TEL AVIV, Israel and BETHESDA, Maryland, June 17, 2021 /PRNewswire/ -- Cannabics Pharmaceuticals Inc. (OTCQB: CNBX), a global leader in the development of cancer related cannabinoid-based medicine, announced today the expansion of its research program with new drug development projects targeting Prostate Cancer, Neurodegenerative & Mental Health diseases. The announcement of the new research projects follows promising initial preclinical results obtained in the company's in-house drug discovery facility in Rehovot, Israel. Study results indicate the potential efficacy of a variety of specific analytes for the indications tested. The experiments performed were conducted on cell lines and human biopsies obtained under Helsinki Committee approval. The company plans to continue development of these drug candidates and continue testing with animal models while entering a drug regulatory development route for each indication.
This announcement also comes following the company's promising animal model study results for company's proprietary Colorectal Cancer treatment drug candidate RCC-33. The company has also recently announced a decision to enter the Melanoma and Breast Cancer markets with new drug development projects.
Gabriel Yariv, company President and COO said: "We have invested a great deal of effort over the past 18 months in expanding our drug development projects. In doing so, we have established a drug development pipeline addressing an estimated $78.1B market size. This market is also expected to grow in the coming years. For example, the Breast Cancer market alone is estimated to grow from $21.58B in 2019 to $55.27B in 2027, according to Fortune Business Insights. We now have four cancer treatment drug development projects for Colorectal Cancer (CRC), Melanoma, Breast Cancer and Prostate Cancer; one pre-cancer antitumor drug development project for the treatment of Adenomatous Polyps in collaboration with Digestix Bioscience Inc.; one palliative drug development project for the treatment of Cancer related Anorexia Cachexia Syndrome (CACS); and two early-stage drug discovery projects targeting Neurodegenerative and Mental Health diseases".
Eyal Barad, Cannabics Pharmaceuticals' Co-founder and CEO commented: "During the past year and a half, we have made announcements of several important milestones that we have achieved, all as part of our strategy focused on creating a portfolio of valuable intellectual property to support our methodology and expanding product pipeline development. Today, we see the outcome of this ongoing effort in looking at our core growth initiatives ultimately aimed at developing products to help large groups of patients around the world and cater to their medical needs, including several of their unmet needs. We continue to put together a robust package for scheduling our Pre IND meeting with the FDA and before heading into human trials. We have doctors and hospitals already looking to collaborate with us on such clinical studies and hope to be able to do so during 2022. In parallel, we continue the development of our new drug candidates and plan to enter animal model studies later this year."
About Cannabics Pharmaceuticals:
Cannabics Pharmaceuticals Inc. (OTCQB: CNBX) is a U.S. public company and a global leader in the development of cancer related cannabinoid-based medicine. 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 more information, please visit www.cannabics.com. For the latest updates on Cannabics Pharmaceuticals follow the Company on Twitter @Cannabics, Facebook @CannabicsPharmaceuticals, LinkedIn, and on Instagram @Cannabics_Pharmaceuticals.
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. The statements in this release are based upon the current beliefs and expectations of our Company's management and are subject to significant risks and uncertainties. Actual results may differ from those outlined in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission including, without limitation, our latest 10-Q Report filed April 14th, 2021. We undertake no duty to update any forward-looking statement or any information contained in this press release or other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Cannabics Pharmaceuticals Inc., which are condoned by the Company, must emanate from the Company itself and bear our name as its source.
SOURCE Cannabics Pharmaceuticals Inc.