OWC Pharmaceutical Research Corp (OTCMKTS:OWCP) recently announced initiation of the Phase of its final stage study. The maximal dose, a placebo controlled study is being carried out to evaluate the tolerability and safety of medical grade cannabis containing topical ointment. The ointment is being tried on healthy volunteers as a part of the study.
The company on June 28, 2018, announced the successful completion of its initial stage of the study. During the initial stage, the healthy volunteers were given single doses of topical ointment. In its final stage, the trial will include dosing healthy volunteers twice daily for six weeks. The Director of Department of Dermatology at Chaim Sheba Medical Center, Professor Aviv Barzilai is the head of this study. Sheba is the Middle East’s leading integrated medical center and university-affiliated to hospital. It also performs the key role as the national medical center of Israel.
The Chief Executive Officer of OWC, Mr. Mordechai Bignitz said, “We mentioned in our recent letter to shareholders that we were waiting for licenses in order to initiate this trial. This approval has now been obtained and we will immediately initiate clinical testing. Validation of safe and efficacious therapeutics is key to our mission and we aim to progress our studies as rapidly as possible, adhering to best clinical practices.”
OWC discusses company assessment in its letter to shareholders
In its letter to shareholders, OWC’s Chairman, Dr. Stanley Hirsch said that last period was very important for re-assessing the corporate strategy of company, its consolidation and adding more strength to its abilities so that execution, as planned, could become possible. The chairman added that the strategic re-assessment carried out by the company in the last couple of months can be extremely critical for OWC’s success.
In the letter, Hirsch has discussed the importance of companies that have valid proof of safety and efficacy. He says that the field in which OWC operates has many companies that sell unproven products. But he believes only a company that has invested in resourced to provide validity of safety and efficacy of its products can succeed in the market.