Here’s the press release in its entirety
TORONTO, Nov. 26, 2020 /PRNewswire/ – NEW WAVE HOLDINGS CORP. (the “Company” or “New Wave”) (CSE: SPOR) (FWB: 0XM2) (OTC: TRMND) an investment issuer that provides capital and support services, announced it has entered into a joint venture with The University of West Indies, Mona, Jamaica to conduct drug discovery and highlight knowledge of medicinal plants in Jamaica.
The purpose of this joint venture/partnership is to develop techniques using local microclimate conditions and local research and commercial advantages to explore various natural products and patent opportunities and to conduct drug discovery and highlight knowledge of medicinal plants in Jamaica.
The Parties wish to explore opportunities for:
- research and development of therapeutic drugs and natural health products that are derived from local plants and fungi;
- commercial activities that can exploit patents, and other research results, concerning local biodiversity;
- advancing the knowledge of medicinal plants in Jamaica;
- increase awareness of medicinal plant health
Under the terms of the strategic partnership, New Wave Holdings will provide capital, resources and further support in drug discovery through the University faculty and facilities.
UWI will undertake research and the objective will be to highlight and further develop various components and/or compounds in early drug discovery stages and explore various plants and fungi that show significant results in the following areas: Cancerous properties, Diabetes, Hypercholesterolemia, and Inflammation. Research at the Facility will be led by various scientific professors that specialize in the key areas listed above.
Daniel Fox, CEO New Wave Holdings comments: “This will be a joint effort between New Wave and UWI brain trust to enhance awareness, innovate new remedies of therapy, and shed light on the medicinal plants and their ultimate consumer health benefits.”
Both New Wave and UWI agree to work together under a model where UWI provides research services (personnel and facilities) that are funded by New Wave. The details of these research projects, the funding needed for each, the ownership of the Intellectual Property that results and the licencing terms if any would be negotiated on a project-by-project basis.