Cannabics and Wize Pharma to Form Joint Venture to Develop Cannabinoid Based Ophthalmic Therapeutics
Cannabics Pharmaceuticals announced that it has entered into agreement with Wize Pharma, 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.