Monday, 23 May 2016 05:00 AM
HENDERSON, NV / ACCESSWIRE / May 23, 2016 / Spurred by the ever-growing opioid addiction crisis, the U.S. Congress is now busy refining bipartisan legislation aimed at providing help and relief for those hooked on prescription drugs. This prospect could bode well for Rainbow Coral Corp. (OTCQB: RBCC) as it develops a new addiction treatment program utilizing Naltrexone, an anti-addiction medication.
The U.S. House of Representatives has passed a number of bills aimed at tackling a prescription drug abuse and addiction epidemic that claimed the lives of 29,000 people in 2014 and passed them along to the Senate. The chambers hope to have a final legislative package ready for presidential approval by July.
One incumbent senator has made defeating opioid addiction a centerpiece of his re-election campaign. Ohio Republican Robert Portman told former CBS news anchor Katie Couric in a Yahoo interview that his state has been hit hard by the crisis. "It's the No. 1 cause of death in my state of Ohio, but probably around the country that's now true, exceeding car accidents," Portman said. "(I)t's affecting every single state and every congressional district in America."
RBCC has been closely watching developments in Washington, with a careful eye on how any legislation may impact the company and its prospects.
"Obviously we're foremost concerned about helping those addicted," said RBCC CEO Kimberly Palmer. "However, we also want to make sure our company is in a position to take full advantage of the opportunities this legislation will make available. We're developing a treatment program featuring Naltrexone, a safe, proven method of combating opioid addition by reducing the urges brought on by addiction. The bills now in Congress will have a positive effect on this crisis and our business. We strongly urge their passage."
For more information on RBCC's initiatives, please visit www.rainbowbiocorp.com.
About Rainbow Biosciences
Rainbow Biosciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (RBCC). The Company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit www.rainbowbiocorp.com.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contact:
Rainbow Coral Corp.
Kimberly Palmer, 702-940-2345
President and CEO
[email protected]
SOURCE: Rainbow Coral Corp.