SANDUSKY, Ohio, July 31, 2020 /PRNewswire/ -- PAO Group, Inc. (USOTC: PAOG) today previewed its next acquisition after just this week closing the acquisition of a cannabis biopharmaceutical asset to treat Chronic Obstructive Pulmonary Disease (COPD) and a cannabis cultivation operation developing a proprietary cannabis cultivar.
The COPD treatment, RespRx, is derived from a patented cannabis extraction method - U.S. Patent No. 9,199,960 entitled "METHOD AND APPARATUS FOR PROCESSING HERBACEOUS PLANT MATERIALS INCLUDING THE CANNABIS PLANT."
PAOG anticipates soon entering into a Contract Research Organization (CRO) agreement in conjunction with advancing an Investigational New Drug Application (IND) to ultimately achieve Food and Drug Administration (FDA) approval for RespRx as a COPD treatment.
Based on positive results from an informal trial of RexpRX with 25 COVID-19 patients, PAOG also plans to make Coronavirus Treatment Acceleration Program (CTAP) application after entering into a CRO agreement.
PAOG has a working agreement to close the acquisition of the underlying extraction patent in conjunction with executing the CRO agreement. The CRO agreement and corresponding acquisition are anticipated to close by the end of August.
CEO James C. DiPrima discusses the PAOG CRO, IND and CTAP developments in his interview on MoneyTV with Donald Baillargeon released today.
MoneyTV with Donald Baillargeon is the internationally syndicated television program all about money and what makes it happen, featuring informative interviews with company CEOs and executives, providing insights into their operations and outlooks for their futures. MoneyTV is seen in over 200 million TV households in more than 75 countries.
The MoneyTV Interview is available at www.moneytv.net and will be syndicated across multiple channels and platforms.
Forward-Looking Statements: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
SOURCE PAO Group, Inc.