First Medical Cannabis Company to List on the Australian Stock Exchange
Perth, Jan 22, 2015 AEST (ABN Newswire) - PhytoTech Medical Limited (
ASX:PYL), the Australian owned Medical Cannabis (MC) company has today become the first MC company to list on the ASX. The company achieved a significant level of support from the investor community, successfully raising $5.9 million at $0.20 per share. The offer was significantly oversubscribed, demonstrating the high level of demand in the market to invest in MC stocks and the calibre of the offering by PhytoTech.
Highlights
- Led by a highly qualified, specialised and experienced medical and corporate team
- First medical grade cannabis company to list on the ASX
- Successful completion of $5.9 Million capital raised, significantly oversubscribed
- Partnership in place with leading Israeli research institute, Yissum, to develop advanced cannabis based therapeutics products
- Track record for Yissum's technology and product development considered second to none in the pharmaceutical market
- PhytoTech well positioned to become the leading Australian Medical Grade Cannabis (MGC) company
PhytoTech, through a highly experienced and credible team, is taking advantage of the burgeoning medical cannabis market, with the goal to supply medical grade cannabis based therapeutics products to the rapidly growing international market, with regulated medical cannabis legislation. The Company's core focus is to research, develop and commercialize cannabis products for the administration of Medical Grade Cannabis (MGC); and to develop new treatments utilizing MGC therapeutic components for various medical conditions.
In addition, the Company aims to grow proprietary strains of MGC in California, Uruguay and other jurisdictions. Using proprietary technology, PhytoTech's vision is to administer ground breaking health benefits of cannabinoids in oral preparations, vapour form, and other routes of administration in safe and effective ways.
Through an exclusive research and licensing agreement with the Yissum Institute, a prestigious Research and Development Technology Company of Hebrew University in Jerusalem, Israel - PhytoTech is strategically positioned to become a key player in the global MGC market.
Yissum is ranked among the top technology transfer companies in the world, with over 8,500 registered patents covering 2,400 inventions, 750 licensed technologies and 90 company spin outs.
Yissum was founded in 1964 to protect and to commercialize the Hebrew University's intellectual property. Currently, products developed by Yissum generate US$2 Billion in annual sales.
Yissum has worked with numerous prestigious global companies including Microsoft, Johnson & Johnson, Syngenta, Monsanto, Roche, Novartis, Merck, Teva and many more.
Peter Wall, Non-Executive Chairman of PhytoTech Medical Limited commented:
"This is a landmark deal for the Australian stock market. It is the first Medical Cannabis company to become listed in Australia, and the demand we've experienced from investors ahead of the listing is clear evidence that the medical cannabis market is set to grow.
Our partnership with Yissum is integral to PhytoTech's operations. Yissum's experience in product and technology development is market leading and, through this agreement, PhytoTech will begin the research, development and commercialization of therapeutic products for administering Medical Grade Cannabis."
The capital raising was led by BBY and was largely placed to sophisticated high net worth investors, with a relatively small allocation to the general public after scale backs were applied.
PhytoTech has entered into an exclusive research and licensing agreement with Yissum, the prestigious Research Development and technology transfer Company of Hebrew University in Jerusalem, Israel. Yissum was founded in 1964 to protect and to commercialize the Hebrew University's intellectual property. Products based on Hebrew University technologies that have been commercialised by Yissum currently generate US$2 Billion in annual sales. Ranked among the top technology transfer companies in the world, Yissum has registered over 8,500 patents covering 2,400 inventions; has licensed out 750 technologies and has spun out 90 companies. Yissum's partners span the globe and include names such as Microsoft, Johnson & Johnson, Syngenta, Monsanto, Roche, Novartis, Merck, Teva and many more.
Using proprietary technology, PhytoTech's vision is to administer ground breaking health benefits of cannabinoids in oral preparations, vapour form, and other routes of administration in safe and effective ways.
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
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