Innocan Pharma Corporation (CSE:INNO) announced Monday that its over-the-counter Relief & Go Pain Relief spray product has received the US Food and Drug Administration's technical validation and approval to commence marketing.
Innocan's pain relief formulation contains a combination of Magnesium oil, Methyl salicylate, Menthol and CBD, administered with a simple dose of spray, roll-on or lotion. The Relief & GO Pain Relief spray is designed to target pain-related muscle and provide relief for joint pain.
"We are excited to receive the approval from the FDA to market our flagship pain relief product in the USA," Innocan CEO Iris Bincovich said in a statement.
"This represents the company's ability to develop and practice breakthrough technologies to create new CBD based products for the growing pain relief market," she added.
About 1.5 billion people worldwide suffer from chronic pain and the treatment market could reach US$106 billion by 2024, according to reports.
The company, through its wholly-owned subsidiary Innocan Pharma Ltd in Israel, is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol (CBD) with other pharmaceutical ingredients.
Innocan and Ramot at Tel Aviv University are collaborating on the development of a new exosome-based technology that targets both central nervous system indications and the coronavirus (COVID-19).
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