TEL AVIV, Israel, June 21, 2016 /PRNewswire/ --
Therapix Biosciences(OTCQB: THXBY) (TASE: THXBY), the pharma company specializing in the development and commercialization of cannabinoid-based drugs, announced today (Wednesday) that it entered into a binding memorandum of understandings with a Swiss pharmaceutical development company, to receive a worldwide and exclusive license to use the formulation for sublingual administration of ultralow dosages of THC, for the purpose of developing and marketing the formulation in the indications on which the Company has chosen to focus, with an emphasis on cognitive impairments.
The final agreement will be signed, inter alia, subject to the completion of an initial clinical trial in the technology to the satisfaction of Therapix, and the completion of a technology due diligence.
Dr. Elran Haber, Therapix Biosciences' CEO, stated that "the Company continues to realize its business strategy in the research and development of cannabinoid-based drugs. We believe that the sublingual technology for administrating the active ingredient, will allow us to improve the absorption and shorten the time for receiving the therapeutic effect of THC in the drugs that we develop. This unique formulation will expand the Company's technological ability set, and we believe that it will enable us to provide an improved response in treating the indications on which the Company has chosen to focus, concurrently with the commencement of the clinical trials in H2/2016."
Several days ago, Therapix Biosciences filed an application with the U.S. Food and Drug Administration to approve an "orphan" drug designation for a drug (THX-TS01) developed based on the entourage technology, which combines cannabinoid substances in treating Tourette syndrome. The application was filed after the completion of the pre-clinical phase and proof-of-concept of the entourage technology and further to the Company's preparations towards the development of a drug based on the technology in the context of clinical trials in humans.
About Therapix Biosciences
Therapix Biosciences is an Israeli pharma company specializing in the development and commercialization of approved drugs that are based on cannabinoid molecules. The Company is listed on the Tel Aviv Stock Exchange and is also traded over-the counter (OTC) in the United States. The Company is engaged in the development of a drug based on cannabinoids and the entourage technology for treating Tourette syndrome, and is preparing for the development of a cannabinoid-based drug for treating impairments in cognitive functioning (including preliminary stages of Alzheimer's disease). The Company's Chairman is Dr. Ascher Shmulewitz and Dr. Elran Haber is its CEO.
For further details, Goldfinger Communications, Irit Radia, +972-54-6699311
SOURCE Therapix Biosciences