SCHOFIELD, Wis., April 9, 2014 /PRNewswire/ -- PuraMed BioScience®, Inc. (OTCBB: PMBS), a researcher, developer, and marketer of over-the-counter (OTC) medicinal and healthcare products, announced today that the company is moving forward with the development of their first cannabinoid-based formulation that targets the mental health market by focusing on anxiety and depression.
"We believe that with the technologies we have available, PuraMed can utilize hemp-derived compounds to build safer, more effective, and faster-acting treatments for a number of mental health conditions," said Russ Mitchell, CEO of PuraMed BioScience.
In 2012, mental health was the second largest US drug class for spending. In 2011, anti-psychotics and antidepressants accounted for $29.2 billion in US sales, with over 264 million prescriptions written for antidepressant medication.
However, studies show that 63 percent of people who take antidepressants experience at least one side effect and 30 to 45 percent of people fail to respond to antidepressant treatments.
"PuraMed's long history of building clinically effective herbal medicines truly sets us apart from the majority of other businesses entering the cannabis market," said Mitchell. "We believe we can be a leader in the development of a new generation of natural medicines that incorporate cannabinoids, which can deliver a superior level of efficacy without the severe side effects associated with current prescription drugs.
"We looked at the mental health aspect of development due to our migraine initiative with veterans who are also suffering with the effects of Post Traumatic Stress Disorder (PTSD)," said Mitchell. "Most common treatments for PTSD preclude use of commonly prescribed migraine treatments. It's a major problem for our active-duty military as well as our veterans. Movement into development of a mental health formulation aligns with our efforts to provide our service men and women with safer and more effective options which can enhance their quality of life."
Due to the lack of new research on new antidepressant medications and anxiolytics, we believe there is a strong need for advancement in this category. The process of formulation and prototype development is underway.
About PuraMed BioScience, Inc.
PuraMed BioScience engages in the research, development, and marketing of non-prescription medicinal and healthcare products. In addition to LipiGesic M, PuraMed BioScience plans to launch LipiGesic H for tension-type headaches and LipiGesic PM, which provides a remedy for insomnia and other sleep disorders.
This news release contains forward-looking statements regarding PuraMed BioScience, Inc., and its future business plans, which statements involve known and unknown risks and uncertainties. Such risks and uncertainties may cause actual results and future achievements of PuraMed BioScience to be materially different from those implied by these forward-looking statements. PuraMed BioScience has and undertakes no obligation to provide public updates and revisions to these forward-looking statements to reflect any changes in its expectations of future events.
PuraMed BioScience, Inc.
Russell Mitchell, Chairman and CEO
SOURCE PuraMed BioScience, Inc.