InnoCan Pharma Corporation (CSE:INNO), after early substantial success with its flagship Injectable CBD research project, has signed a Research and License Agreement with Yissum Research and Development Company, the commercial arm of Hebrew University.
The agreement is an extension of an earlier partnership the company’s wholly-owned subsidiary InnoCan Pharma Ltd and the university signed back in August 2018, the company said in a statement Tuesday. “The execution of the new agreement represents another significant milestone in the company's original strategic plan,” it said.
The new agreement finalizes the terms of contracts, including the scope of the business, the conditions of the license and defines the specific royalties Yissum would receive in various scenarios.
And it includes a new and broader research work plan for the next 18 months that will expand the potential applications of the technology being developed at the university. The cost of the work plan will be about US$1.6 million, which will be paid on a quarterly basis over the 18 months.
The agreement also grants the Israel-based InnoCan a worldwide exclusive license to commercialize the research results and the products which will be developed from the technology.
InnoCan’s announcement of the extended agreement comes after both the company and Yissum researchers produced positive results recently following months of tests on its CBD-loaded liposomal platform technology, which allows for a controlled release in the bloodstream or specific body part.
High loading of CBD in an amount sufficient for administration of a therapeutic dose was achieved, the company said.
“In light of the previously announced positive and exciting results of the recent injectable CBD process tests, the company exercised the option it had to obtain worldwide exclusive rights for the development and marketing of products to be manufactured and marketed on the basis of the technology developed in the Hebrew University,” said InnoCan CEO Iris Bincovich.
“Hebrew University has a long and successful track record of developing and commercializing innovative health care products."
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham