KLS-13019’s advanced formulation is designed to improve on some of the limitations associated with CBD, including but not limited to CBD’s low bioavailability and limited drug like properties. However, KLS has not been reviewed or approved for patient use by the FDA or any other healthcare authority in the world. Our pre-clinical studies suggest increased bioavailability, consistent plasma levels and the avoidance of first-pass liver metabolism.
In addition, an in vitro study performed by us demonstrated that CBD is degraded to THC in an acidic environment such as the stomach. Anti-pruritics are known as anti-itch drugs and medications that inhibit the itching often associated with a variety of disorders and diseases. Our common stock is quoted on the OTCQB Marketplace operated by the OTC Markets Group, Inc. under the ticker symbol “NPTX.†On June 15, 2021, the average of the high and low sales prices for our common stock was $0.1225 per share, as quoted on the OTCQB Marketplace.
Currently, seven people still enlisted in this program continue to receive marijuana through the federal government. Even the DEA’s Chief Administrative Law Judge at the time, Francis Young, came to that conclusion. Research has shown that marijuana alleviates several serious symptoms and conditions including pain, nausea and wasting, Crohn’s disease, spasms, and glaucoma. On September 25, 2020, the Company issued 500,000 shares of the company’s common stock at $0.50 a share, which was a discount to the trading price of $0.80 a share, to a consultant for investor relation services. As of March 31, 2021, there were 13,000,000 shares of Company common stock issued and outstanding under the 2019 Plan, as amended. On September 18, 2020, the Company entered into an Equity Purchase Agreement with Cross and Company.
In March 2018, this note was amended, and the original note holder assigned the note to Kettner Investments, LLC, a significant shareholder. Accrued interest related to this note is $226 as of March 31, 2021 and December 31, 2020, respectively. •1% reversion rights to each participant (for 2% aggregate), which rights include future milestone payments. Total interest expense on notes payable, amounted to $54,444 and $48,921 for the years ended December 31, 2020 and 2019, respectively. Accrued interest related to these notes was $127,825 and $73,381 as of December 31, 2020 and 2019, respectively. The Company evaluates and accounts for conversion options embedded in convertible instruments in accordance with ASC Topic 815,Derivatives and Hedging Activities(“ASC 815â€).
Our product candidates, most notably KLS-13023, may compete with non-synthetic cannabinoid drugs, including therapies such as GW’s Sativex. Our product candidates may also compete with medical and recreational marijuana, in markets where the recreational and/or medical use of marijuana is legal. In markets where recreational and/or medical marijuana is not legal, our product candidates may compete with marijuana purchased in the illegal drug market.
The holders of a majority of the Series B Preferred Stock are entitled to elect up to three directors to the Company’s board of directors and have preferential rights in regard to the election of Series B directors. In all other voting matters, the holders of Series B Preferred Stock are entitled to cast 1,000 votes per share. Effective May 3, 2018, the Company’s Board of Directors authorized and designated 75 shares of the Company’s Preferred Stock as Series A Preferred Stock. Each share of the Series A Preferred Stock is entitled to a liquidation preference of $1,000 per share and is convertible into 1,000 shares of the Company’s common stock. The holders of a majority of the Series A Preferred Stock are entitled to elect up to four directors to the Company’s board of directors and have preferential rights in regard to the election of Series A directors.
On January 27, 2021, the Company sold 388,583 shares of common stock at the purchase price of $0.13 per share for a total purchase price of $51,410. On January 14, 2021, the Company sold 258,559 shares of common stock at the purchase price of $0.11 per share for a total purchase price of $28,571. On September 25, 2020, the company issued 500,000 shares of the company’s common stock at $0.50 a share, which was a discount to the trading price of $0.80 a share, to a consultant for investor relation services.
Currently, there is no drug in the market for OHE that is being used to treat the toxic effects on the hippocampus, the cognitive and behavioral dysfunction associated with OHE, and the action of neuroprotection from ammonia and ethanol toxicity. •We believe that our pre-clinical drug development program points to a significant opportunity in cancer pain, a large market. •We believe we have a strong next generation how does cbd effect dogs intellectual property estate on cannabidiol derived NCEs. On this basis, we believe we can expand the approved indications KLS and develop additional cannabinoid therapeutic agents to add to our IP portfolio. •We have completed pharmacokinetic and pharmacodynamic pre-clinical studies with high purity scale, pharmaceutical grade CBD and KLS for potential treatment of oxidative stress related disease – OHE and CIPN.
Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Please carefully consider the section titled “Risk Factors†beginning on page 16 of this prospectus for a discussion of the factors you should carefully consider before investing in our securities. Additionally, there have been several small placebo-controlled trials which have shown that intravenous administration of glutathione with platinum-based chemotherapy regimens can decrease the incidence of neurotoxicity without diminishing the effect of chemotherapy.
We intend to seek additional capital to proceed with our business plan regarding additional drug pipeline opportunities. Broker-dealers engaged by the selling stockholder may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholder (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, provided such amounts are in compliance with FINRA Rule 2121.
Most Phase II studies are randomized trials where one group of patients receives the experimental drug, while a second “control†group receives a standard treatment or placebo. Often these studies are “blinded,†which means that neither the patients nor the researchers know who has received the experimental drug. This allows investigators to provide the pharmaceutical company and the FDA with comparative information about the relative safety and effectiveness of the new drug. Approximately one-third of experimental drugs successfully complete both Phase I and Phase II studies. To date there has been only one cannabidiol based medicament, Epidiolex®, approved for use in humans by the FDA. The drug, Epidiolex®, is used to treat seizures due to certain medical conditions (such as Lennox-Gastaut syndrome and Dravet syndrome).
As a result of his NIH work, a neuroprotective peptide that he co-discovered is currently in phase III clinical trials. Dr. Brenneman has demonstrated scientific experience to drive an innovative program of drug discovery focused on diseases of the central nervous system. Dr. Brenneman is the founder and Chief Scientific Officer of Advanced Neural Dynamics which is located at the Pennsylvania Biotechnology Center in Doylestown, PA. Like the drug molecule EpidiolexÒ, which was recently approved by the FDA for marketing and sale for use in treating Dravet’s Syndrome and Lennox-Gasteau Syndrome , KLS would need to follow the guidance set forth by the CSA, complete a successful human clinical trial and apply for rescheduling, as was the case with EpidiolexÒ, now a Schedule 5 drug.
One quarter of these options vest on the grant day, and the remainder of the options vest equally over twenty-four months. One quarter of these options vest on the grant day, and the remainder of the options vest equally over thirty-six months starting January 1, 2020. On September 26, 2019, the Company issued 1,500,000 shares of common stock at a price of $0.10 what effects does cbd oil have per share for the conversion of $123,627 convertible notes payable and $26,373 of related accrued interest. One quarter of these options vest on the grant day, and the remainder of the options vest equally over twenty four months. Options granted under the 2019 Plan may become exercisable in cumulative increments (“vestâ€) as determined by the Board of Directors.
In Phase II STTR, we will investigate a back-up series and will execute the CMC, pharmacokinetic, safety pharmacology, and toxicology assessments required for IND filing on KLS-13019. A wide range of possible mechanisms have been attributed to CBD’s neuroprotective effects including antioxidant, anti-inflammatory, adenosine signaling, cannabinoid receptor GPR55 (G Protein-coupled receptor 55), and serotonin mediated pathways; however, mitochondrial calcium modulation is fundamental. Receptors are sensing molecules which communicate signals between cells to illicit physiological changes in the body. To hedge our bets, we chose to interrogate the hippocampal neuron, as a phenotypic screen that will measure neuroprotection independent of a mechanism.
On March 12, 2021, the Company granted options to purchase 200,000 shares of common stock at a price of $0.13 per share to a certain member of the Company’s corporate advisory board, as governed under agreement. One quarter of these options vested on the grant day, and the remainder of the options vest equally over twenty four months thereafter. In March 2021, the Company granted options to purchase 200,000 shares of common stock at a price of $0.13 per share to a certain member of the Company’s corporate advisory board, as governed under agreement. In February 2020, the Company sold an additional cbd vape oil how much $50,000, to the CEO of MJNA, a significant shareholder, under the Note and sold warrants to purchase up to an aggregate of 50,000 shares of common stock under the Securities Purchase Agreement. The Note is convertible at the option of the holder at any time into shares of the Company’s common stock at an effective conversion price of 75% of the average closing price of the Company’s common stock on the fifteen days prior to conversion. The fair value of the derivative liability and warrants as of the date of issuance was in excess of the Note resulting in full discount of the Note.
The loss of one or more members of our management team or other key employees could delay our research and development programs and materially harm our business, financial condition, results of operations and prospects. The relationships that our team has cultivated within the life sciences industry makes us particularly dependent upon their continued employment with us. Because our management team is not obligated to provide us with continued service, they could terminate their employment or services with us at any time without penalty, subject to providing any required advance notice. If KLS or KLS is approved, we will need to develop internal sales, marketing and distribution capabilities to commercialize such products, which would be expensive and time-consuming, or enter into collaborations with third parties to perform these services.