Bright Green Corporation Announces The Agreement To Acquire Platform Technologies And Associated Intellectual Property From C2 Wellness Corp.; No Financial Terms Disclosed

Author: Benzinga Newsdesk | January 25, 2024 09:45am

Bright Green Corporation (NASDAQ:BGXX) today announced the agreement to purchase assets from C2 Wellness Corporation. ("C2"), a Wyoming registered company with an address at 30 N Gould St, Ste R, Sheridan, WY, that owns certain platform technologies and associated intellectual property invented and developed by the scientific team of C2.

 

The purchase is for 5 million shares of common stock of Bright Green Corporation payable to all shareholders of C2. The implementation of the transaction has been approved by the board of both companies.

The primary assets relate to:

• Novel cannabinoid molecules and their associated intellectual property;
• Novel cannabinoid prodrugs, and their associated intellectual property;
• Novel proprietary cannabinoid formulations, designed to target lymphatic delivery, and their associated intellectual property;
• Novel proprietary nano-encapsulated cannabinoid formulations, in self dissolving polymers, and their associated intellectual property; and
• Cannabinoids and cannabinoid pro-drug formulations for topical ocular delivery, and their associated intellectual property.
  
   

Along with the technology platforms and associated intellectual property come the scientific team of C2 and relationships with universities and a number of renowned academics worldwide.

"This acquisition and strategic partnership signifies a major advancement in plant-based drug development and solutions that not only enhance health and wellness, but also create significant value for the shareholders of both Bright Green and C2. This groundbreaking collaboration involves the acquisition of innovative CBD and THC-based molecules from C2 Wellness Corp by Bright Green Corporation," said Lynn Stockwell.

Dr. Emmanuel Dumont, PhD, Senior Advisor to C2 Wellness Corp and is Associate Professor at Georgetown University co appointed with Hackensack Meridian Health Medical School -New Jersey and Associate Professor at the Center for Discovery and Innovation - Nutley, New Jersey where he is working among other tasks, on large -Language Models ( LLM) perfecting an AI Conversational Doctor able to conduct differential diagnoses and evaluate the emergency severity index of conditions.

He is a distinguished biotechnology expert, emphasises the importance of this alliance: "This collaboration with Bright Green Corporation is a testament to our dedication to leading in plant-based drug discovery and development. With my expertise in securing research funding, we are set to innovate CBD and THC analogs with enhanced properties, derived exclusively from plant sources. Our focus is on developing products that offer improved safety and efficacy over current CBD and THC-based medicines (Epidiolex® and Sativex®), aiming for superior patient outcomes with an addressable market of nearly $756 million.

The partnership will capitalise on the 'Drugs Made in America' initiative by Bright Green Corporation. The Active Pharmaceutical Ingredients (APIs) for the synthesis of CBD and THC analogs will be produced at Bright Green Corporation's facility in Grants, with research and development activities taking place at a cutting-edge research center in Albuquerque, New Mexico. By employing proprietary artificial intelligence and machine learning tools, the partnership is geared towards designing novel CBD and THC analogs with improved pharmacological properties, marking a significant stride in plant-based medicine development.

Mr. Groovy Singh, CEO of Bright Green Corporation, stated, "Our collaboration with C2 and its scientific team strongly demonstrates our commitment to scientific research and innovation while simultaneously bolstering the management team, a key goal of ours in 2024."

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