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by Stockwatch Business Reporter
The TSX Venture Exchange climbed 11.18 points to 604.56 Friday, ending the week up 9.05 points. Stephen Shefsky's first capital pool shell, BB1 Acquisition Corp. (BBA: halted), plans to acquire an Israeli pharmaceutical marijuana company, Plantext Ltd., for the shell's qualifying transaction. The shell will roll back 1 for 7.15, leaving it with 2.25 million shares issued, then issue 23,052,116 shares to its target's shareholders.
Plantext was formed in 2015. It has a research and development lab near Tel Aviv and is working on marijuana-based treatments for inflammatory diseases. Specifically, its R&D efforts involve marijuana oil extracts. The company is co-developing an over-the-counter drug for treating inflammatory bowel disease (IBD) with Israel's Agricultural Research Organization (ARO). Plantext and ARO aim to release their IBD treatment in Israel later this quarter.
Plantext is also developing some products on its own. It hopes to release in the second quarter a cream for treating psoriasis. It also hopes to release in the same quarter a line of pain-treatment products in the forms of a tincture, a topical cream and a gel capsule.
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