BETHESDA, Maryland and TEL AVIV, Israel, Feb. 7, 2019 /PRNewswire/ -- 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.
Forward Looking Statements
Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. For example, we are using forward-looking statements when we discuss the formation of the JV and the agreement and timing of a business plan, the contribution by each of Wize Pharma and Cannabics of cash and other assets into the JV and the parties' intention to launch a JV that intends to pursue cannabinoid-based compositions which can benefit patients who suffer from ophthalmic disorder indications. The statements in this release are based upon the current beliefs and expectations of Wize Pharma and Cannabics' management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, the parties' ability to license and protect their intellectual property, the parties' ability to raise additional capital in the future that is necessary to maintain their respective businesses, changes in government policy and/or regulation, potential litigation by or against either party, any governmental review of the parties' products or practices, as well as other risks discussed from time to time in each of Wize Pharma and Cannabics' filings with the Securities and Exchange Commission. Wize Pharma and Cannabics undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
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SOURCE Cannabics Pharmaceuticals Inc and Wize Pharma, Inc.