Innocan Pharma Corporation (CSE:INNO) has said it ended its third quarter with C$2.4 million in cash after a busy three months that saw the pharmaceutical firm get set to launch its CBD-based products.
In a statement accompanying the 3Q results on Wednesday, CEO Iris Binocovich called the quarter a “milestone” for the Israel-based company.
“After successfully completing our $5.1M financing, we have laid the groundwork for full commercialization of our CBD based products,” Binocovich told shareholders. “We are completing the manufacturing process in Europe and the USA and have received regulatory approvals for marketing in Europe and the USA.”
READ: Innocan Pharma launches two studies on animals examining therapeutic efficacy of its CBD-loaded liposome platform technology
During the three-month period to end September 2020, the company announced four new collaborations designed to either manufacture or distribute its CBD-based line of products.
Over the summer, the firm struck a deal with Israel’s Recipharm to synthesize and analyze cannabinoid-loaded exomes and signed a manufacturing and distribution agreement with Canadian cannabis extractor Endless Sky Incorporated for its line of cosmetic products.
Other agreements include a manufacture and supply deal with GNB Swiss Investments and a distribution agreement with Cloud 9 Switzerland to sell Innocan’s SHIR Beauty and Relief & Go lines in Italy and Switzerland.
The firm increased its research and development spending in 3Q 2020, with expenses totaling C$654,000 compared to C$149,000 in the year-ago quarter, attributable to new research agreements entered into during the nine-month period with Yissum Research Development Company and Ramot at Tel Aviv University, along with an increase in patent application expenses.
Innocan, which also has offices in Calgary, is primarily focused on developing several drug delivery platforms containing CBD.
Shares of Innocan were trading 20% higher in Canada on Wednesday afternoon at C$0.27.
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