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OWC Pharmaceutical Research Corp Letter to Shareholders
OWC Pharmaceutical Research Corp Letter to Shareholders.
About this update from Owc Pharmaceutical Research Corp
[{"type":"text","content":"\n\n\n\nOWC Pharmaceutical Research Corp Letter to Shareholders\n\n\n\n\n\nOWC Pharmaceutical Research Corp Letter to Shareholders\nPR Newswire\nRAMAT GAN, Israel, July 24, 2018\n\n\n\nRAMAT GAN, Israel, July 24, 2018 /PRNewswire/ --\n\nOWC Pharmaceutical Research Corp. (OTCQB: OWCP), a developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today issued a letter to shareholders.\n\n     (Logo: http://mma.prnewswire.com/media/458036/OWC_Logo.jpg )\n\n\nTo our Shareholders,\n\nThe last period has been an important time for re-assessing our corporate strategy, consolidating our company and strengthening our abilities to execute our strategy. We believe that the strategic re-assessment that we have carried out over the last few months will be critical to our success.\n\nThe field in which we operate is increasingly crowded with unproven products. We believe that the companies that will succeed in such a market, will be the ones which have invested their resources in providing validated proof of efficacy and safety for their products. In the past, we have spoken of \"market ready\" products. This definition related to formulated products which were potentially marketable without the validation that I have eluded to above. We have made the decision that we do not want to compete in this undifferentiated market. Whilst in the short term, this will delay our commercial development, in the long term, this should be strongly value generating for our company and our shareholders.\n\nIn order to undertake this positioning, it was important to strengthen our company financially. In May, we announced the closing of the largest funding in the history of our company - a convertible preferred stock offering for US $5 million to an institutional investor. This funding will provide us with the runway to carry out our planned clinical programs. With respect to strengthening our team, we announced the recruitment of Dr. Oron Yacoby Zeevi, formerly CSO at Neuroderm, as our Chief Scientific Officer in February and we are currently planning additional senior personnel additions to increase our capabilities in clinical development and testing.\n\nIn December 2017, we announced that we had received a new permit from the Israeli Medical Cannabis Agency (IMCA) to proceed with safety s...