InnoCan Signs Letter of Intent with Tamar to Distribute and Supply CBD "API" for use in InnoCan's Research Projects
Herzeliya, Israel and Calgary, Alberta--(Newsfile Corp. - June 17, 2020) - InnoCan Pharma Corporation (CSE: INNO) (FSE: IP4) ("InnoCan" or the "Company") announced that it has signed a non-binding Letter of Intent with its major shareholder Tamar Innovest Ltd (formerly Solsken Ltd) ("Tamar"), a wholly owned subsidiary of Tamar Technologies Limited ("Tamar Tech") whereby, subject to the entering into of a formal agreement between the parties, Tamar will distributenaturally sourced CBD, certified as an active pharmaceutical ingredient ("API") by the UK Medicines and Healthcare products Regulatory Agency (MHRA) and manufactured by Brains Bioceutical Corporation ("Brains Bioceutical") to Ramot and/or Yissum (as herein defined) for use in InnoCan's current previously announced research projects.
Innocan and Ramot at Tel Aviv University ("Ramot") are collaborating on the development of a new exosome-based technology that targets both central nervous system indications and the COVID-19 Coronavirus (the "Tel Aviv Project"). In addition, Innocan Israel has entered into a worldwide exclusive research and license agreement with Yissum Research and Development Company, the commercial arm of the Hebrew University of Jerusalem ("Yissum") to develop a CBD drug delivery platform based on a unique-controlled release liposome to be administrated by injection (the "Yissum Project"). InnoCan is also working on a dermal product integrating CBD with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals, including, but not limited to, topical treatments for relief of psoriasis symptoms as well as the treatment of muscle pain and rheumatic pain (the "OTC and Cosmetic Project"). The Tel Aviv Project, Yissum Project and OTC and Cosmetic Project are collectively referred to as the "InnoCan R&D Projects." The CBD "API" will be used by InnoCan in connection with the non-commercial development of the InnoCan R&D Projects and provided on a cost + basis. The full and final terms will be detailed in a Formal Agreement to be signed within 120 days.
Ralph Bossino, Founder and CEO of Tamar stated:
"We are very excited about the progress that InnoCan is making on the InnoCan R&D Projects, particularly the Tel Aviv Project and Yissum Project. InnoCan is 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. Tamar Tech's mission is to seek the highest standards and not to compromise on safety and quality. 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 in support of the development of the InnoCan R&D Projects.."
Iris Bincovich, InnoCan's CEO stated: "As a pharmaceutical tech company, we pursue high standards ingredients for our research and development projects". Collaborating with Brains Bioceutical, will enable having CBD with EU GMP and API certifications from the MHRA, the UK regulator.
Tamar owns or exercises control or direction of 34,385,706 common shares of InnoCan representing about 20% of the issued and outstanding common shares of InnoCan. In addition, Ralph Bossino, the founder and CEO of Tamar, is a director of InnoCan. Tamar Tech is a shareholder and has a representative on the board of directors of Brains Bioceuticals.
The transaction contemplated by the LOI will constitute a "related party transaction" as defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the "related party transaction". The Company expects to relyon an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company as determined in accordance with MI 61-101.
About InnoCan Pharma Corporation
The Company, through its wholly-owned subsidiary, Innocan Pharma Ltd. ("Innocan Pharma Israel"), is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol ("CBD"). InnoCan and Ramot at Tel Aviv University are collaborating on a new, revolutionary exosome-based technology that targets both central nervous system (CNS) indications and the Covid-19 Corona Virus. CBD-Loaded Exosomes hold the potential to provide a highly synergistic effect of anti-inflammatory properties and help in the recovery of infected lung cells. This product, which is expected to be administrated by inhalation, will be tested against a variety of lung infections.
The Company signed on a worldwide exclusive license agreement with Yissum, the commercial arm of the Hebrew University of Jerusalem to develop CBD drug delivery platform based on a unique-controlled release Liposome to be administrated by Injection. The company plans, together with Prof. Berenholtz, Head of the Laboratory of Membrane and Liposome Research of the Hebrew University to test the Liposome platform on several potential indications. The company is also working on a dermal product integrating CBD with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals, including, but not limited to, topical treatments for relief of psoriasis symptoms as well as the treatment of muscle pain and rheumatic pain. The founders and officers of InnoCan have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally.
About Tamar Technologies Ltd.
Tamar Tech was established in 2018 to identify and invest in specialty biopharmaceutical advancements utilizing phytochemicals, with a scientific and evidential basis, to benefit consumers worldwide, focusing on strategic investments in leading companies in Israel, UK, and Canada.
About Brains Bioceutical Corp:
Brains Bioceutical Corp is a global leader in pharmaceutical, wellness, athletics and veterinary cannabidiol (CBD) based Active Pharmaceutical Ingredient (API) production for commercial use. Our roots lie in nature, the place where exceptional is found. Brains Bioceuticals is one of nine companies in the world to possess the API designation under Eudra GMPD and one of three in the world certified to produce from a natural, plant-based source. Its CBD API product lines are THC-free, non-GMO and produced in wholly-owned BSPG Laboratories in the UK. Forever advancing and enriching, Brains is involved in international clinical trials, including a phase 3, double-blind clinical trial using CPB API for treatment of refractory epilepsy, exclusively supplied by Brains Bioceutical. ALTIS / Brains Bioceutical Living Lab, a state-of-the-art, interdisciplinary athletics training facility, explores, experiments, and evaluates the power of CBD API in elite athletes. With a rare hybrid of pharmaceutical and consumer goods executives, the Brains Bioceutical senior management team works with the science of nature, never against it, extracting its power to help make better.
For further information, please contact:
For InnoCan Pharma Corporation:
Iris Bincovich, CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution regarding forward-looking information
Certain information set forth in this news release, including, without limitation, the entering into of a formal agreement, information regarding the markets, requisite regulatory approvals and the anticipated timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond InnoCan's control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by InnoCan, including expectations and assumptions concerning the anticipated benefits of the product markets, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements. Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact InnoCan can also be found in InnoCan's public reports and filings which are available under InnoCan's profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. InnoCan Pharma does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
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