NEWS

Wize Pharma, Inc. Signs Joint Venture With Cannabics, to Research and Develop Cannabinoid Formulations

Friday, Feb 08, 2019

Wize Pharma, Inc. a clinical-stage biopharmaceutical company focused on the treatment of ophthalmic disorders, today announced that the Company has signed an agreement to form a joint venture (JV) company for the purpose of researching, developing and administering cannabinoid formulations to treat ophthalmic conditions  with Cannabics Pharmaceuticals Inc. ("Cannabics") (OTCQB: CNBX), a world leader in personalized cannabinoid medicine focused on cancer and its side effects.

The agreement will become effective subject to receipt of an expert opinion, within 30 days from the date of signing, describing the regulatory pathway for eye drops containing cannabinoids.  Upon effectiveness, Wize shall issue 900,000 shares of its common stock to Cannabics and Cannabics shall issue 2,263,944 shares of its common stock to Wize.  The agreement shall expire if the parties have not approved a business plan by June 30, 2019.

"The formation of NewCo offers Wize Pharma an opportunity to diversify its portfolio and expand the Company's commitment to the Ophthalmic therapeutic arena, using its existing platform and expertise in the field and through research and development efforts focused on the use of cannabinoids in the treatment of various eye diseases including hitherto untreatable ones," said Wize's Chairman, Noam Danenberg.  "Our interests in this area are well aligned with those of Cannabics', and we are very pleased to announce the agreement and scheduled formation of this JV,"

"This agreement with Wize furthers our mission is to leverage our lab to collaborate with others to create cannabinoid based therapeutics and introduce them to modern medicine.  We are excited to form this JV with Wize Pharma which will enable us to expand our efforts into diversified areas" said Eyal Barad, Co-Founder and CEO of Cannabics Pharmaceuticals.

 

Source: prnewswire.com

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