29th March 2017

Medical Cannabis Technologies Inc. Reports Fourth Quarter news and Year End 2016 Financial Results

Conference call to be held today at 9:30 am PDT

Vancouver, Canada. March 29th, 2017 – Medical Cannabis Technologies Inc.

Medical Cannabis Technologies Inc. a clinical-stage pharmaceutical biotech company dedicated to developing and manufacturing innovative cannabinoid treatments, today reported financial results for the fourth quarter and year ended December 31, 2016 and provided their highlights.

“2016 had tremendous progress for our lead development ground breaking drug, Tazyvox(R), as we initiated Phase 2 trials in order to commercialize the world's first plant-derived cannabinoid prescription drug for the treatment of spasticity due to brain injury.”

2017 has started with great momentum and expect it to be a transformational year with major milestones expected in the coming months, including exciting results from the three MCT 464023 clinical trials for the treatment of autism spectrum disorders and epilepsy.


Fourth Quarter 2016

Medical Technologies Inc. has now completed the enrollment of Phase 2 Clinical Trial for MCT464023 in Adolescent Epilepsy Patients.

Medical Cannabis Technologies Inc. has recently completed its enrollment in their Phase 2 randomized, double-blind, placebo-controlled clinical trial in adolescent patients with absence epilepsy. Of the 126 patients that have been screened, 68 patients have been randomized into the trial and there are 9 patients still in the twelve-week baseline period. The objective and hope is that this trial is the median reduction in seizure frequency per completed trial. The top-line results are expected in May this year.

Upcoming Milestones

Tazyvox (R) our patent-protected, plant derived THC formula for transdermal delivery is pending final FDA approval for the treatment of spasticity due to brain injury

MCT464023 is currently being evaluated in three Phase 2 clinical trials in epilepsy patients with absence seizures by the US FDA. The Company expects to report top-line data for all three trials in 2017.

Medical Cannabis Technologies Inc. has a deep pipeline of cannabinoid product candidates which include compounds in development for epilepsy and prevention of Alzheimer’s disease.
Medical Cannabis Technologies Inc. has an extensive research into the pharmacology of cannabinoids which continues to yield highly valued data and new intellectual property across a wide range of therapeutic areas. We continually invest in research to accelerate future growth and profit creation through the development of medicines that address worldwide unmet medical requirements.

https://www.medcannabtech.com/products.htm


Fourth Quarter and Year End 2016 Financial Results

As of December 31, 2016, cash and cash equivalents totaled $14.7 million, compared to $21.2 million as of December 31, 2015.
During the year ended December 31, 2016, the Company entered into an Direct Market Sales Agreement with our lead underwriter, Allied Capital Management L.P. based in Zug Switzerland, pursuant to which the Company sold and issued 394,906 shares of common stock at a weighted average selling price of $1.39 per share, for net proceeds of $5.2 million, $2.8 million of which were received and included as cash and cash equivalents as of November 29th, 2016.
Research and development expenses for the fourth quarter of 2016 were $2.9 million in order to further develop our extensive pipeline.


2017 Financial Outlook

In the second quarter of 2017, the Company plans an initial public offering, selling 20 000,000 shares of our common stock at an offering price of $3.00 per share, resulting in gross proceeds of $60 million.
Net proceeds received after deducting underwriting and commissions and offering expenses are estimated to be $24.3 million. Based on Medical Cannabis Technologies Inc. cash position of $14.3 million in cash and cash equivalents at year-end 2016, and including proceeds from the public offering the Company estimates that this balance is sufficient to develop five Phase 2 ready programs and, assuming feedback from the FDA is positive, we plan to initiate at least one Phase 3 program and fund operations and capital requirements into 2019.

Conference Call & Webcast Information

Medical Cannabis Technologies Inc. management team will host a live conference call and webcast today at 9:30 am Pacific Daylight Time to discuss the fourth quarter and 2016 financial results as well as operational highlights. The call can be accessed by dialing +1604 200 0214 (U.S. and Canada) or (international) and referencing conference ID 957603.

About Medical Cannabis Technologies Inc.
Medical Cannabis Technologies Inc. is an established organization devoted to the development and research of plant derived innovations in cannabinoid therapeutics, life sciences, intellectual property portfolios and drug discovery emphasizing on Medical Cannabis.

Strategically located in Canada where medical cannabis is legal at the Federal level and with our scientific expertise we own distinct intellectual property with regards to medical marijuana infused products.
Our company is one that is committed to providing the highest quality medical cannabis products with a deep pipeline of additional clinical stage ground breaking cannabinoid discoveries across a wide range of disease areas.
We are predominantly a biopharmaceutical company which is gearing up for our initial public offering on the TSX venture exchange whilst dual listing on the NASDAQ exchange, within the next quarter. As a company we are focused on discovering, developing and commercializing innovative and novel therapeutics from our proprietary cannabinoid product platform in a broad range of disease areas.



Cautionary Note on Froward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company’s current expectations. Any forward-looking statements that the Company makes in this press release speak only as of the date of this press release. The Company assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Email: [email protected]
Address: 1121 W Pender St, Vancouver, BC V6E Canada

https://www.medcannabtech.com/