Gb Sciences Completes $8 Million Sale of Las Vegas Cannabis Facility
The sale will accelerate the development of Gb Sciences' proprietary Parkinson's disease and COVID-related Cytokine-Release Syndrome therapies
LAS VEGAS, January 11, 2022 (Newswire.com) - Gb Sciences, Inc. (OTCQB:GBLX), a leading plant-inspired, biopharmaceutical research and development company, has closed the sale of its last remaining cannabis facility, completing a transition to the biopharmaceutical industry.
"This is a landmark event for Gb Sciences," said Chairman and CEO John Poss. "We have emerged from this sale as a pure-play biopharmaceutical research and development company. With an improved balance sheet, we are positioned to generate substantial value from our unique pipeline of patent-protected formulations for the prescription drug market that targets a range of serious medical problems."
Management's decision to end all connections to the cannabis cultivation industry positions Gb Sciences to uplist its stock to a senior exchange and attract institutional investors and strategic partners in the biopharmaceutical drug development sector to accelerate its clinical development progress.
"Gb Sciences has established a pipeline of patent-protected combination therapies for the treatment of medical conditions affecting hundreds of millions of people," said Dr. Andrea Small-Howard, President and Chief Science Officer of Gb Sciences. "We can now concentrate all our energies on advancing our plant-inspired, biopharmaceutical research and development programs into human clinical trials."
Gb Sciences' intellectual property portfolio includes five U.S. and three international patents that have been issued to protect therapeutic mixtures for Parkinson's disease, chronic pain, hyperinflammation, and heart disease. In addition, Gb Sciences has 12 U.S. and 43 international patent-pending applications, which provide patent protection for both PhAROS™, its proprietary drug discovery engine, and its novel, plant-inspired combination drugs for the treatment of more than 65 serious medical conditions.
Gb Sciences' substantial biopharmaceutical research and development pipeline was established through collaborations with scientists at Michigan State University, Chaminade University, the National Research Council of Canada, the University of Hawaii, the University of Athens in Greece, the University of Seville and the University of Cadiz in Spain, and other well-respected institutions. The company has established partnerships with industry-leading manufacturers and contract research firms to supply Gb Sciences' active pharmaceutical ingredients, novel drug delivery systems, and the clinical prototypes of its therapies for planned first-in-human clinical trials.
Following the required transfer of Gb Sciences' cannabis production and extraction licenses to AJE Management, LLC by the Nevada Cannabis Compliance Board on Dec. 14, 2021, the sale of Gb Sciences' Las Vegas cannabis facility was finalized on Dec. 31, 2021. The sale, valued at $8 million, will allow Gb Sciences to reduce outstanding debt and bolster its cash position. The proceeds from this sale include $1.2 million in cash, $3.8 million in immediate debt and liabilities reduction, and a $3 million interest-bearing note payable to Gb Sciences by the buyer over a three-year term.
To learn more about Gb Sciences, visit www.gbsciences.com.
About Gb Sciences and GbS Global Biopharma
Gb Sciences, Inc. is a plant-inspired, biopharmaceutical research and development company creating patented, disease-targeted formulations of plant-inspired therapeutic mixtures for the prescription drug market through its Canadian subsidiary GbS Global Biopharma, Inc. The "plant-inspired" active ingredients in its therapeutic mixtures are synthetic homologues identical to the original plant compounds but manufactured under current Good Manufacturing Practices. Gb Sciences' intellectual property portfolio contains five issued U.S. and three issued international patents, as well as 12 U.S. and 43 international patent-pending applications. In its drug development pipeline, the company has six preclinical-stage programs, and its lead Parkinson's disease therapeutic program is being prepared for a First-in-Human clinical trial. In addition to Parkinson's disease, Gb Sciences is developing therapeutics for COVID-related cytokine release syndrome (CRS), chronic pain, anxiety, depression, heart failure, and Mast Cell Activation Syndrome (MCAS). Gb Sciences' productive research and development network includes distinguished universities, hospitals, contract research organizations, and contract manufacturing organizations. To learn more, visit www.gbsciences.com.
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Source: Gb Sciences