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Neuropathix, Inc. (KLFE)

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0.3400+0.0400 (+13.33%)
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Previous close0.3000
Open0.2900
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Day's range0.2700 - 0.3500
52-week range0.1300 - 2.2600
Volume54,968
Avg. volume38,047
Market cap25.245M
Beta (5Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
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1y target estN/A
  • Medical Marijuana, Inc. Reports 2020 Third Quarter Financial and Operational Results; Reports Positive Adjusted EBITDA and Net Income of $12.2 Million
    GlobeNewswire

    Medical Marijuana, Inc. Reports 2020 Third Quarter Financial and Operational Results; Reports Positive Adjusted EBITDA and Net Income of $12.2 Million

    SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire \-- Medical Marijuana, Inc. (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world's first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today financial results for the quarter ending September 30, 2020, and provided an overview of recent operational highlights. Third Quarter 2020 Financial and Operational Highlights * Generated $12.2 million in net revenue in the third quarter of 2020, an 11.25% increase when compared to the previous quarter in 2020; * Positive adjusted EBITDA of $175,755 * Gross profit for the period ending September 30, 2020, was $9.1 million; * GAAP Sales and Marketing expense decreased as a percentage of sales from 51.9% in the second quarter of 2020 to 49.3% in the third quarter of 2020; * New Ordinary Loss decreased by $.41 million when compared to second quarter of 2020 * The Company’s subsidiary HempMeds® launched a retail partnership with Gelson’s Market to sell the Company’s cannabidiol (CBD) topical and beauty products throughout Southern California; * The Company’s investment company Kannalife, Inc. (“Kannalife”) (OTCQB: KLFE), now known as Neuropathix, Inc. (OTCQB: NPTX), was granted patents in 16 European territories and Canada; * Promoted Todd Morrow to Chief Financial and Information Officer and the Company’s co-founder Michelle Sides, Esq. as the Company’s Chief Legal Officer; * Hired financial executive Robert A. Wells as Vice President of Finance; * The Company’s subsidiary Kannaway® began recruiting CBD users to participate in the ValidCare CBD safety study; * Expanded its production and warehouse facility to keep up with demand, further vertically integrating the Company’s supply chain, enabling broader product R&D and internal manufacturing; * The Japanese division of the Company’s subsidiary Kannaway® had its best revenue month ever in Company history in August 2020; * The Company’s CEO Dr. Stuart Titus was honored with a Gold Stevie® Award for Executive of the Year – Food & Beverage, HempMeds® was awarded a Gold Stevie® Award for Consumer Products – Food & Beverage, Kannaway® CEO Blake Schroeder was honored with a Silver Stevie® Award for Maverick of the Year and Kannaway® earned a Bronze Stevie® Award for Achievement in International Expansion; * In the 2020 World CEO Awards, the Company’s CEO Dr. Stuart Titus was named a Bronze Award winner for Top CEO of the Year – The Visionary and Blake Schroeder, CEO of the Company’s subsidiary Kannaway®, was honored with a Silver Award for Top CEO of the Year; * Became the first company to reach a two-year milestone in high-level CBD hemp oil stability study through long-term stability testing on its flagship THC-free CBD oil product Real Scientific Hemp Oil-X™ (RSHO-X™).“It’s encouraging to see our costs, specifically in the area of sales and marketing, decrease while our sales increased in this quarter when compared to the previous one, and a positive adjusted EBITDA,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We feel very optimistic about finishing out the year strong, with consumers interested in wellness at an all-time high headed into the holidays. Additionally, we are very optimistic about the overall landscape with so many states entering the cannabis industry through recently passed legislation, signaling that the stigma for the entire plant, including hemp, is diminishing.” "Our international expansion is forging ahead with full force and we will continue to further establish our Company’s products as the best available to consumers throughout the world," said Medical Marijuana, Inc. COO Blake Schroeder. Financial Data: Third Quarter 2020 as Compared to Second Quarter 2020 (in thousands)Gross Revenue:Q3 2020 – $12,221Q2 2020 – $10,986Cost of Goods Sold:Q3 2020 – $3,084Q2 2020 – $2,234Net Income/(Loss):Q3 2020 – ($106)Q2 2020 – $9,699Net Ordinary Income/(Loss):Q3 2020 – ($857)Q2 2020 – ($1,274)About Medical Marijuana, Inc.We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. The company’s flagship product Real Scientific Hemp Oil has been used in several successful clinical studies throughout Mexico and Brazil to understand its safety and efficacy. Medical Marijuana, Inc.’s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com. To see Medical Marijuana, Inc.’s corporate video, click here.Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.’s shop.ADJUSTED EBITDA CALCULATIONSAdjusted EBITDA is defined by the company as EBITDA (net income (loss) adjusted for interest income/(expense), income taxes, depreciation and amortization), further adjusted to exclude certain non-cash expenses and other adjustments as set forth below. We use adjusted EBITDA because we believe it more clearly highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since adjusted EBITDA eliminates from our results specific financial items that have less bearing on our core operating performance.A reconciliation from our net income /(loss) to adjusted EBITDA, a non-GAAP measure, for the quarter ended September 30, 2020Period Ending September 30, 2020 * Net Income (loss) … ($106,713) * Interest Expense … $267,177 * Interest Income … ($101,400) * Depreciation/Amortization… $116,711 * Adjusted EBITDA … $175,755FORWARD-LOOKING DISCLAIMERThis press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSUREThese statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.LEGAL DISCLOSUREMedical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act.CONTACT:CONTACT: Public Relations Contact:Kathryn Brown Account Supervisor CMW Media P. 858-264-6600 kathryn@cmwmedia.com www.cmwmedia.com Investor Relations Contact: P. (858) 283-4016 Investors@medicalmarijuanainc.com

  • Neuropathix, Inc. Reveals Visual Identity to Coincide With Its Mission for Socially Responsible Pain Management
    GlobeNewswire

    Neuropathix, Inc. Reveals Visual Identity to Coincide With Its Mission for Socially Responsible Pain Management

    DOYLESTOWN, Pa., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Neuropathix, Inc. ("Neuropathix" or the “Company”) (OTCQB: NPTX), formerly Kannalife, Inc., is a socially responsible pain management life sciences company. For the past ten years, Neuropathix has discovered, developed and patented a global intellectual property estate of novel new monotherapeutic agents designed to prevent and reverse neuropathic pain, reduce oxidative stress, and act as anti-inflammatory neuroprotectants. Coinciding with its new brand identity and name change, the Company has updated its logo and visual identity to reflect the Company’s extensive life sciences research in cannabinoid therapeutics, drug discovery and current goal of bringing much-needed potent, non-opioid alternatives for the treatment of chronic and neuropathic pain to market.As a part of this rebranding, the Kannalife brand name, Kannalife, Inc., and Kannalife Sciences, Inc. will remain as subsidiaries of Neuropathix.“One of our biggest challenges in the past ten years has been in dealing with the disconnect from the markets in terms of corporate identity. When we started out as a cannabinoid therapeutics drug discovery company in 2010, we set out to try and find a place and potential for cannabinoid therapeutics like CBD as a pharmaceutical API for use in the clinic. That discipline as a pharmaceutical company has never changed and remains true to this day. Neuropathix embodies our life sciences achievements and perfectly describes our corporate mission and our goal to bring pharmaceutical grade medicines for neurodegenerative and oxidative stress-related diseases,” said Dean Petkanas, CEO of Neuropathix.Neuropathix is a well-known pioneer in cannabinoid-like therapeutics. The Company has been consistently covered by global news over the last decade. Additionally, its scientific findings have been published in several highly respected peer reviewed journals such as the American Chemical Society Medicinal Chemistry Letters and the Journal of Molecular Neuroscience.This Company’s spotlight on potent, non-opioid alternatives for the treatment of neuropathic pain can be seen in its phase 1 NIH study grant completed in late 2019. That preclinical study confirmed the ability of KLS-13019 to prevent and reverse neuropathic pain in animal models and stands as a strong candidate as a potential treatment for neuropathic pain and the reduction of the use of opioids.To coincide with this rebranding, the Company will be releasing a new corporate website at www.neuropathix.com.About NeuropathixNeuropathix, Inc., formerly Kannalife, Inc. ("Neuropathix"), is a socially responsible pain management life sciences company focused on the development of proprietary and patented novel, monotherapeutic molecules for patients suffering from neurodegenerative and oxidative stress related diseases. The Company's leading drug candidate KLS-13019, a non-opioid solution for chronic and neuropathic pain, has shown promise in pre-clinical studies to prevent and reverse neuropathic pain in the model to treat chemotherapy-induced peripheral neuropathy (CIPN). In addition to CIPN studies, the Company's early research also focused on neuroprotection in the model for overt hepatic encephalopathy (OHE), a neurotoxic brain-liver disorder caused by excessive concentrations of ammonia and ethanol in the brain.Since 2010, Neuropathix has discovered, developed and patented a global intellectual property estate of novel new therapeutic agents designed to prevent and reverse neuropathic pain, reduce oxidative stress, and act as anti-inflammatory neuroprotectants.Neuropathix was the only company to hold an exclusive license with National Institutes of Health - Office of Technology Transfer ("NIH-OTT") for the Commercialization of U.S. Patent 6630507, "Cannabinoids as Antioxidants and Neuroprotectants" (the "'507 Patent").Atopidine™ is Neuropathix novel, patented small molecule that has been shown to have protective and anti-inflammatory properties in pre-clinical testing. The same studies show that it has also outperformed cannabidiol (CBD) in preventing inflammatory responses relevant to UVB-radiation, including cytokines, TNF-a, IL-1b, and IL-6.KLS-13019 is Neuropathix leading patented, investigational, novel, monotherapeutic product for the potential treatment of a range of neurodegenerative and neuropathic pain disorders, beginning with chemotherapy-induced peripheral neuropathy (CIPN). Neither KLS-13019 or Atopidine™ have been reviewed or approved for patient use by the U.S. Food and Drug Administration (FDA) or any other healthcare authority in the world. Their safety and efficacy have not been confirmed by FDA-approved research.The Company's KLS Family of proprietary molecules focuses on treating oxidative stress-related diseases such as overt hepatic encephalopathy (OHE), chronic pain from neuropathies like CIPN, and neurodegenerative diseases like chronic traumatic encephalopathy (CTE), and mild traumatic brain injury (mTBI). Neuropathix conducts its research and development efforts at the Pennsylvania Biotechnology Center of Bucks County in Doylestown, PA.For more information about Neuropathix, visit www.neuropathix.com and the Company’s Twitter page at @neuropathix.Forward-Looking Statements This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release contains statements about expected future events, the Company’s business plan, plan of operations, the viability of the Company’s drug candidates, and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements, by definition, involve risks and uncertainties. The Company does not sell or distribute any products that are in violation of the United States Controlled Substances Act.CONTACT:Public Relations: Kathryn Reinhardt Account Supervisor CMW Media P. 858-264-6600 E: kathryn@cmwmedia.com www.cmwmedia.comInvestor Relations: Scott Gordon, Managing Director of CORE IR P: 516-222-2560 E: scottg@coreir.com www.coreir.com

  • Kannalife, Inc. Rebrands as Neuropathix, Inc. and Unveils New Ticker Symbol
    GlobeNewswire

    Kannalife, Inc. Rebrands as Neuropathix, Inc. and Unveils New Ticker Symbol

    DOYLESTOWN, Pa., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Kannalife, Inc. (“Kannalife” or the “Company”) (OTCQB: KLFE), a biopharmaceutical and medchem company specializing in the research and development of potent novel monotherapeutics, announced today that the Company has changed its official name to Neuropathix, Inc. (“Neuropathix”) with a new ticker symbol (OTCQB: NPTX). “As the Company looks to expand on our biopharmaceutical research, the name Neuropathix better showcases our commitment to successfully moving our non-opioid cannabinoid-inspired leading compounds, including KLS-13019, into clinical trials,” said Dean Petkanas, CEO of Neuropathix.Neuropathix, Inc., previously known as Kannalife, Inc., is a well-known pioneer in cannabinoid therapeutics and has been covered by global news media for the past ten (10) years.To coincide with this rebranding, the Company has released a new corporate website at www.neuropathix.com.About Neuropathix Neuropathix is a biopharmaceutical medchem company focused on the development of proprietary and patented novel, monotherapeutic molecules for patients suffering from unmet medical needs of neurodegenerative disorders - including chemotherapy-induced peripheral neuropathy (CIPN), a chronic neuropathy caused by toxic chemotherapeutic agents; hepatic encephalopathy (HE), a neurotoxic brain-liver disorder caused by excessive concentrations of ammonia and ethanol in the brain; mild traumatic brain injury (mTBI), a disorder associated with single and repetitive impact injuries; and chronic traumatic encephalopathy (CTE), a disease associated with highly repetitive impact injuries in professional and amateur sports.Atopidine™ is Neuropathix novel, patented small molecule that has been shown to have protective and anti-inflammatory properties in pre-clinical testing. The same studies show that it has also outperformed cannabidiol (CBD) in preventing inflammatory responses relevant to UVB-radiation, including cytokines, TNF-a, IL-1b, and IL-6.KLS-13019 is Neuropathix leading patented, investigational, novel, monotherapeutic product for the potential treatment of a range of neurodegenerative and neuropathic pain disorders, beginning with chemotherapy-induced peripheral neuropathy (CIPN). Neither KLS-13019 or Atopidine™ have been reviewed or approved for patient use by the U.S. Food and Drug Administration (FDA) or any other healthcare authority in the world. Their safety and efficacy have not been confirmed by FDA-approved research.The Company's KLS Family of proprietary molecules focuses on treating oxidative stress-related diseases such as HE, chronic pain from neuropathies like CIPN, and neurodegenerative diseases like CTE. Neuropathix conducts its research and development efforts at the Pennsylvania Biotechnology Center of Bucks County in Doylestown, PA.For more information about Neuropathix, visit www.neuropathix.com and the Company’s Twitter page at @neuropathix.Forward-Looking Statements This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release contains statements about expected future events, the Company’s business plan, plan of operations, the viability of the Company’s drug candidates, and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements, by definition, involve risks and uncertainties. The Company does not sell or distribute any products that are in violation of the United States Controlled Substances Act.CONTACT:Public Relations: Kathryn Reinhardt Account Supervisor CMW Media P. 858-264-6600 E: kathryn@cmwmedia.com www.cmwmedia.comInvestor Relations: Scott Gordon, Managing Director of CORE IR P: 516-222-2560 E: scottg@coreir.com www.coreir.com