Medical grade cannabis products developer Canonic Ltd., a subsidiary of Evogene Ltd. (NASDAQ:EVGN) (TASE: EVGN), revealed Tuesday that it had seen positive results in pre-clinical studies in inflammatory and pain model systems. The study was conducted in Israel's Hadassah Medical Center and the Migal - Galilee Research Institute in Kiryat Shmona.
The results confirmed the identification of specific cannabis varieties with heightened anti-inflammatory and pain relief properties for Canonic's medical cannabis Precise product line and have led to a patent application filing.
Under its Precise product line, Canonic seeks to develop medical-grade cannabis inflorescence and oil products that provide relief for patients for specific medical indications with a high level of consistency and specificity in its clinical effects. Canonic's first product candidates within the Precise program, which target pain relief and inflammation reduction, are expected to be launched in Israel in 2023, followed by a European expansion.
"We are pleased with the progress achieved in these pre-clinical studies, which now allow us to advance the development of our first products in the Precise medical cannabis line,” Dr. Arnon Heyman, CEO of Canonic stated. “These results demonstrate further confirmation for the power of the computational biology platform that we use, supported by Evogene's GeneRator AI tech engine. I would like to thank our partners at Hadassah Medical Center and Migal - Galilee Research Institute and I look forward to continuing the development of our novel products. “
Pre-Clinical Results ‘Impressive’
Canonic expects to continue the development of these best performing varieties throughout 2022, including the gathering of clinical data, in expectation of commercializing its first Precise products in 2023 in Israel, with planned expansion into Europe to follow.
"We would all like to think that cannabis represents a potential solution for specific, difficult to treat, medical conditions, such as pain or inflammatory diseases, for which we lack ideal treatments,” said Prof. Yossi (Joseph) Tam, managing director of the Multidisciplinary Center for Cannabinoid Research at Hebrew University & advisor to Canonic. “After all, it would be poetic if nature's wisdom provided the medicine we have not yet designed ourselves. The ability of Canonic's medical cannabis varieties in reducing pain and inflammation in pre-clinical settings is impressive.”
In addition, the company recently strengthened its management team with the recruitment of Tanya Damm Bokobza, EVP business development and Dr. Haleli Sharir, clinical research director.
More recent news from Evogene:
Evogene's Canonic Launches First Two Medical Cannabis Products In Israel Ahead Of Schedule
Canonic Announces Pre-Launch of Medical Cannabis Products in Israel
Price Action
Evogene shares traded 2.55% lower at $1.53 per share during Tuesday pre-market session.
Photo: Courtesy of CRYSTALWEED cannabis on Unsplash
