TORONTO, May 22, 2019 /CNW/ – Ethicann Pharmaceuticals Inc., a Toronto-based ethical pharmaceutical company, today announced a development and commercial supply partnership with Ilera Therapeutics LLC (Newtown Square, Pennsylvania). Ethicann was founded in 2018 as a pharma enterprise with a global focus by executives and investors with extensive experience in the Canadian and U.S. pharmaceutical and Canadian cannabis industries. Ethicann’s strict focus is the commercialization of cannabis-based ethical drugs that will be submitted for marketing approvals to Health Canada, the U.S. Food and Drug Administration and other global pharma regulatory authorities. Ethicann completed its initial financing earlier this year.
Ilera Therapeutics is part of the Ilera group of companies that are leading licensed growers/extractors of cannabis products in Pennsylvania and Louisiana, selling botanical cannabinoid oils and related products to medical marijuana dispensaries in each state. Moreover, the members of Ilera Therapeutics’ management team and Board have highly respected global pharma backgrounds, headed by Chairman Osagie Imasogie–who held senior executive positions at GlaxoSmithKline and Dupont Merck. In their partnership, the two companies share a keen interest in the development and commercialization of cannabis-based pharmaceuticals that target important disease areas and that will be subject to the rigors of global drug regulatory review.
Ilera Therapeutics will develop and manufacture a highly purified botanical THC-based product that can be used by Ethicann to conduct a limited clinical study to support a market approval application that Ethicann will file initially in the United States for its CAN-001 product. Ethicann will then seek approvals in other global markets, using the same clinical data.
CAN-001 is a treatment for chemotherapy-induced nausea and vomiting (CINV), which occurs in approximately 80% of the new 23.6 million cases of cancer annually worldwide. The global market for treating CINV with THC is estimated at USD $2.66 billion.
FORWARD LOOKING STATEMENT:
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.