Herzeliya, Israel and Calgary, Alberta--(Newsfile Corp. - February 5, 2020) - InnoCan Pharma Corporation (CSE: INNO) ("InnoCan" or the "Company") announced today the filing of a new patent application for a cannabis-based formula targeting the pain, swelling and inflammation associated with hemorrhoids.
Hemorrhoids are the fourth leading gastrointestinal disease diagnosed in outpatient settings. This accounts for approximately 3.3 million ambulatory care visits. Furthermore 10 million cases per year are self-reported in the U.S., conforming as over 4% of the U.S. population. The latest market report published by Credence Research, Inc, Mar 13, 2019, the global market for hemorrhoid treatment devices was estimated at US$616.2 million in 2017 and expected to reach US$963.1 million by 2026, expanding at a CAGR of 4.9% from 2018 to 2026.
Iris Bincovich, CEO said: "This is another demonstration that InnoCan's pharma experienced team and science-based approach can quickly lead to actionable intellectual property. Innocan Pharma R&D is consistently developing new solutions for the well-being of patients by establishing an unrivaled line of medical products integrating CBD based on Innocan exclusive IP."
With this filing, the Corporation by its wholly owned subsidiary filed the patent application is expanding its intellectual property estate for cannabis integrated pain relief products as a source of potentially exciting breakthroughs in pain therapy; and an engine for additional products for a broad spectrum of pain indications with currently unmet medical needs.
About InnoCan Pharma Corporation
The Corporation's business can be described as three distinct operating segments relating to the incorporation in products of CBD in their formulation: (i) research, development, marketing, distribution and sales of InnoCan-branded OTC pharmaceutical products; (ii) research and development of non-pharmaceutical products for third parties in exchange for fees and/or royalties; and (iii) research and development of hydrogels containing liposomes intended for licensing or sale to third party pharmaceutical corporations for manufacturing, distribution and sales. http://innocanpharma.com/
Caution regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding the markets, requisite regulatory approvals and the anticipated timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond InnoCan's control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by InnoCan, including expectations and assumptions concerning the anticipated benefits of the product markets, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact InnoCan can also be found in InnoCan's public reports and filings which are available under InnoCan's profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. InnoCan Pharma does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
For further information, please contact:
For InnoCan Pharma Corporation:
Iris Bincovich, CEO
For Investor Relations:
Proconsul Capital Ltd.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52133