lawsuit CP

CannapharmaRx, aka Golden Dragon Holding Company (Stock symbol GDHC) and its CFO sued by Co-Founder, major Shareholder, and Member of the Board of Directors

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Tampa, Florida  – Gary M Cohen, BSPharm, RPh, CSP, the founder and visionary of the CannapharmaRx, Inc., filed a lawsuit against the corporation, and its CFO, Mr. Gary Herick.

The suit alleges that Gary Herick, and the company’s board of directors breached their fiduciary responsibility to the company, its employees and shareholders.  Additional counts alleged in the suit include equitable accounting, breach of duty of good faith, duty of loyalty & duty of care, abuse of control, conversion, misappropriation of business opportunities, and defalcation.

Cohen filed an additional derivative suit (under F.S 607.07401) on behalf of the CannapharmaRx Corporation. The lawsuit alleges that the Boards failure to remove Herick, after he would not provide shareholders with any accounting or financial documents is a breach of their fiduciary duties. Cohen alleges that the Board ignored requests for Herick’s resignation, as well as other requests for accountability that were in the best interests of its shareholders. The suit further alleges that the wrongful conduct was not due to an honest error in judgment, but rather to Defendant’s gross mismanagement, bad faith and/or reckless disregard of the rights and interests of the corporation, its shareholders, and for acting without the reasonable and ordinary care which they owed the corporation.

Cohen has also sued for breach of written contract, breach of oral contract, and wrongful termination & retaliatory personnel action in violation of Florida’s Whistleblower Act at §448.102(3), Florida Statutes.

According to Cohen, “I have been trying for months to get this company moving in the proper direction, but the lack of cooperation and irresponsibility keeps mounting and getting worse. I cannot sit back and watch this company violate Federal Securities and Internal Revenue statutes, as well as violations of Sarbanes Oxley rules. Cohen alleges that he tried to regain control of the Board of Directors, but Herick maintains a firm control of it, and has unfairly influenced the Board members with stock and other perks to support Herick. “I will continue to attempt to regain control of the company, and steer it to its original mission and vision,” Cohen stated. Cohen plans on making all emails and corporate documents available to all shareholders for review.

For a full copy of the suit, see Hillsborough Court # 14-CA-010970
email: [email protected]

Contact Gary M Cohen 813 416 5300

Epidiolex CPJ

GW Starts Phase II/III Trial of Epidiolex in Dravet Syndrome

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GW Pharmaceuticals plc announced that it has commenced a Phase II/III clinical trial evaluating Epidiolex in patients with Dravet syndrome, a rare and catastrophic treatment-resistant form of childhood epilepsy.

The two-part trial will test the safety, tolerability, pharmacokinetic and efficacy of Epidiolex. The first part will determine the ideal dosage for the drug and the second part will evaluate the drug’s safety and efficacy in this patient population.

Texas Children’s Hospital announced that it will be a site for the clinical trial. Beginning this month, the trial will enroll 30 patients worldwide to determine the correct dosages for the drug and later, with a second set of 80 patients, to determine if the drug helps to reduce or eliminate their seizures. Participants in the first part of the study will be evaluated over a 3-week period and participants in the second part of the study will be evaluated over a three-month period. All patients who complete the study will be eligible to receive Epidiolex under a long-term extension study. GW anticipates starting an additional Phase III trial in Dravet syndrome in the first quarter of 2015 in parallel with part two of the first Phase II/III trial.

“As one of the largest epilepsy centers in the country, our focus has always been to find new and innovative ways to treat and cure children with various forms of epilepsy,” said Dr. Angus Wilfong, neurologist at Texas Children’s Hospital. “Initial trials of Epidiolex have shown promising signals of efficacy in children with treatment-resistant epilepsy, and we are pleased to have the opportunity to partner with GW Pharmaceuticals in the first worldwide trial for this group of patients with such a catastrophic form of epilepsy.”

Epidiolex is a highly purified extract of the cannabis plant, containing pure Cannabidiol (CBD). It is a first-of-its-kind form of CBD, and does not contain any tetrahydrocannabinol (THC), the major psychoactive ingredient in marijuana. Texas Children’s first began using the drug in April under compassionate use protocols for certain patients with catastrophic forms of epilepsy who were not responding to other drugs.

Dravet syndrome occurs in about one in every 30,000 births. Children with the condition experience a diminished quality of life. It is not uncommon for patients with Dravet syndrome to experience dozens or even hundreds of seizures per day. These patients are also prone to prolonged life-threatening seizures called status epilepticus. Children with Dravet syndrome are often not responsive to medications that are currently available and their seizures are difficult to control. Children with the condition often struggle with developmental delays, a variety of health problems and have an increased risk of Sudden Unexplained Death in Epilepsy (SUDEP).

“We are pleased to have advanced Epidiolex into the pivotal stage of clinical development. The start of this Phase 2/3 trial represents a significant milestone for children that suffer with Dravet syndrome for which there remains a substantial unmet medical need,” said Justin Gover, GW’s Chief Executive Officer. “Epidiolex is the first plant-based CBD medicine to be studied in a FDA-authorized, placebo-controlled trial and we look forward to working with leading pediatric epilepsy centers across the US to advance this clinical program as rapidly as possible.”

Sources: GW Pharmaceuticals plc; Texas Children’s Hospital

Last updated: 10/30/14; 2:30pm EST

 

 

Novagant Corp

Novagant’s CBD Transdermal Patch to Provide Localized Delivery

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Novagant Corp recently announced that it has found the best carrier for the localized delivery of Cannabidiol (CBD).

Novagant said that the main challenges have been the low absorption rate of the carrier oil. The company dubbed the CBD transdermal patch a breakthrough for localized delivery. By avoiding the effects on the gastrointestinal tract and first-pass metabolism seen with some oral delivery, transdermal patch therapies can enhance therapeutic efficacy, while decreasing side effects.

Transdermal patches can provide localized delivery to the exact area where the Cannabinoids are needed. Additionally, transdermal delivery prevents the metabolization of tetrahydrocannabinol (THC) into fatty tissues, even though the legal industrial hemp oil contains very small amounts of THC, with less than one percent by volume. CBD is a non-psychoactive component of cannabis and therefore does not provide users with the feeling of being “high.” It has been shown to have various therapeutic benefits.

Novagant’s new patch formula will be based on the GoldenCBD oil extract, which is a 100 natural and derived from the federally-legal industrial hemp plant. According to the company, combining Novagant’s unique hemp cultivars with its proprietary technologies produce the highest quality CBD-rich hemp oil in the world.

Novagant said that it is 90 days away from its first test batch of patches for internal testing.

Source: Novagant Corp.

Last updated: 10/30/14; 11:20am EST

Chile

Chile Plants First Medical Marijuana Seeds

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On Wednesday, a Chilean municipality planted the country’s first medical marijuana seeds as part of a pilot program for cancer patients.

Chile has imported 850 seeds from the Netherlands for planting of a 9,150 square-foot marijuana garden in the capital city. Oil extracted from roughly half of the plants will be given to 200 patients selected by a municipality in the capital of Santiago and by the Daya Foundation, a nonprofit group that sponsors pain-relieving therapies.

The area will be heavily guarded and monitored to ensure that the product does not end up with unauthorized users. The land is surrounded by a massive electric fence.

In 2005, a law passed to allow for the use of medical marijuana in Chile but only with approval by the agricultural service. In 2011, it approved an effort but quickly overturned permission after health authorities expressed their disapproval. In September, the Chilean Ministry of Agriculture allowed for the cultivation of medical marijuana. The plan is to product an extract for trials involving 200 cancer patients that will initiate treatment in April 2015.

Although the permit is only for one year, Daya Foundation President Ana Marie Gazurri says she hopes it will be renewed. The Foundation will be overseeing the project and there will be a clinical study conducted on the effectiveness of the marijuana as a painkiller. If the program is successful, Chile’s medical marijuana program will be expanded to include other conditions as well.

Last updated: 10/30/14; 10:15am EST