Tamar Technologies is licensing InnoCan’s formulations and expertise as part of a cooperation agreement that the two companies signed in April 2019.
The products will be developed by InnoCan under Tamar’s instructions and marketed under the Tamar brand, with Tamar taking responsibility for regulatory approvals, sales and marketing and distribution.
READ: InnoCan Pharma Corp announces tie-up with Tel Aviv University for new treatment for coronavirus pandemic
InnoCan will receive upfront payments for the development of new product formulations and sales-based royalties.
Tamar is InnoCan’s largest investor and owns or controls nearly 30.5 million shares, or 21.2% of the Canadian and Israeli company.
“The deep involvement of Tamar in InnoCan's activities, the close relationship between us and the advancements made by InnoCan since Tamar's initial investment have given Tamar the confidence to exercise a material portion of the agreement, leading to this collaboration,” InnoCan CEO Iris Bincovich said in a statement.
“This is a great sign of acknowledgment on the part of Tamar in our abilities to deliver formulations and products to the high standards expected by Tamar. The potential of the products developed is great and the collaboration will open a new potential revenue stream which, in parallel to InnoCan's own activity, will provide additional strength and diversification to InnoCan.”
Setting the standard for CBD
Ralph Bossino, Tamar’s CEO and a director at InnoCan, told shareholders that the firm believes consumers place their trust in companies that do not compromise on safety or quality.
“The vision behind Tamar's brand is to harness the power of CBD and to deliver effective, science backed products, utilizing natural and clean ingredients, that complement the lives and routines of consumers while setting a standard of reliability, quality, trust and transparency in the CBD market,” Bossino said in a statement.
Tamar’s decision to exercise its rights under the cooperation agreement represents the firm’s confidence in InnoCan’s ability to produce high-quality products and science-backed formulations, Bossino told shareholders.
In separate news, InnoCan also said that it has signed an investor relations agreement with Green Times Consulting Ltd, issuing the consultant over 1.4 shares priced at C$0.1725 per share.
InnoCan Pharma is a specialty pharmaceutical company that develops products that harness the unique properties of cannabinoids combined with smart delivery formulations.
Tamar Technologies invests in specialty biopharmaceutical advancements utilizing phytochemicals, focusing on strategic investments in leading companies in Israel, UK, and Canada.
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