Innocan Pharma Announces Patent Application for Novel Cannabis-Based Anti-Itch Treatment
Herzlia, Israel and Calgary, Alberta--(Newsfile Corp. - March 10, 2021) - Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTC Pink: INNPF) (the "Company" or "Innocan") filed an international patent application for a novel cannabis-based Anti-itch treatment. The composition is comprised of a pharmaceutically effective amount of a cannabinoid and active ingredients to aid in the relief of itching associated with insect bites, rash, cuts, burns or by exposure to various allergens.
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"The Pruritus Therapeutics Market is estimated to account for over USD 19.10 Billion by 2027 from USD 11.77 Billion in 2019, registering a CAGR of approximately 6.2% through the forecast period. The Pruritus Therapeutics Market is poised to be driven by the growing prevalence of skin diseases," according to a report issued on August 2020, 2020, by Reports and Data.
Innocan Pharma believes that it's expanding intellectual property portfolio of cannabis-based products to be a source of both potential breakthroughs in skin therapy and for further opportunities across a broad spectrum of inflammatory indications with currently unmet medical needs.
Iris Bincovich, CEO, said: "This is another demonstration that Innocan's science-based approach quickly leads to actionable intellectual property. Innocan's R&D is consistently developing new solutions for the well-being of patients by establishing an unrivaled line of medical products through the integration of CBD, based on Innocan's exclusive intellectual property. We plan to launch the Anti-itch Spray in H2 in the EU and the US markets, following a clinical study."
The Company, through its wholly owned Israeli subsidiary, Innocan Pharma Ltd. ("Innocan Israel"), is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol ("CBD"). Innocan Israel 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 Coronavirus using CBD. CBD-loaded exosomes hold the potential to 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.
Innocan Israel signed a worldwide exclusive license agreement with Yissum, the commercial arm of the Hebrew University of Jerusalem to develop a CBD drug delivery platform based on a unique-controlled release liposome to be administrated by injection. Innocan Israel plans, together with Professor Berenholtz, Head of the Laboratory of Membrane and Liposome Research of the Hebrew University, to test the liposome platform on several potential indications. Innocan Israel is also working on a dermal product that integrates 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.
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For Innocan Pharma Corporation:
Iris Bincovich, CEO
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Caution regarding forward-looking information
Certain information set forth in this news release, including, without limitation, 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 products, 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 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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