Innovative biotech company Algae Dynamics Corp. (OTCQB: ADYNF) this morning said the company, together with the University of Western Ontario, received project funding in the form of a C$400,000 grant from Mitacs, a Canadian not-for-profit organization. The company previously announced a research agreement with the University of Western Ontario to examine the role of specific phytochemicals in marijuana for the development of novel mental health therapies. The grant will support the collaborative project to identify and produce specific cannabinoid oil formulations with ratios that selectively target symptoms associated with these specific diseases. “This grant provides tremendous support to our sponsored research program with the University of Western Ontario and will accelerate development of nutraceutical product formulations, which is our core mission,” Algae Dynamics chairman and president Paul Ramsay stated in the news release.
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About Algae Dynamics Corp.
Algae Dynamics Corp. is engaged in the development of unique health products and pharmaceuticals that utilize hemp, cannabis and algae oils. The company has engaged two Canadian universities to provide research into the use of extracts from cannabis oil, which it plans to use to develop products that combine the significant health benefits of Omega-3s derived from algae oil and extracts from cannabis oil. The company’s research is focused on the use of cannabis oil in the context of cancer, and the use of cannabis derivatives for the development of novel pharmacotherapies for mental health. For more information, visit www.AlgaeDynamics.com.
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