What's Been Going On With Emerald Bioscience?
After reporting some strong results from its studies last month, cannabinoid biopharmaceutical company Emerald Bioscience Inc (OTC: EMBI) recently made headlines again.
The company formerly known as Nemus Bioscience is in the spotlight following a couple positive announcements, including a favorable decision out of the DEA regarding the company’s proprietary CBD analog – CBDVHS, and its market cap surpassing the $100 million threshold.
Good Start To The Year
Earlier this year, Emerald Bioscience received a capital infusion from Emerald Health Sciences, a global operating company focused on the medical potential of cannabis and cannabinoids.
In the first quarter, the company reported a manufacturing deal with Noramco for the synthesis of its proprietary analog of CBD, CBD-valine-hemisuccinate (CBDVHS). This analog is based on technology licensed from the University of Mississippi.
Additionally, EMBI notified investors that their lead patented compound for glaucoma, NB1111, a prodrug of THC, delivered superior intraocular pressure (IOP) lowering capability when compared to multiple, currently approved drugs that form the standard of care. The mechanism of action of NB1111 was also validated and in addition to enhanced drainage of fluid leading to reduced IOP, the THC prodrug also lowered biomarkers associated with inflammation, fibrosis and neovascularization, the latter being a phenomenon associated with macular degeneration and diabetic retinopathy.
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To close a great quarter, Emerald Bioscience received notice the DEA deemed its CBD analog not to be a controlled substance. This should allow the company to perform studies faster, across a more diverse population.
The company says it's looking to conduct a pre-IND meeting for NB1111 with the FDA in the second quarter with a targeted first-in-human glaucoma study for the end of 2019, to be conducted in Australia.
CEO Weighs In
Emerald CEO Dr. Brian Murphy told Benzinga that the company appears to be the only cannabinoid company with a multi-cannabinoid platform to address diseases of the eye.
“EMBI is unique in that it has a global patent footprint for our lead compound, NB1111, in addition to a strong relationship with our discovery partner, the University of Mississippi, and a supportive capital structure from Emerald Health Sciences which has taken a majority position in the company. We are now in a position to focus on execution, as we have demonstrated in the first quarter,” Murphy told Benzinga.
The stock has more than doubled since the first of the year with a market cap now over $100 million.
Emerald's OTC shares traded around $1.01 at time of publication.
Editors's note: This article previously stated that Noramco was owned by Johnson and Johnson. However, the former divested from the publicly traded entity in 2016.
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