OWC Pharmaceutical Research Corp., a developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, yesterday announced a successful completion of the first part of its Phase I, placebo controlled, maximal dose study (the "Psoriasis Study") to determine the safety and tolerability of topical ointment containing medical grade cannabis (the "Topical Ointment") in healthy volunteers. The study is being performed by Professor Aviv Barzilai, Director of the Department of Dermatology at Chaim Sheba Medical Center. Sheba is a university-affiliated hospital that serves as Israel's national medical center and is one of the leading integrated medical centers in the Middle East. The completed part of the study consisted of application of escalating doses of the Topical Ointment to healthy volunteers and was successfully completed with no adverse effects. After completion of the second part of this study, the company plans to initiate a Phase II clinical study to demonstrate the efficacy of Topical Ointment in treating mild to moderate psoriasis and other inflammatory skin diseases.

Mr. Mordechai Bignitz, the Chief Executive Officer of OWC commented, "We are very pleased to see the successful completion of this stage of the clinical testing program. OWC is committed to the development and validation of cannabis-based products for the treatment of debilitating and life-threatening diseases and is investing significant resources to prove that our products are both safe and efficacious. This study constitutes an important step in bringing relief to millions of people that do not currently have effective therapies for diseases such as psoriasis".

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