KannaLife Sciences, Inc. Signs Exclusive License Agreement with National Institutes of Health Office of Technology Transfer (NIH-OTT)

NEW YORK, July 9, 2012 /PRNewswire/ -- KannaLife Sciences, Inc. ("KannaLife") Signs Exclusive License Agreement With National Institutes of Health – Office of Technology Transfer ("NIH-OTT") for the Commercialization of U.S. Patent 6,630,507, "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent").

The '507 Patent includes among other things, claims directed to a method of treating diseases caused by oxidative stress by administering a therapeutically effective amount of a non-psychoactive cannabinoid that has substantially no binding to the NMDA receptor. Cannabinoids are any of a group of related compounds that include cannabinol and the active constituents of cannabis (marijuana).

Pursuant to the terms of the exclusive license with NIH-OTT, KannaLife intends to move forward with its commercial development plan, and design a novel new drug compound for the treatment of Hepatic Encephalopathy (HE). KannaLife believes its target drug candidate will be comprised of one or more cannabinoid(s) for use and delivery in humans as FDA approved drugs. Currently, in the United States, there are over 1.5 million sufferers of Hepatic Encephalopathy,

Dean Petkanas, Founder and CEO of KannaLife Sciences, Inc. stated, "We are very proud of our efforts to date in designing a rational and viable commercial development plan for a target therapeutic with a potentially new and exciting mechanism of action. We are greatly appreciative of the efforts put forth by the dedicated professionals and scientists at NIH-OTT who worked with us during the licensing process, and for helping to bring the exclusive licensing of the '507 Patent to a successful conclusion. We believe the initiatives put forth by President Obama and his administration regarding small business played a big role in providing KannaLife with the opportunity of competing in an equitable licensing arena."

About the NIH Office of Technology Transfer (NIH-OTT):

NIH-OTT manages the patenting and licensing of a wide range of inventions made by scientists working for the NIH and FDA intramural research programs as mandated by the Federal Technology Transfer Act.

Additional information about NIH-OTT can be found at http://www.ott.nih.gov.

About KannaLife Sciences, Inc.

KannaLife Sciences, Inc. is a late stage bio-pharmaceutical and phyto-medical company involved in the research and development of novel new therapeutic agents designed to reduce oxidative stress, and act as immuno-modulators and neuroprotectants.

Website: www.kannalife.com

SOURCE KannaLife Sciences, Inc.