Joint venture arrangement focuses on research, development
The Mona campus of the University of the West Indies (UWI) has entered into a joint venture agreement with Canadian investment company, New Wave Holdings Corp to conduct drug discovery and highlight knowledge of medicinal plants in Jamaica.
The purpose of the partnership is to develop techniques using local microclimate conditions and local research and commercial advantages to explore various natural products and patent opportunities as well as conduct drug discovery.
The joint venture arrangement has six main areas including research and development of therapeutic drugs and natural health products that are derived from local plants and fungi and commercial activities that can exploit patents and other research results, concerning local biodiversity.
The other two primary purposes of the joint venture are to advance the knowledge of medicinal plants in Jamaica as well as increase awareness of medicinal plant health. Under the terms of the strategic partnership, New Wave Holdings will provide capital, resources and further support The UWI in drug discovery through the university’s faculty and facilities.
UWI RESPONSIBILITIES UNDER AGREEMENT
For its part, The UWI Mona 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 critical health areas.
Those areas are cancerous properties, diabetes, hypercholesterolemia and inflammation.
Research at the UWI Mona facility will be led by various scientific professors who specialise in the four key areas listed.
Daniel Fox, CEO of New Wave Holdings, hailed the partnership saying: “This will be a joint effort between New Wave and The 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 The UWI have agreed to work together under a model where the university 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 result and the licensing terms, if any, will be negotiated on a project-by-project basis.
NEW WAVE AT A GLANCE
New Wave is an investment issuer focused on the burgeoning psychedelic sector and support for adaptive and progressive mental health products and therapies. In the psychedelic sector, New Wave focuses on supporting research on active psychedelic compounds and the creation of consumer products based on functional mushrooms.
The Canadian company has also developed an intellectual property portfolio focusing on psilocybin and ketamine derived treatments for neuropsychiatric diseases. New Wave has a variety of health and beauty products within its portfolio of non-psychoactive plants and fungi.
New Wave continues to expand its product distribution through vertical integration to provide end-to-end solutions while capturing a high margin business model.