Cannabics Pharmaceuticals and Wize Pharma to Form Joint Venture to Develop Cannabinoid Based Ophthalmic Therapeutics
BETHESDA, Maryland and TEL AVIV, Israel, Feb. 7, 2019 /PRNewswire/ -- Cannabics Pharmaceuticals Inc. (OTCQB: CNBX) a world leader in personalized cannabinoid medicine focused on cancer and its side effects, today announced that it has entered into agreement with Wize Pharma, Inc. (WIZP), a clinical-stage biopharmaceutical company focused on the treatment of ophthalmic disorders, and that has distribution rights of known medical formulae related to eye diseases.
Initially announced in a press release on June 29, 2018, the two companies have been advancing planning and have concluded, that subject to completing a mutually agreeable business plan and obtaining an expert opinion in order to identify a potential FDA route for ophthalmic therapy containing cannabinoids, each expected to occur within 30 days, that they are ready to form a joint venture (JV) company, for the purpose of researching, developing, and administering cannabinoid formulations to treat ophthalmic disorder indications.
Both parties will contribute necessary cash, in amounts to be agreed upon, and non-cash assets in order to fund the JV.
"This new venture is part of our strategy to leverage our lab, R&D License and our teams' know-how to develop and bring to the market cannabinoid-based medicine for specific indications where anecdotal evidence exists but scientific data lacks. Such is the case with Ophthalmic disorders, a field in which Wize Pharma has already made significant strides in its efforts to alleviate the effects of conditions associated with ophthalmic disorders, such as dry-eye."
"We will continue to seek out partnerships and collaborate with others in order pursue our vision, which is to bring Cannabinoid based treatments into modern-day medicine," says Eyal Barad, CEO of Cannabics Pharmaceuticals.
About Wize Pharma, Inc.
Wize
Pharma, Inc. is a clinical-stage biopharmaceutical company
currently focused on the treatment of ophthalmic disorders,
including dry eye syndrome ("DES"). Wize Pharma has in-licensed
certain rights to purchase, market, sell and distribute a formula
known as LO2A, a drug developed for the treatment of DES, and other
ophthalmological illnesses, including conjunctivochalasis ("CCH")
and Sjögren's Syndrome. Wize Pharma is currently conducting a Phase
II trial of LO2A for patients with CCH and a Phase IV study for
LO2A for DES in patients with Sjögren's. LO2A is currently
registered and marketed by its inventor
in Germany and Switzerland for the treatment of
DES, in Hungary for the treatment of DES and CCH and
in the Netherlands for the treatment of DES and
Sjögren's. Wize Pharma's strategy involves engaging local or
multinational distributors to handle the distribution of LO2A.
About Cannabics
Pharmaceuticals
Cannabics Pharmaceuticals Inc. (CNBX) is a
U.S public company that is developing a platform which leverages
novel drug-screening tools and artificial intelligence to create
cannabinoid-based therapies for cancer that are more precise to a
patient's profile. By developing tools to assess effectiveness on a
personalized basis, Cannabics is helping to move cannabinoids into
the future of cancer therapy. The company's R&D is based
in Israel, where it is licensed by the Ministry of Health to
conduct scientific and clinical research on cannabinoid
formulations and Cancer. For the latest updates on Cannabics
Pharmaceuticals follow the company on Twitter @cannabics1, Facebook @CannabicsPharmaceuticals and LinkedIn.
Forward Looking
Statements
Certain statements contained
in this release may constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other U.S. Federal securities laws. Such statements include but
are not limited to statements identified by words such as
"believes," "expects," "anticipates," "estimates," "intends,"
"plans," "targets," "projects" and similar expressions. For
example, we are using forward-looking statements when we discuss
the formation of the JV and the agreement and timing of a business
plan, the contribution by each of Wize Pharma and Cannabics of cash
and other assets into the JV and the parties' intention to launch a
JV that intends to pursue cannabinoid-based compositions which can
benefit patients who suffer from ophthalmic disorder indications.
The statements in this release are based upon the current beliefs
and expectations of Wize Pharma and Cannabics' management and are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements.
Numerous factors could cause or contribute to such differences,
including, but not limited to, results of clinical trials and/or
other studies, the challenges inherent in new product development
initiatives, the effect of any competitive products, the parties'
ability to license and protect their intellectual property, the
parties' ability to raise additional capital in the future that is
necessary to maintain their respective businesses, changes in
government policy and/or regulation, potential litigation by or
against either party, any governmental review of the parties'
products or practices, as well as other risks discussed from time
to time in each of Wize Pharma and Cannabics' filings with the
Securities and Exchange Commission. Wize Pharma and Cannabics
undertake no duty to update any forward-looking statement or any
information contained in this press release or in other public
disclosures at any time.
For all Inquiries, please
contact:
Noam Danenberg
Chief Operating Officer
+972-72-260-0536
[email protected]
or
LHA Investor Relations
Miriam Weber Miller
+1(212)838-3777
[email protected]
For more information about Cannabics:
Cannabics Pharmaceuticals Inc.
Phone: +1(877)424-2429
[email protected]
http://www.cannabics.com
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