TORONTO, April 2, 2019 /PRNewswire/ - Ethicann Pharmaceuticals Inc. ("Ethicann" or the "Company"), a Toronto based ethical pharmaceutical company using pharmaceutical grade botanically sourced cannabinoid oils to formulate ethical drugs, has closed a successful initial financing round. Investors include several Canadian and US venture funds and high net worth individuals and entrepreneurs with considerable industry experience.
The Company was formed in 2018 as a global pharma enterprise, by founders with extensive experience in the Canadian and US Pharma and Cannabis industries. Over the last 10 months, the Company has achieved a number of important milestones to further its business plan. For example, Ethicann's US subsidiary recently held a successful Pre-IND meeting with the US Food and Drug Administration ("FDA") to discuss the 505(b)(2) requirements for a marketing approval for its first product (CAN-001) to treat chemotherapy-induced nausea and vomiting. Ethicann is now finalizing its development and manufacturing agreements with a licensed cannabis producer/extractor to provide investigational pharmaceutical drugs. Following that, the Company expects to initiate the requisite limited bioequivalence trial and then expects to submit a market approval application early in 2020. Ethicann has also recently initiated discussions with Health Canada ("HC") on the regulatory pathway for its second pharmaceutical product and contemplates requesting a Pre-NDS (New Drug Submission) meeting later in 2019.
The Company has Letters of Intent with several HC licensed growers/extractors for the supply of purified pharmaceutical grade cannabinoid oils for future product development and conduct of clinical trials in Canada and the US. The Company plans to use clinical data from such clinical trials to globally market its products.
In late 2018, Ethicann joined the PEI BioAlliance Emergence Incubator and is participating in their programs, which include non-dilutive funding of some of Ethicann patent and regulatory development expenses.
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Ethicann and anticipated events or results, are assumptions based on beliefs of Ethicann's senior management as well as information currently available to it. While these assumptions were considered reasonable by Ethicann at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Ethicann to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities, general economic, market and business conditions, as well as other risks and uncertainties. Ethicann does not undertake any obligation to update forward-looking statements should these assumptions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Ethicann securities.
SOURCE Ethicann Pharamaceuticals Inc.