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Abattis Bioceuticals Corp. (the Company or Abattis) (OTC Pink: ATTBF) (CNSX: FLU), through its wholly owned subsidiary Biocell Labs Inc. announces that it has entered into a Memorandum of Understanding dated July 26, 2013 (the MOU) with PureGenesis Technologies, Inc., to negotiate and enter into a definitive lease agreement and or/joint venture (theDefinitive Agreement.). The parties confirm their mutual intention to proceed with the negotiation, entry into and delivery of the Definitive Agreement.BioCell is a wholly-owned subsidiary of Abattis Bioceuticals Corp., and is in the businesses of biotechnology with a focus on the research, licensing and marketing of high quality botanical products, vitamins and mineral supplements. PurGenesis is a private Quebec-based botanical pharmaceutical company. BioCell has applied to Health Canada for a Research & Development License under exemption 56 to produce cannabis with the intent to commercialize (the License).The terms and conditions of the MOU are binding and shall remain in full force and effect until such time as they are superseded by the entry into of the Definitive Agreement, the Parties mutually agree to terminate negotiations and this MOU or in the event that the Definitive Agreement is not completed by the Parties by 4:30 p.m. on or before September 30, 2013.Under the lease agreement, PurGenesis will lease to BioCell approximately 1,000 to 1,500 square feet of lab space that meets the requirements of Health Canadas Current Good Manufacturing Practices (GMP) Guidelines (the PurGenesis Facility.) The PurGenesis Facility will be located at PurGenesispremises located at 360 Des Entrepreneurs Montmagny, QC G5V 4T1. PurGenesis will provide the services of two of its employees, to act as the Project Manager and the Production Manager, and who will allocate time to perform work in the PurGenesis Facility on behalf of BioCell.PurGenesis and BioCell will consider entering into a joint venture agreement that would be owned by both parties in equal portion that would own its own MMPR and LP Licenses, lease the premises and conduct research and manufacturing. Under the joint venture, PurGenesis would provide it proprietary extraction technology, as well as all its pharmaceutical development expertise to products emerging from the R&D activities. Biocell would provide other technologies. The anticipated joint venture would provide patients with a pharmaceutical grade Cannabis and its derivatives.As a leading Canadian Botanical Pharmaceutical Company, PurGenesis is the ideal partner to help our expansion into the market of Cannabis as prescription medicine, said Mike Withrow, President and Chief Executive Officer of the Company. We are encouraged by the signing of this MOU. Having access to a pharmaceutical grade lab and facility demonstrates how we continue to deliver on our plan to put a first class Botanical Drug Model together. We are pleased to have the opportunity to capitalize on new industry opportunities using our vertical farming technology and applying advanced sciences to produce botanical drugs. We look forward to working hand-in-hand with PurGenesis to bring the products to patients.Paul Maes, Executive Vice President of Pharmaceutical Development of PurGenesis Technologies commented, This partnership will allow us to expand in the therapeutic field of pain management.More than 1.5 billion people around the world suffer from chronic pain. Extensive studies have been done documenting that significant pain is experienced by large numbers of patients with cancer, HIV, bone disease, and arthritis. The world market for pain management drugs and devices reached $34.9 billion in 2012, growing at a rate of 2.9% from 2010 to 2012.Completion of the Transaction is subject to the approval of the Canadian National Stock Exchange, the boards of directors of Abattis and PurGenesis and the shareholders of PurGenesis. Completion of the Transaction is further subject to Biocell receiving an Research & Development License under exemption 56 to Produce cannabis with the intent to commercialize from Health Canada and standard closing conditions and requirements.About Abattis Bioceuticals Corp.Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of producing, licensing and marketing proprietary ingredients and bio-similar compounds for use in Pharmaceuticals, Nutraceutical, Cosmetic and Animal Nutrition markets. The Company also has a deep pipeline of proprietary products ready for sale in high growth areas of Functional Foods and Supplements business. For more information, visit the Companys website at www.abattis.com.About PurGenesis Technologies Inc.PurGenesis is a privately-held, leading Canadian Botanical Pharmaceutical Company that uses novel therapeutic approaches to develop highly promising therapies for significant markets with unmet medical needs. The company is developing novel botanical therapies to treat human inflammatory diseases. PurGenesis lead product is PUR0110, a new investigational botanical drug product that incorporates proprietary, extraction processes of a supra-molecular complex with strong anti-inflammatory effects with applications in multiple therapeutic areas. PUR0110 is currently in Phase 2 clinical development for the treatment of Mild to Moderate Ulcerative Colitis and Mild to Moderate psoriasis. The company is also developing anti-aging and sun care products for the cosmeceuticalmarket. For more information, visit the Company`s website at www.purgenesis.com.ON BEHALF OF THE BOARDMike WithrowMichael Withrow
President & CEOFor further information, contact the Companys CEO, Michael Withrow at (604) 538-6650or at [email protected].NEITHER THE CNSX EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
President & CEOFor further information, contact the Companys CEO, Michael Withrow at (604) 538-6650or at [email protected].NEITHER THE CNSX EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.