Shares of Pascal Biosciences Inc. (TSX-Venture:PAS) are rallying on the news that the company put out this morning announcing significant progress in its cannabinoid based research and development program with the University of British Columbia (UBC).
Pascal has been licensed by the U.S. Drug Enforcement Administration (DEA) to conduct research and development on cannabinoids. Pascal is one of only a few organizations with a Schedule I Researcher license in the United States that is not a university.
"Receiving our Schedule I DEA license allows us to immediately conduct advanced R&D on cannabinoids, with a goal of conducting clinical trials on cancer patients as soon as possible", commented Dr. Patrick Gray, CEO at Pascal.
The Company also renewed the UBC collaboration and continue financial support of Dr. Wilfred Jefferies’ laboratory at the Michael Smith Laboratories. Dr. Jeffries was the first scientist to discover specific cannabinoids that can increase the immune recognition of both mouse and human cancer cells. Together, both labs have greatly extended this work. Over 375 natural and synthetic cannabinoids have been tested, and the most potent and safe cannabinoids have been identified.
"Previous support by Pascal enabled the discovery of specific cannabinoids that enhance detection and elimination of cancers by the immune system", commented Dr. Jefferies.
Cannabinoids have previously been used in the treatment of cancer symptoms, including nausea, appetite enhancement, and pain management. However, Pascal is the first to identify a mechanism by which cannabinoids may provide a direct benefit in immunotherapy. This discovery may enhance the performance of other cancer therapeutics such as checkpoint inhibitors, which activate the immune system to destroy cancer cells.
Not surprisingly, this transformational news announcement has immediately excited shareholders of PAS with shares popping 67% at last check in late-afternoon trading with the stock currently up $0.225 to $0.56 on strong volume.
