PAO Group, Inc. (USOTC: PAOG) today announced that the company’s ongoing business development initiative in Puerto Rico could benefit from a new bill introduced by Senator Marco Rubio and Congresswoman Jenniffer González Colón.
PAOG recently acquired cannabis pharmaceutical development assets. Simultaneously the company initiated efforts in Puerto Rico to partner with a Contract Research Organization (CRO) to advance an Investigational New Drug Application (IND) to ultimately achieve Food and Drug Administration (FDA) approval for PAOG’s newly acquired RespRx, a treatment for Chronic Obstructive Pulmonary Disease (COPD).
The market for COPD treatment is anticipated to reach $14 billion by 2025.
Based on positive results from an informal trial of RexpRx with 25 COVID-19 patients, PAOG also plans to make Coronavirus Treatment Acceleration Program (CTAP) application after entering into a CRO agreement.
Congresswoman Jenniffer González Colón and Florida Senator Marco Rubio introduced legislation last week to position Puerto Rico as a national production center of medical equipment and drugs.
“The coronavirus pandemic has made it clear that we must rebuild our national manufacturing capacity, especially in our medical industry,” Rubio said. “For too long, our manufacturing capabilities have moved to China, impacting communities across our country, including Puerto Rico, which was once home to a strong manufacturing industry in the United States. I am proud to join Congresswoman González-Colón in this vital effort to rebuild our manufacturing capacity, especially in the economically marginalized areas that were most affected by the COVID-19 pandemic. ”
The RespRx COPD biopharmaceutical technology is based on U.S. Patent No. 9,199,960 entitled “METHOD AND APPARATUS FOR PROCESSING HERBACEOUS PLANT MATERIALS INCLUDING THE CANNABIS PLANT.” PAGO’s RespRx COPD research and development has been submitted under separate patent application and trademark.
An analyst report from Goldman Small Cap Research covering PAOG’s Cannabis Biopharmaceutical assets and business strategy is anticipated later this week on Thursday, August 14, 2020.
In the interview, Mr. DiPrima confirms a recently published new PAOG website and the coming publication of PAOG’s financial reports. He further confirms the company now has a revenue base with the recent acquisition of a cannabis cultivation operation from Puration, Inc. (PURA). Mr. DiPrima concludes the interview with a discussion of why he believes the PPS is undervalued and that he anticipates a PPS correction when the PAOG financials are published.
Forward-Looking Statements: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.