Premier Biomedical has announced the signing of an agreement forming a joint venture company with Advanced Technologies Solutions (ATS), a San Diego, California enterprise. The joint venture company, Premier Biomedical Pain Management Solutions, will develop and market natural and cannabis-based generalized, neuropathic, and localized pain relief treatment products. Sales for the initial product, an extended-duration topical patch, are expected in early 2017, with a variety of follow-on opioid-free pain relief products launching soon thereafter. Sample pain management products are being manufactured and will be available in limited quantities beginning next month.
This move solidifies the on-going cooperation between the two companies, and Premier Biomedical's strategy to focus on two major treatment divisions: cancer/neuro-psychiatric diseases and pain management. ATS Owner Ronald T. LaBorde will be a member of the board of directors of Premier Biomedical Pain Management Solutions and will head up its product development and production efforts.
In a related item, Premier Biomedical also announced the appointment of LaBorde to the board of directors of Premier Biomedical, effective immediately.
Ronald T. LaBorde, owner of Advanced Technologies Solutions, stated, "The Joint Venture between ATS and Premier Biomedical brings together the technology of advanced cannabinoid delivery platforms with the business expertise of a professional business team with a proven professional board of scientific advisors. The mutual end game for both companies is to provide chronic pain suffers a dependable method of reducing or even ending the dependence on opioid pain medication and all of its myriad side effects for the individual and society. Premier Biomedical Pain Management Solutions does just that with a variety of product solutions for managing pain which we all suffer with day to day. We want to solve that problem with an affordable delivery system that works for extended periods of time."
William A. Hartman, president and CEO of Premier Biomedical, said, "The formation of Premier Biomedical Pain Management Solutions is a major step forward for Premier Biomedical and perfectly complements our existing R&D programs taking us beyond R&D into a near-term revenue generating position. There is a real synergy between the technologies and capabilities of ATS and Premier Biomedical that will provide a viable pain treatment alternative to opioid-based pain medications and their potential for addiction and death. It is anticipated that the revenue generated by our pain treatment products will partially fund on-going R&D, reducing the dilution associated with borrowing capital."