Avicanna Inc. (“
Avicanna” or the
“
Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN),
a biopharmaceutical company focused on the development,
manufacturing and commercialization of plant-derived
cannabinoid-based products, is pleased to announce that the Company
has entered into a master services agreement (the “
Master
Services Agreement”
) with the University
Health Network (“
UHN”) for projects to be
performed by Dr. Peter Carlen as the principal investigator related
to epilepsy. Additionally, the company has completed the technical
transfer and first pharmaceutical pilot production of its epilepsy
drug candidate at Altea Farmaceutica S.A.
(“
Altea”) in Bogota, Colombia, a major step
required for the final preparation for its registration and
commercialization in South America.
The epilepsy research collaboration is lead by
Dr. Peter Carlen, who is a Senior Scientist at the Krembil Research
Institute at UHN and a world-renowned researcher in the field of
epilepsy. Dr. Carlen's laboratory will be analyzing Avicanna's RHO
Phyto and pharmaceutical cannabinoid-based products (the
“Products”) for their efficacy in the treatment of
seizures. The partnership will also co-develop a high throughput
electrophysiological testing system for the evaluation of multiple
cannabinoid ratios and in combination with standard epileptic
drugs. In addition, the system will examine standard anti-seizure
drugs for their efficacy in the model and determine the potential
synergistic value of adjunctive cannabinoids, and cannabinoids as
monotherapy in treating seizures in this in vitro setting.
Dr. Peter Carlen commented: “The Carlen lab is
very pleased to research the relationships between the premium
medicinal cannabinoid products of Avicanna and their effects on
epilepsy. Also, in collaboration with Avicanna, we are developing a
high-throughput platform to assess these interactions. We think
that medical cannabinoids will have a major impact on brain health,
particularly as we gain greater understanding of their effects on
brain function in health and disease.”
The services to be performed under the Master
Services Agreement will be provided on an exclusive basis and Dr.
Carlen's laboratory has agreed to not conduct testing on any
formulations or products similar to the Products for a period of
two (2) years. All intellectual property created under the Master
Services Agreement will remain the sole property of
Avicanna. The research collaboration is further expanded to
include electrophysiological studies of medical cannabinoids on 3D
human cerebral organoids and neuroglial cultures with the support
of a two-year Mitacs Accelerate program grant.
Avicanna also completed its first pharmaceutical
level production of its first epilepsy drug candidate under GMP and
ICH guidelines which are necessary for sanitary drug registration.
The formulation developed by Avicanna includes active
pharmaceutical ingredients which are cannabinoids produced by
Avicanna’s subsidiary Santa Marta Golden Hemp S.A.S. The final GMP
manufacturing took place at Avicanna’s exclusive manufacturing
partner’s, Altea’s, facility in Bogota, which is a Health Canada
and ANVISA (Brazil) approved GMP facility. The completion of this
pharmaceutical production now allows Avicanna to proceed with drug
registrations for epilepsy across several markets in South America
including Colombia and Brazil.
Aras Azadian, CEO of Avicanna, commented: “We
are pleased to demonstrate our dedication to world-class research
and to take this stride in our epilepsy research program with a
leading Canadian research institute and Dr. Carlen. This
multi-level partnership will help to further study our current
medical cannabis and pharmaceutical products, and will support the
development and increase the depth of our pharmaceutical pipeline.
Additionally, the completion of our first pharmaceutical production
marks a milestone event in our drug development plans and
highlights our capabilities to scale our drug formulations from
bench top to industrial manufacturing.”
About the Krembil Research Institute at
UHN
The Krembil Research Institute at Toronto
Western Hospital at UHN is home to one of the world’s largest
and most comprehensive teams of physicians and scientists uniquely
working hand-in-hand to prevent and confront problems of the brain
and spine. One in three Canadians will experience a brain-related
condition such as Parkinson’s, Alzheimer’s or Stroke in their
lifetime. Through state-of-the-art patient care and advanced
research, we are working relentlessly toward finding new treatments
and cures.
About Mitacs
Mitacs is a not-for-profit organization that
fosters growth and innovation in Canada by solving business
challenges with research solutions from academic institutions.
Mitacs is funded by the Government of Canada, the Government of
Alberta, the Government of British Columbia, Research Manitoba, the
Government of New Brunswick, the Government of Newfoundland and
Labrador, the Government of Nova Scotia, the Government of Ontario,
Innovation PEI, the Government of Quebec, and the Government of
Saskatchewan.
About Avicanna Inc.
Avicanna is a diversified and vertically
integrated Canadian biopharmaceutical company focused on the
research, development, and commercialization of plant-derived
cannabinoid-based products for the global consumer, medical, and
pharmaceutical market segments.
Avicanna is an established leader in cannabinoid
research and development, which it primarily conducts at its
R&D headquarters in the Johnson & Johnson Innovation
Centre, JLABS @ Toronto, Canada and in collaboration with leading
Canadian academic and medical institutions. In addition to its
developing pharmaceutical pipeline, Avicanna’s team of experts have
developed and commercialized several industry leading product
lines, including:
-
Pura Earth™ or Pura H&W™: an advanced and clinically tested
line of CBD consumer derma-cosmetic products; and,
- RHO Phyto™: an
advanced line of medical cannabis products containing varying
ratios of CBD and THC currently available nation-wide across Canada
in partnership with Medical Cannabis by Shoppers™, a subsidiary of
Shoppers Drug Mart. RHO Phyto is the first strictly medical
formulary of advanced “Cannabis 2.0” products, containing oils,
sprays, capsules, creams, and gels, all 2 developed with scientific
rigour, manufactured under GMP standards and supported by
pre-clinical data.
With ongoing clinical trials on its
derma-cosmetic (branded as Pura Earth or Pura H&W), medical
cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical
products, Avicanna’s dedication to researching the important role
that cannabinoids play in an increasingly wider scope of products
has been at the core of the Company’s vision since its inception.
Furthermore, Avicanna’s commitment to education is demonstrated
through its annual medical symposium, the Avicanna Academy
educational platform, and the My Cannabis Clinic patient program
through its subsidiary company.
Avicanna manages its own supply chain including
cultivation and extraction through its two majority-owned
subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp
S.A.S., both located in Santa Marta, Colombia. Through these
sustainable, economical, and industrial scale subsidiaries,
Avicanna cultivates, processes, and commercializes a range of
cannabis and hemp cultivars dominant in CBD, CBG, THC, and other
cannabinoids for use as active pharmaceutical ingredients.
Avicanna’s Avesta Genetica program specializes in the development
and optimization of rare cultivars for commercial production along
with feminized seeds for global export. In June 2020, Avicanna made
history with a shipment of hemp seeds to the United States of
America by completing the first ever export of hemp seeds from
Colombia.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit,
President by email at info@avicanna.com.
Cautionary Note Regarding
Forward-Looking Information and Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information contained in this press release may be
identified by the use of words such as, "may", "would", "could",
"will", "likely", "expect", "anticipate", "believe, "intend",
"plan", "forecast", "project", "estimate", "outlook" and other
similar expressions, and includes statements with respect to the
ability of the Company to carry on its obligations with UHN,
Mitacs, or Altea, the ability of UHN or its staff to perform the
studies referred to in this news release, or the potential outcomes
of such studies referred to herein. Forward-looking information is
not a guarantee of future performance and is based upon a number of
estimates and assumptions of management in light of management's
experience and perception of trends, current conditions and
expected developments, as well as other factors relevant in the
circumstances, including assumptions in respect of current and
future market conditions, the current and future regulatory
environment; and the availability of licenses, approvals and
permits.
Although the Company believes that the
expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because the Company can
give no assurance that they will prove to be correct. Actual
results and developments may differ materially from those
contemplated by these statements. Forward-looking information is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Such risks and uncertainties
include, but are not limited to current and future market
conditions, including the market price of the common shares of the
Company, and the risk factors set out in the Company's annual
information form dated April 15, 2020 and final short form
prospectus dated November 27, 2020, filed with the Canadian
securities regulators and available under the Company's profile on
SEDAR at www.sedar.com.
The statements in this press release are made as
of the date of this release. The Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
Avicanna (TSX:AVCN)
Historical Stock Chart
From Apr 2024 to May 2024
Avicanna (TSX:AVCN)
Historical Stock Chart
From May 2023 to May 2024