OWC Pharmaceutical Research Corp. (OTC: OWCP), developer of cannabinoid-based therapies targeting a wide variety of different medical indications, recently announced the extension of its contract with Sheba Academic Medical Center to further conduct clinical trials targeting fibromyalgia to help advance better treatments to patients through medical cannabis.

“While fibromyalgia is a chronic widespread disease impacting the daily lives of individuals – from the loss of workdays and productivity, to a decreased capacity of mental clarity – we look to further gain compounding results to support existing preliminary data on the efficacy of cannabis treatment through our clinical trials,” said the trial’s lead investigator, Prof. Amital, in a recent press release.

The company expects to begin clinical trials during the middle of the third quarter, which will last for an estimated 12 to 15 months. Prof. Amital, an Internist and Rheumatologist, will perform the clinical trials, while the Helsinki Committee (“IRB”) should approve the study over the next month.

“Data already obtained from initial phases of fibromyalgia studies has already provided some promising evidence through the use of medical cannabis and will be crucial in finding further solutions and the development of more targeted treatments,” said Mr. Alon Sinai, the Company COO in the press release.

According to the 2014 National Pain Foundation and National Pain Report, participating patients reported high health care usage and frequent work limitations due to their fibromyalgia disability, with many patients experiencing significant disability, insomnia, depression, and cognitive dysfunction.

Shares of OWC Pharmaceutical Research Corp. jumped more than 2% in early trading on Wednesday, May 13, 2015 following the news release.

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