The firm's wholly-owned subsidiary InnoCan Pharma Ltd has struck a sponsored research agreement with Ramot to develop a novel, revolutionary approach to treat COVID-19 by using cannabidiol (CBD) loaded Exosomes (ICLX), InnoCan revealed in a statement.
CBD-loaded Exosomes hold the potential to provide anti-inflammatory properties and help infected lung cells to recover. Exosomes are small particles created when stem cells are multiplied. They can act as "homing missiles", targeting specific damaged organs and have an important role in cell-to-cell communication, InnoCan told investors.
"COVID-19 has quickly become one of the largest challenges in healthcare today. With the development of ICLX, we are creating a new treatment, to join the global mission to combat the effects of COVID-19. We are determined to make a difference as quickly as possible to assist patients worldwide," said Iris Bincovich, CEO of InnoCan.
Innocan has agreed to fund the research based on agreed milestones for a total amount worth around US$450,000 for the first stage.
As has been well documented, the lungs are the organ most affected by COVID-19, which causes pneumonia that rapidly progresses to acute respiratory distress syndrome. This can lead to respiratory failure, septic shock, or multi-organ failure, and in the most severe cases death.
The developed product, which is expected to be administrated by inhalation, will be tested against a variety of lung infections.
InnoCan also noted in its statement that the research results could be beneficial to additional treatments for Central Nerve System (CNS) issues such as epilepsy and Alzheimer's Disease.
Under the deal, InnoCan and a team led by Professor Daniel Offen, a leading researcher specializing in Neuroscience and Exosome technology at the university, will collaborate to develop the cell therapy product
Keren Primor Cohen, CEO of Ramot at Tel Aviv University, said: "We hope that this collaboration with InnoCan Pharma will assist in transforming Professor Offen's promising technology into a real treatment for the global threat of COVID-19."
Shares shot up in early deals to C$0.35 - an increase of over 118%.
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