EMMAC Life Sciences Update as at 9 April 2019

RNS Number : 6123V

FastForward Innovations Limited

09 April 2019

 

9 April 2019

FastForward Innovations Limited

("FastForward" or the "Company")

EMMAC Life Sciences Ltd Update

The Board of AIM-traded FastForward Innovations Limited, trading under the symbol FFWD, ("FastForward", the "Company" or "FFWD"), notes the following announcement released today at 7am by EMMAC Life Sciences Ltd ("EMMAC") in which FFWD has a direct equity holding of 2.6%.  

EMMAC Life Sciences Ltd, the European independent medical cannabis company, is pleased to announce completion of the acquisition of the entire issued share capital of Rokshaw Limited ("Rokshaw"), a leading UK MHRA approved Specials manufacturer, by EMMAC's UK subsidiary, EMMAC UK Limited. The acquisition brings immediate revenues to EMMAC and enables the Company to import medical cannabis into the UK to meet the growing demands of the market, led by regulatory change, for premium medical cannabis product.

Founded in 2012, Sunderland-based Rokshaw is a leading UK laboratory, manufacturing a wide range of Specials bespoke to patient requirements in an EU GMP environment to ensure that patients across the UK receive the highest quality products. Rokshaw has already manufactured more than 6,000 formulations for over 2,000 pharmacies and hospitals across the UK.

Rokshaw's experienced team has extensive regulatory, formulations, production and import capabilities and holds the following licenses, MHRA Specials Manufacturing, Home Office Controlled drugs schedule 2 and Wholesale dealers authorisation, which ensure that compliant product can be imported and manufactured in the UK in order to meet growing demands for cannabis-based products for medicinal use (CBPMs). In addition to the existing licenses, Rokshaw is pursuing additional licenses to facilitate greater research into the benefits CBPMs.

Antonio Costanzo, CEO of EMMAC, commented: "We are delighted to announce the acquisition of Rokshaw today.  This investment not only brings with it an immediate revenue stream but also provides EMMAC immediate access to the UK medical cannabis market with the opportunity to grow the existing 45 people-strong team into a centre of medical cannabis excellence for the UK. Joining us are the two founders of Rokshaw, Jonathan and Richard Hodgson, who have significant and relevant experience of working in this highly regulated industry as well as a proven track record of delivering a high-quality product."

Jonathan and Richard Hodgson, co-founders of Rokshaw, said: "We are really pleased to have joined EMMAC at this exciting stage of its corporate development as we share its vision of becoming the leading European independent medical cannabis company.  We are confident that the team here at Rokshaw can play an important role in EMMAC achieving its goal through the provision of high-quality product and services to patients across the UK, and by unlocking the potential for the medical cannabis market to meet growing clinician and patient demand."

Rokshaw is EMMAC's second GMP-certified lab and it will work in close conjunction with Medalchemy, the Company's research and development facility in Spain that was recently granted an importation permit by Spanish authorities; this unique vertical integration enabling EMMAC to control both the Active Pharmaceutical Ingredient and Finished Good Manufacture. As part of EMMAC, both facilities will uphold EMMAC's stated commitment to delivering the highest quality medical cannabis product for the European market.

Lorne Abony, CEO of FFWD, commented: "It is very pleasing to see EMMAC complete another transaction and especially here in the United Kingdom. The Board and I of FFWD believe wholeheartedly in EMMACs strategy and acquisition completions only enhance our view of the management team's ability. We look forward to receiving and reporting on further additions to EMMACs growing portfolio and operational success".

About EMMAC

EMMAC is the European medical cannabis company, working to join together the latest science and research with cutting-edge cultivation, extraction and production. With supply and distribution partnerships throughout Europe, EMMAC is working to establish itself as both a thought leader in the industry, as well as the European leader in the production and supply of medical cannabis, hemp and other derivative products.

For more information on EMMAC, please visit: www.emmac.com  

For further information please visit www.fstfwd.co or contact:

FastForward  Innovations Limited [e-mail]   Lance De Jersey/Ian Burns/Ed McDermott

Beaumont Cornish Limited (Nomad) Tel: [phone] James Biddle / Roland Cornish

Optiva Securities Limited (Broker) Tel: [phone] Jeremy King

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.

 

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