Tikun Olam-Cannbit takes another step into the pharmaceutical arena

TEL AVIV, Israel, June 24, 2021 /PRNewswire/ -- Tikun Olam Cannbit (TASE: TKUN) reports acquisition of 20% of the leading Femtech company Gynica, developer of cannabinoid-based solutions for women's health.

Tikun Olam-Cannbit today reported an estimated NIS 5 million agreement for investment in 20% of the shares in  Gynica, the leader in initial patented development in gynecology that has been clinically proven, in exchange for services to Gynica.

In exchange for the allocated shares, Tikun Olam-Cannbit will provide Gynica with an array of services for development of vaginal suppositories, lubricating gel and additional future products that contain cannabinoids. Additionally, the array of services will include a clinical trial that the company will fund, along with scientific advisory services, provision of raw medical cannabis materials, establishment of a dedicated production line for the clinical trial to produce a vaginal suppository with IMC-GMP certification, to be followed by additional products (subject to approval of the Medical Cannabis Unit) and additional services.

Tikun Olam-Cannbit announces the start of a joint clinical study that is the first of its kind worldwide for a cannabis-based vaginal product to treat gynecological problems for which to date there has been no solution. The study will be led by Prof. Moshe Hod, a renowned international gynecology expert and President of the European Association of Perinatal Medicine (EAPM)

Avinoam Sapir, CEO of Tikun Olam-Cannbit, said, "The acquisition agreement for Gynica is part of our strategy to become a cannabis-based pharmaceutical company. We differentiate ourselves by not sufficing with inflorescence and oils, but strive for precise pharmaceutical formulations, with a precise indication that have been proven clinically effective through research. Gynica specializes in scientific and technological medical cannabis innovation for women and is one of the first companies in the world to conduct clinical research on a cannabis-based vaginal product. This is a market with a very strong potential, with markets such as Canada, Australia and the UK, which have a growing demand for these products and regulation that makes it possible"

Prof. Moshe Hod, President of Gynica said, "Gynica, a global pioneer in research and development of cannabis-based products for the treatment of gynecological issues, is excited to partner with medical cannabis pioneer, Tikun Olam-Cannbit. This partnership is an important milestone in improving the quality of life of hundreds of thousands of women in Israel and millions of women worldwide who to date have not received a safe and proper solution for the variety of problems and symptoms they experience daily, and there is no doubt that Tikun Olam-Cannbit's entry into the production and marketing of advanced and clinically proven cannabis-based products marks a breakthrough for gynecology and the industry as a whole."

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SOURCE Tikun Olam Cannbit