InnoCan Pharma Corporation (CSE:INNO) has signed a letter of intent (LOI) with its largest shareholder, Tamar Innovest Ltd, to supply its coronavirus treatment research collaboration with naturally-sourced CBD.
A formal agreement between the parties would see Tamar supply CBD to Ramot, the business engagement center at Tel Aviv University, which is working with InnoCan to develop what it is calling CBD-loaded exosomes to help treat coronavirus and other central nervous system indications.
Exosomes are small vesicles created when stem cells are multiplied that can target and help repair damaged cells.
Tamar will also supply CBD to Yissum Research and Development, the commercial arm of Hebrew University of Jerusalem, which recently reached a deal with InnoCan to develop a CBD drug delivery platform that injects small cell-like vesicles called liposomes carrying CBD.
InnoCan itself is also working on a dermal product which integrates CBD with other pharmaceutical ingredients, as well as CBD-integrated pharmaceuticals, such as topical treatments to relieve psoriasis symptoms, muscle pain and rheumatic pain.
The CBD will be certified as an active pharmaceutical ingredient (API) by the UK Medicines and Healthcare products Regulatory Agency (MHRA) and manufactured by Brains Bioceutical Corporation. A formal agreement is expected within 120 days, the company said.
"We are very excited about the progress that InnoCan is making,” Tamar CEO Ralph Bossino said in a statement.
"InnoCan and Tamar continue to leverage synergies between our respective companies for mutual benefit, which is precisely what the parties envisaged at the time that we entered into our commercial relationship last year.
“With the certified CBD API from Brains Bioceutical, which is currently being used in clinical trials across the globe, we have access to one of the highest quality CBD API from natural phytochemical sources currently available and are pleased to work towards making that available to InnoCan,” he added.
Tamar owns or exercises control over roughly 34.3 million common shares of InnoCan, representing about 20%. Bossino, for his part, is also a director of InnoCann. Tamar Technologies Limited, Tamar Innovest’s parent company, has a representative on the board of Brains Bioceuticals as well.
"As a pharmaceutical tech company, we pursue high standards ingredients for our research and development projects,” InnoCan CEO Iris Bincovich said. “Collaborating with Brains Bioceutical will enable having CBD with EU GMP and API certifications from the MHRA, the UK regulator.”
Israel-based Innocan Pharma is a specialty pharmaceutical company which develops products that harness the properties of cannabinoids combined with smart delivery formulations.
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