TEL AVIV, Israel, November 10, 2016 /PRNewswire/ --
Therapix Biosciences, (OTCQB: THXBY) (TASE: THXBY.TA), a pharmaceutical company specializing in the development of cannabinoid-based product candidates, signed a non-binding memorandum of understanding for strategic cooperation with Rafa Laboratories Ltd. (Rafa), a leading pharmaceutical company, for the purpose of conducting a proof-of-concept clinical trial for a cannabinoid based product candidate to treat various medical indications characterized by lower abdominal pain.
Therapix plans to make use of its licensed entourage technology for the purpose of integrating a palmitoylethanolamide (PEA) with an FDA approved cannabinoid drug.
According to the MOU, which is subject to the execution of a definitive agreement within four months, Rafa will supply the approved drug to Therapix for conducting the clinical trial, and will bear the costs of, and manage the logistical and regulatory aspects related to the clinical trial, in consideration for an exclusive worldwide (excluding North America) right to manufacture the product candidate, and the right to market the product candidate in Israel.
Therapix is an Israeli pharmaceutical company specializing in the development and commercialization of drugs that are based on approved cannabinoid molecules. The Company's secutities are listed on the Tel Aviv Stock Exchange and traded over-the counter (OTC) in the United States. The Company's product candidates are being developed to treat Tourette syndrome and impairments in cognitive functioning (including preliminary stages of Alzheimer's disease).
Rafa, incorporated in 1937, is one of Israel's leading pharmaceutical companies. The company specializes in marketing, manufacture and distribution of proprietary and generic formulations, prescription and over-the-counter medicines, as well as therapeutic products in various medical fields such as pain, gastroenterology, respiratory diseases and dermatology.
One of Rafa's fields of expertise is the manufacture of drugs for other companies, implementing the contract manufacturing method, and it offers a range of services under a one-stop-shop concept.
Rafa has an advanced manufacturing facility approved for production in Israel, Europe and additional countries in the world.
To date, Rafa is the only company in Israel having the capacity for mass production of sterile and aseptic ampoules, and it manufactures, markets and exports ampoules for use in hospitals and clinics as well as syringes for military and civil defense uses.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Because such statements deal with future events and are based on Therapix's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Therapix could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding the transaction contemplated by the memorandum of understanding with Rafa. In addition, since the terms of the memorandum of understanding with Rafa are non-binding, no assurances can be made that the parties will ultimately enter into a definitive agreement. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Therapix Biosciences Ltd.'s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (SEC) and in subsequent filings with the SEC. Except as otherwise required by law, Therapix disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
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SOURCE Therapix Biosciences