SOURCE: Michael James Enterprises, Inc.

Michael James Enterprises, Inc.

August 05, 2016 08:00 ET

Michael James Enterprises Signs Asset Purchase Agreement Acquiring All Rights and Intellectual Property for the Development of Dronabinol-Based Therapeutic Treatments for Sleep Disorders

SHORT HILLS, NJ--(Marketwired - Aug 5, 2016) - Michael James Enterprises, Inc. (OTCQB: MJTV) is pleased to report that MJTV has entered into an Asset Purchase Agreement with RP Capital Group acquiring all of the rights and intellectual property to develop and bring to market therapeutic treatments for sleep disorders using Dronabinol as the base ingredient. Raj Pamnani, who recently joined the Board of Directors, brings to MJTV this promising already work in progress therapeutic treatment.

Dronabinol is the generic form of Marinol, a cannabinoid that was approved by the FDA to be prescribed by doctors in all 50 states back in 1985. Currently Dronabinol is used for cancer patients for nausea and aids patients to help keep up their weight. The University of Illinois, Chicago recently finished phase 2B clinical trials to treat sleep apnea utilizing Dronabinol with the results to be published in the next few weeks. If the results are what everyone expects them to be, it will be a major moment for the potential expanded use of Dronabinol for sleep disorders.

Prior to bringing these rights into MJTV, Mr. Pamnani, added in another active ingredient with the Dronabinol and conducted pre-clinical trials with very promising results. We feel this is a major improvement for treating sleep apnea above using just Dronabinol. MJTV will be working on additional formulations with the Dronabinol for other medical indications and applications moving forward.

James Farinella, CEO of Michael James Enterprises stated, "I had originally planned to bring this product into MJTV but wanted to have the clinical 2B trials completed first. This was always expected to be the main business of MJTV. We will now keep the acne treatment system in the private company and advance the business and get it closer to commercialization before considering bringing it into the fold."

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