Wize Pharma, Inc. Signs Joint Venture With Cannabics, to Research and Develop Cannabinoid Formulations to Treat Ophthalmic Conditions
HOD HASHARON, Israel, Feb. 7, 2019 /PRNewswire/ -- Wize Pharma, Inc. ("Wize Pharma" or the "Company") (WIZP) a clinical-stage biopharmaceutical company focused on the treatment of ophthalmic disorders, today announced that the Company has signed an agreement to form a joint venture (JV) company for the purpose of researching, developing and administering cannabinoid formulations to treat ophthalmic conditions with Cannabics Pharmaceuticals Inc. ("Cannabics") (OTCQB: CNBX), a world leader in personalized cannabinoid medicine focused on cancer and its side effects.
The agreement will become effective subject to receipt of an expert opinion, within 30 days from the date of signing, describing the regulatory pathway for eye drops containing cannabinoids. Upon effectiveness, Wize shall issue 900,000 shares of its common stock to Cannabics and Cannabics shall issue 2,263,944 shares of its common stock to Wize. The agreement shall expire if the parties have not approved a business plan by June 30, 2019.
"The formation of NewCo offers Wize Pharma an opportunity to diversify its portfolio and expand the Company's commitment to the Ophthalmic therapeutic arena, using its existing platform and expertise in the field and through research and development efforts focused on the use of cannabinoids in the treatment of various eye diseases including hitherto untreatable ones," said Wize's Chairman, Noam Danenberg. "Our interests in this area are well aligned with those of Cannabics', and we are very pleased to announce the agreement and scheduled formation of this JV,"
"This agreement with Wize furthers our mission is to leverage our lab to collaborate with others to create cannabinoid based therapeutics and introduce them to modern medicine. We are excited to form this JV with Wize Pharma which will enable us to expand our efforts into diversified areas" said Eyal Barad, Co-Founder and 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 has finished a Phase
II trial of LO2A for patients with CCH and is currently
conducting 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
Headquartered
in Tel-Aviv, Israel, 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
Wize Pharma cautions you that
statements in this press release that are not a description of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
referencing future events or circumstances such as "expect,"
"intend," "plan," "anticipate," "believe," and "will," among
others. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon Wize Pharma's current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, the possibility
that the joint venture agreement may never become effective or will
be terminated if the Company and Cannabics do not agree on a
business plan for the joint venture, changes in government policy
and/or regulation, risks related to the substantial debt that we
have incurred; our needs for additional financing; our dependence
on a single compound, LO2A and on the continuation of our license
to commercialize LO2A; our inability to expand our rights under our
license of LO2A; the initiation, timing, progress and results of
our trials and product candidate development efforts; our ability
to advance LO2A into clinical trials or to successfully complete
our preclinical studies or clinical trials; our receipt of
regulatory approvals for LO2A, and the timing of other regulatory
filings and approvals; the clinical development, commercialization
and market acceptance of LO2A; our ability to establish and
maintain corporate collaborations; the implementation of our
business model and strategic plans for our business and product
candidates; the scope of protection we are able to establish and
maintain for intellectual property rights covering LO2A and our
ability to operate our business without infringing the intellectual
property rights of others; estimates of our expenses, future
revenues, and capital requirements; competitive companies,
technologies and our industry; and statements as to the impact of
the political and security situation in Israel on our
business. More detailed information about the risks and
uncertainties affecting Wize Pharma is contained under the heading
"Risk Factors" included in Wize Pharma's Annual Report on Form 10-K
filed with the SEC on March 29, 2018, and in other filings
that Wize Pharma has made and may make with the SEC in the future.
You are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date on which they were
made. Wize Pharma does not undertake any obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made whether as a result of new
information, future events or otherwise, except as may be required
by law.
For all Inquiries, please
contact:
Noam Danenberg
Chairman
+972-72-260-0536
[email protected]
or
LHA Investor Relations
Miriam Weber Miller,
+1-(212)-838-3777
[email protected]
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