Companies to Found New Company to Research and Develop Cannabinoid Formulations to Treat Ophthalmic Disorders
BETHESDA, Maryland and TEL AVIV, Israel, March 6, 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 closed an 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, to form a equally owned joint venture (JV) which will focus on the research and development of cannabinoid based treatments for ophthalmic disorders.
Initially announced in a press release on June 29, 2018, and then on February 7, 2019, the two companies have obtained an expert opinion which they believe identifies a potential route with the U.S. Food and Drug Administration for an ophthalmic therapy containing cannabinoids. Pursuant to the JV agreement signed on February 7, 2019, the successful completion of the above marks the initial closing of the agreement and the commencement of the JV, subject to the formation of the JV entity and the completion of a mutually agreeable business plan.
"We believe that the closing of this agreement emphasizes the potential embodied in cannabinoid-based therapies which can be used to treat ophthalmic disorders. The agreement supports our vision which is to bring cannabinoid-based therapies to modern medicine, which may be used as treatments for a wide variety of conditions," said Eyal Barad, Cannabics' CEO and Co-Founder.
"We are pleased to leverage our team and know-how as well as our lab and R&D license to support such joint ventures and we will continue to explore additional conditions, whereby patients may also benefit from cannabinoid-based therapies".
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 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, CCH and Sjögren's, 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.
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 belief that the expert opinion identifies a potential route with the FDA for an ophthalmic therapy containing cannabinoids,, the parties' intention to launch a JV that intends to pursue cannabinoid-based compositions which can benefit patients who suffer from ophthalmic disorder indications and the belief that the introduction of cannabinoid-based therapies to modern medicine may be used as treatments for a wide variety of conditions. 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.
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