Tauriga announces strategic plan to divest natural wellness business
Strategic plan is designed to give the natural wellness business the opportunity to expand while enabling Tauriga to focus on new, near-term initiatives with different risk profiles
Tauriga Sciences, a diversified life sciences company with interests in the natural wellness sector and in developing a proprietary synthetic biology platform technology, has announced that it intends to fully divest its natural wellness business within the next 2 months.
The company has entered into a Letter of Intent to sell the assets of its natural wellness business. As part of the proposed transaction, Dr Stella Sung would run the natural wellness business under its new corporate ownership, and Lawrence A. May, MD, would serve as Chief Medical Officer.
Accordingly, Dr Sung has resigned her position as Tauriga's Chairman and CEO effective 9 July 2015 and Dr May has resigned his position as Tauriga's Chief Medical Officer, effective 10 July 2015.
Dr Sung will continue to support Tauriga in the important role of Chairman of the Medical Advisory Board.
Tauriga's outgoing Chairman and CEO, Dr Stella Sung, stated: 'The Tauriga board of directors, current and previous management are absolutely unified in our belief that the strategic plan to divest the natural wellness business will strengthen Tauriga. This strategic plan is designed to give the natural wellness business the opportunity to expand while enabling Tauriga to focus its resources on exciting new, near-term initiatives with different risk profiles.'
'We are proud of our natural wellness product line, and we recognise that it is in a unique sector that is both poised for explosive growth and subject to uncertainty due to the rapidly evolving regulatory landscape of cannabidiol (CBD) and medical cannabis,' she added.
Tauriga's natural wellness business currently consists of six products. Two of these products, CannaCaviar and TopiCanna, utilise cannabidiol (CBD) oil extracted from non-GMO industrial hemp as their key active ingredient. TopiCanna is a proprietary topical medicinal cannabis cream. Many who have used topical cannabis creams have reported decreased musculoskeletal pain.
CannaCaviar is the company's line of cannabidiol (CBD) softgels. Both TopiCanna and CannaCaviar are designed to provide potential natural wellness and healing properties without psychoactive effects. In addition to CannaCaviar and TopiCanna, there is a non-cannabis containing line of natural wellness dietary supplements. These natural supplements include IndiCalm, natural calming formula without inducing cognitive impairment; ClearNaze, a natural decongestant without stimulant or drowsiness effects; Satietiva, an amino acid-based appetite suppressant; and Mend-Can, a highly pure, potent and palatable omega-3 supplement.
Details on the terms of the transaction will be provided immediately upon closing.