As a leading Canadian Botanical Pharmaceutical Company,PurGenesisis the ideal partner to help our expansion into the market of Cannabis as prescription medicine, saidMike Withrow, President and Chief Executive Officer of the Company.We are encouraged by the signing of this MOU. Having access to a pharmaceutical grade lab and facility demonstrates how we continue to deliver on our plan to put a first class Botanical Drug Model together. We are pleased to have the opportunity to capitalize on new industry opportunities using our vertical farming technology andapplying advanced sciences to produce botanical drugs.We look forward to working hand-in-hand withPurGenesisto bring the products to patients.
PaulMaes,Executive Vice President of Pharmaceutical DevelopmentofPurGenesisTechnologies commented, This partnership will allow us to expand in the therapeutic field of pain management.More than 1.5 billion people around the world suffer from chronic pain. Extensive studies have been done documenting that significant pain is experienced by large numbers of patients with cancer, HIV, bone disease, and arthritis. The world market for pain management drugs and devices reached $34.9 billion in 2012, growing at a rate of 2.9% from 2010 to 2012.
Completion of the Transaction is subject to the approval of the Canadian National Stock Exchange, the boards of directors ofAbattisandPurGenesisand the shareholders ofPurGenesis. Completion of the Transaction is further subject toBiocellreceivinganResearch & Development License under exemption 56 to Produce cannabis with the intent to commercialize from Health Canada and standard closing conditions and requirements.