaworx, Inc.
WHO: Cannaworx is a diverse portfolio of products and intellectual property developed by its founders Bobby Ghalili, DMD, and Adrienne Denese, MD, PhD. Cannaworx and its principals have 12 products, including several novel products that utilize the company’s patented / patent pending, full and partial spectrum, hemp-derived phytocannabinoid formulations for pain relief. Cannaworx plans to launch many of these products in 2020, two of which with a pain indication allowed under an FDA OTC monograph, which the company believes will make them the only oral hemp-derived phytocannabinoid-containing products available in today’s market with such a claim.
Pressure BioSciences, Inc. was founded in 1978 by Harvard-trained serial entrepreneur Richard Schumacher. PBI specializes in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries.
WHY: The merger combines Cannaworx’s proprietary portfolio of innovative consumer products with the application of breakthrough Ultra Shear Technology (UST).
IN THEIR OWN WORDS: Richard T. Schumacher, President and CEO of PBI, said: “We have been actively searching for an opportunity to participate in the end-product growth and upside we believe our UST platform creates and delivers. We are very excited to bring our companies together for what we believe to be a momentous inflection point in significant new growth and increased shareholder value.”
Dr. Ghalili described the vision and motivation behind the decision to merge Cannaworx into PBI: “We have worked for years to bring state-of-the-art effectiveness to the formulation of a diversity of human and veterinary products that were created to deliver oil-based nutrients and therapies into the water-based biology of humans and animals. Our plan to introduce a variety of important, health-promoting phytocannabinoid ingredients into these products multiplied the challenge of achieving water-solubility for these oil-based components. As we evaluated technologies for achieving effective nanoemulsion delivery of oil-based materials in water, we discovered that PBI’s UST platform was in a class of its own, clearly out-performing all competing technologies evaluated. The opportunity to combine our capabilities, products, intellectual property, marketing and distribution channels, and proprietary methods with those of PBI was an astonishingly valuable opportunity to leverage and enable our product lines for real differentiation in our served markets and to help propel significant growth.”
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