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OWC Pharmaceutical Research Corp Signs Investment and Joint Venture with Michepro Holdings Ltd
OWC Pharmaceutical Research Corp Signs Investment and Joint Venture with Michepro Holdings Ltd.
About this update from Owc Pharmaceutical Research Corp
[{"type":"text","content":"\n\n\n\nOWC Pharmaceutical Research Corp Signs Investment and Joint Venture with Michepro Holdings Ltd\n\n\n\n\n\nOWC Pharmaceutical Research Corp Signs Investment and Joint Venture with Michepro Holdings Ltd\nInitial Focus Will Be Commercialization of Company's Topical Psoriasis Treatment in the European Union\nPR Newswire\nPETACH TIKVA, Israel, November 3, 2016\n\n\n\nPETACH TIKVA, Israel, November 3, 2016 /PRNewswire/ --\n\nOWC Pharmaceutical Research Corp. (OTCQB: OWCP), (\"OWCP\" or the \"Company\"), through its Israeli based fully owned subsidiary, a developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced it has inked agreement for a combined JV & Private Placement of $300,000 with Michepro Holding Ltd a private family investment company organized under the laws of the state of Cyprus (\"The Investor\\ partner \").  \n\n     (Logo: http://photos.prnewswire.com/prnh/20150311/734965-a )\n\n\n     (Photo: http://photos.prnewswire.com/prnh/20161103/435811 )\n\n\nThe Investor will be issued with 2,307,692 restricted shares of the Company's common stock (a price of $0.13 per share) with additional warrants to purchase 761,538 restricted shares at an exercise price of $0.25 per share for a period of 24 months, and additional warrants for 761,538 restricted shares at an exercise price of $0.40 per share for a period of 36 months. In addition to the investment, the parties will establish a joint venture, 75% to OWCP and 25% to Michepro Holding Ltd to promote, sell, market and distribute the Company's potential products in Europe, initially with the psoriasis treatment, to be followed with company's other therapies as they become available.\"\n\nThe World Health Organization's 2016 Global Report on Psoriasis states that psoriasis is a serious global problem affecting at least 100 million individuals worldwide. The report indicates the prevalence of psoriasis ranges from 0.09% in countries with warmer climates to 11.43% in Norway, where a colder climate prevails. The European market for psoriasis is estimated to be 15-20 Million patients.\n\nMr. Mordechai Bignitz, OWCP's Chairman and CEO, commented on the announcement, \"We are excited to partner with Michepro Holding Ltd. The investment proceeds will be used to accele...