COSTA MESA, Calif.--(BUSINESS WIRE)--NEMUS, a California corporation, announced that it has completed a reverse merger with Load Guard Logistics, Inc. (“LGL”), a Nevada corporation, on October 31, 2014 pursuant to that certain agreement and plan of merger dated October 17, 2014 by and among LGL, Nemus Acquisition Corp., NEMUS and Nemus Bioscience, Inc. (the “Merger Agreement”). NEMUS survives the merger as a wholly-owned subsidiary of LGL. Immediately following the merger, LGL changed its name to Nemus Bioscience, Inc. (“NEMUS” or the “Company”). The Company’s common stock is eligible for trading on the OTC Bulletin Board under the symbol LGLRD until its symbol is changed on November 25, 2014 to NMUS.
In connection with the merger, LGL issued a total of 12,880,000 shares of common stock in exchange for all of the outstanding shares of common stock of NEMUS and LGL thereafter repurchased and retired 5,431,460 shares of common stock from the company’s former officers and directors in exchange for all of the issued and outstanding shares of LGT, Inc., LGL ‘s historical operating subsidiary. Following the completion of the merger and the retirement of the shares of LGL, the Company has a total of 16,000,000 shares of common stock issued and outstanding. As a result of the transaction contemplated by the Merger Agreement, the Company’s sole business operations are that of NEMUS.
NEMUS is a biopharmaceutical company focused on the discovery, development and commercialization of cannabis-based therapeutics. The Company is currently the sole partner of the University of Mississippi for the development and commercialization of drugs derived from cannabis extracts, or cannabinoids, and the realization of this partnership will depend on the successful navigation of the complex regulatory framework for the cultivation and handling of cannabis in the United States. The University of Mississippi has held the only contract to cultivate cannabis for research purposes on behalf of the Federal Government since 1968. Previously, the University of Mississippi also held DEA registrations to cultivate cannabis and manufacture extracts for development of drug product candidates. NEMUS has partnered with the University of Mississippi to further develop and, if approved, commercialize cannabis-derived products that the university has begun developing. NEMUS plans to innovate via the identification and isolation of cannabinoids, the development of synthetic-based cannabinoid-like compounds, and the development of new combinations thereof.
“Numerous studies have demonstrated that cannabis and cannabis-based products can be effective in treating a broad range of symptoms and diseases. The challenge is that orally ingested cannabis-based medicine results in high patient-to-patient variation in bioavailability which can lead to compromised efficacy and adverse effects,” said CEO John Hollister. “Our goal is to limit this variation and achieve more predictable therapeutic results using novel cannabinoid formulations and delivery methods. In this way, we hope to create novel pharmaceuticals that will achieve the therapeutic promise so many patients and physicians are seeking.”
NEMUS initially intends to focus on five primary targets at the preclinical stage:
- Glaucoma and other optic nerve-related disorders
- Conditions associated with muscle spasticity, such as Multiple Sclerosis
- Therapies directed against MRSA
“Medicine has a long history of developing life benefitting therapies derived from plants, and our collaborative partner, the University of Mississippi, has one of the most advanced pharmacy and botanical sciences programs in the country. For over 40 years, 'Ole Miss' has been the leader in the science and study of cannabinoids. We are delighted to be working with them to develop cutting edge therapies for diseases with high unmet medical need,” reports Dr. Brian Murphy, Chief Medical Officer of NEMUS.
About NEMUS Bioscience, Inc.
The Company is a biopharmaceutical company, headquartered in Costa Mesa, California, focused on the discovery, development, and commercialization of cannabis-based therapeutics for global markets with significant unmet medical needs. Utilizing certain proprietary technology licensed from the University of Mississippi, NEMUS is working to develop novel ways to deliver cannabis-based drugs for specific indications, with the aim of optimizing the clinical effects of such drugs, while limiting the potential adverse events. NEMUS’s strategy is not limited to the sole use of either natural or synthetic inputs.
The Company is led by a highly qualified team of executives with decades of biopharmaceutical experience and significant background in early-stage drug development.
For more information, visit www.nemusbioscience.com.
Forward Looking Statements
Statements in this document that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. In some cases, forward-looking statements can be identified by terminology including “goal,” “focus,” “aims,” “believes,” “can,” “challenge,” ”predictable,” “will,” or the negative of these terms or other comparable terminology. We operate in a rapidly-changing environment and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make.