Cannabics Pharmaceuticals Inc. (OTCQB: CNBX) a world leader in personalized cannabinoid medicine focused on cancer and its side effects, today announced that it has entered into agreement with Wize Pharma, Inc. (OTCQB: WIZP), a clinical-stage biopharmaceutical company focused on the treatment of ophthalmic disorders, and that has distribution rights of known medical formulae related to eye diseases.
Initially announced in a press release on June 29, 2018, the two companies have been advancing planning and have concluded, that subject to completing a mutually agreeable business plan and obtaining an expert opinion in order to identify a potential FDA route for ophthalmic therapy containing cannabinoids, each expected to occur within 30 days, that they are ready to form a joint venture (JV) company, for the purpose of researching, developing, and administering cannabinoid formulations to treat ophthalmic disorder indications.
Both parties will contribute necessary cash, in amounts to be agreed upon, and non-cash assets in order to fund the JV.
"This new venture is part of our strategy to leverage our lab, R&D License and our teams' know-how to develop and bring to the market cannabinoid-based medicine for specific indications where anecdotal evidence exists but scientific data lacks. Such is the case with Ophthalmic disorders, a field in which Wize Pharma has already made significant strides in its efforts to alleviate the effects of conditions associated with ophthalmic disorders, such as dry-eye."
"We will continue to seek out partnerships and collaborate with others in order pursue our vision, which is to bring Cannabinoid based treatments into modern-day medicine," says Eyal Barad, CEO of Cannabics Pharmaceuticals.
About Wize Pharma, Inc.
Wize Pharma, Inc. is a clinical-stage biopharmaceutical company currently focused on the treatment of ophthalmic disorders, including dry eye syndrome ("DES"). Wize Pharma has in-licensed certain rights to purchase, market, sell and distribute a formula known as LO2A, a drug developed for the treatment of DES, and other ophthalmological illnesses, including conjunctivochalasis ("CCH") and Sjögren's Syndrome. Wize Pharma is currently conducting a Phase II trial of LO2A for patients with CCH and a Phase IV study for LO2A for DES in patients with Sjögren's. LO2A is currently registered and marketed by its inventor in Germany and Switzerland for the treatment of DES, in Hungary for the treatment of DES and CCH and in the Netherlands for the treatment of DES and Sjögren's. Wize Pharma's strategy involves engaging local or multinational distributors to handle the distribution of LO2A.
About Cannabics Pharmaceuticals
Cannabics Pharmaceuticals Inc. (CNBX) is a U.S public company that is developing a platform which leverages novel drug-screening tools and artificial intelligence to create cannabinoid-based therapies for cancer that are more precise to a patient's profile. By developing tools to assess effectiveness on a personalized basis, Cannabics is helping to move cannabinoids into the future of cancer therapy. The company's R&D is based in Israel, where it is licensed by the Ministry of Health to conduct scientific and clinical research on cannabinoid formulations and Cancer. For the latest updates on Cannabics Pharmaceuticals follow the company on Twitter @cannabics1, Facebook @CannabicsPharmaceuticals and LinkedIn.
