KBL Merger Corp. IV (NASDAQ: KBLM) on Friday announced its acquisition of a new cannabis biotech company CannBioRx Life Sciences Corp.
CannBioRx Life Sciences Corp. has three synergistic programs that operate at the intersection of biotech and cannabis, and focuses on developing novel anti-inflammatory drugs for diseases like Crohn's and multiple sclerosis.
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The company was founded by Sir Marc Feldmann of Oxford and Lawrence Steinman of Stanford, who have significant expertise in developing successful therapeutics that resulted in billion-dollar markets, including blockbusters like Johnson & Johnson (NYSE: JNJ)’s Remicade.
"We expect to be one of a limited number of NASDAQ-listed companies developing non-plant-touching, pharmaceutical-grade, non-psychoactive cannabinoids. These drugs are intended to provide safer, uniform dosing, according to regulatory agency standards," said Dr. Marlene Krauss, CEO of KBLM, who will also assume the role of CEO of CannBioRx Life Sciences Corp.
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