Business
Innocan Pharma Provides Annual "State of the Business" Update
Herzliya, Israel and Calgary, Alberta--(Newsfile Corp. - February 16, 2023) - Innocan Pharma Corp...
About this update from Innocan Pharma Corporation
[{"type":"text","content":"Innocan Pharma Provides Annual \"State of the Business\" UpdateHerzliya, Israel and Calgary, Alberta--(Newsfile Corp. - February 16, 2023) - Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (the \"Company\" or \"Innocan\") a pharmaceutical technology company focusing on developing innovative drug delivery platform technologies and owner of a proprietary IP portfolio, is pleased to report an annual \"State of the Business\" update, including with respect to the company's advancements in Research, Intellectual Property and Commercialization, alongside announcing the closing of a non-brokered private placement offering of 1,982,000 units for gross proceeds of $495,500, and the issuance of 438,740 stock options to certain employees and consultants of the Company.\"Innocan is in the midst of a heavy-lifting effort to deliver in all fronts,\" says Innocan CEO Iris Bincovich. \"We are now building the business, legal and material infrastructure to support expansion and commercialization of our intellectual property, in the pre-clinical stage.\"The updates are as follows:Company's Activity Under Research Agreements:On January 12, 2022, the Company announced a second amendment (the \"Second Amendment\") to the research and license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem Ltd. (\"Yissum\") in connection with the evaluation of the efficacy of the Company's CBD-loaded liposome platform technology (\"LPT\") in treating dogs. Pursuant to the Second Amendment, Yissum will conduct additional research related to liposomal CBD on dogs (the \"Additional Research\") for an additional research fee of $100,000. The Additional Research will be performed by Professor Merav Shamir of the veterinary neurology and neurosurgery department at the Koret School of Veterinary Medicine Hospital, Hebrew University of Jerusalem for a period of six months, in accordance with a new research program and budget which will supplement the previous research program pursuant to the original research and license agreement. The Company expects to initiate licensing discussions regarding the veterinarian application of this form of CBD therapy within the next 12 months, and to proceed to the safety testing stages throughout 2023, subject to the terms of the license agreement. The Company estimates the costs of ...