Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development and commercialization of plant-derived medical and pharmaceutical cannabinoid-based products, has entered into an exclusive license and supply agreement with an established South American pharmaceutical company to commercialize up to four of Avicanna’s proprietary cannabinoid-based pharmaceutical preparations.
“We believe the cannabis industry has to evolved to distinguish between medical and adult use focused companies through the nature of the products, associated evidence, their channels and , international markets and capabilities of these companies,” Aras Azadian, CEO of Avicanna told Benzinga. “We are excited and pleased to have carved our unique place within the medical and pharmaceutical side of the industry at an international level where we have already started to demonstrated the potential of our products across several medical indications”
Agreement Highlights
Through the license and supply agreement, Avicanna will license the company’s intellectual property and supply finished pharmaceutical products starting initially with its proprietary 10% cannabidiol oral preparation. In connection with the partnership Avicanna can earn up to CA$1.3 million ($1.03 million) in initial licensing fees through achieving near-term milestones.
The intellectual property related to Avicanna’s proprietary cannabinoid-based pharmaceutical preparations was originally developed through the company’s well established drug delivery platform and further studied through various Canadian research collaborations where the formulations demonstrated stability and bioavailability. The pharmaceutical form of these formulations was then manufactured in Colombia, through the company’s global vertical integration, where the cannabinoid raw material is also sourced from the company’s cultivation and extraction infrastructure.
The company expects for the first product that is a 10% to be presented to the medical community to be prescribed for neurological disorders including epilepsy similar the Jazz Pharamceuticals’ (NASDAQ:JAZZ) Epidiolex.
Aras Azadian, CEO of Avicanna, will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
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