PETACH TIKVA, Israel, September 30, 2016 /PRNewswire/ —
OWC Pharmaceutical Research Corp. (OWCP), (“OWC” or the “Company”), an Israeli-based developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced it signed an agreement for $300,000 with Medmar LLC (“Medmar”).
According to the terms of the agreement:
- The funds will be allocated to complete the development of the Company’s proprietary psoriasis cream;
- Medmar will have exclusive right to manufacture, produce, publicize, promote and market OWC’s Licensed Products in any state in the U.S;
- The loan is non-interest bearing and will be repaid from royalties generated by the sale of OWC licensed products.