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Herzliya, Israel and Calgary, Alabama, February 13, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTC: INNPF) (“company” or “Innokan“) is pleased to provide the following company updates.
Innocan’s focus on pharmaceutical and consumer health creates a unique position within the pharmaceutical technology industry by leveraging cutting-edge science to improve the health of patients and consumers.
edge of technology: Innocan’s product development is centered around its proprietary CBD-infused Liposomal Platform Technology (“LPT”), a testament to its commitment to innovation. This technology is designed to be applicable to both humans and animals and provides a new paradigm in treatment efficacy and safety. In addition, Innocan’s consumer wellness portfolio, featuring topicals and cosmetics, addresses growing consumer demand for effective wellness products and emphasizes its commitment to health and wellness.
chance: The global pain management market presents significant opportunities for Innocan. In the US market, over 20% of adults report chronic pain.[1] The need for new and effective treatments is greater than ever. As Innocan enters the market, Innocan’s innovative technology and focus on the therapeutic potential of CBD are well positioned in this large and growing market.
Product overview
Innocan’s product portfolio includes advanced CBD-based formulations for both injectable and topical applications. The product portfolio includes a patent-pending injectable liposome delivery platform for human and veterinary use, as well as a range of topical products for direct pain relief and wellness product lines. Each product category is in strategic development and growth stages supported by clinical and efficacy testing.
Market overview
The human pain management market continues to grow. US$109 billion By 2032.[2] Similarly, the market for topical analgesics is also expected to grow significantly in the coming years. 10.68 billion USD From 2023 onwards 14 billion USD By 2028.[3]
For animal applications, the global veterinary drugs market is expected to reach approximately the following size: 50 billion USD By 2024, the pain management sector will experience strong growth.[4]
regulatory pathway
Professor Chezy Barenholz, Scientific Director at Innocan, said: “The development of our LPT platform is proceeding at a much faster pace than is typical in the pharmaceutical sector.”
Innocan was able to obtain extensive data from several previously conducted preclinical studies on various animal models such as mice, dogs, and goats.
Data obtained from these studies demonstrate similar behavior of the drug among different animals, indicated by long pharmacokinetics over several weeks, high bioavailability, good drug tolerance, and long-lasting efficacy. Indicated. Studies conducted in large mammals support the efficacy of LPT-CBD by showing long-term relief of symptoms such as chronic pain and drug-resistant epileptic seizures. Innocan is currently testing his LPT platform in new animal species and expects results soon.
Following successful preclinical testing, Innocan is actively pursuing the U.S. Food and Drug Administration (“F.D.A.Innocan expects a pre-investigational new drug application to be submitted to the FDA by the end of March 2024.
Innocan boasts a robust intellectual property portfolio consisting of 12 families of patent applications. These uses include a variety of conditions such as pain management, diabetes, and vaginal applications. One patent family has already been granted. US This relates to our topical pain relief technology that combines cannabis and magnesium.
Preliminary Financial Highlights for the Fourth Quarter and Fiscal Year 2023 (unaudited)
Innocan’s preliminary earnings for the fourth quarter of 2023 are expected to be at least $4.89 millionThis represents an increase of approximately 20% from Q3 2023 and an increase of at least 331% compared to Q4 2022.
Innocan’s preliminary earnings for fiscal 2023 are expected to be at least 13.6 million USDThis jump in revenue was primarily due to the strong sales performance of Innocan’s subsidiary, BI Sky Global Ltd. These preliminary revenue figures exceed expenses for the respective periods.
The above information should be read in conjunction with Innocan’s current audited consolidated financial statements. December 31, 2023 (“”audited financial statements“), and management’s discussion and analysis of the fiscal year ended accordingly. December 31, 2023This will be submitted to Innocan’s SEDAR+ profile (www.sedarplus.ca).
Latest company information link https://youtu.be/veb_JH7GuMo
About Innocan
Innocan is a pharmaceutical technology company that operates in two main segments: Pharmaceuticals and Consumer Wellness. In the pharmaceutical sector, Innocan focuses on developing innovative drug delivery platform technologies, including cannabinoid science, to treat a variety of conditions and improve patients’ quality of life. This segment includes his two drug delivery technologies. (i) LPT CBD-loaded liposome platform facilitates precise dosing and sustained and controlled release of CBD into the bloodstream. Research on the LPT delivery platform is in preclinical testing for two of his indications: epilepsy and pain management. In the Consumer Wellness segment, Innocan develops and markets a broad portfolio of innovative, high-performance self-care products to promote healthier lifestyles. Under this division, Innocan established a joint venture company named BI Sky Global Ltd, focused on developing highly targeted online sales. https://innocanpharma.com/
For more information, please contact us below.
For Innocan Pharma Corporation:
Iris Vinkovic, CEO
+1 5162104025
+972-54-3012842
+442037699377
info@innocanpharma.com
Neither the Canadian Securities Exchange nor its regulatory services provider has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Financial Disclaimer
The financial information contained in this press release is based on management’s preliminary unaudited financial statements for the fourth quarter and fiscal year. December 31, 2023. Therefore, such financial information is subject to change. Although the Company does not expect there to be material changes to the financial information contained in this press release, the financial information contained in this news release to the extent it is inconsistent with the information contained in the audited financial statements. Information shall be deemed. They may not be modified or replaced by such audited financial statements. The making of an amended or superseded statement shall not be deemed for any purpose to be an admission that the amended or superseded statement constitutes a misstatement for purposes of applicable securities laws.
Caution regarding forward-looking information
Certain information contained in this news release includes our position in the global pain management market, our expectations regarding the size of the human and animal pain management market, and the growth potential of our products introduced into the market. but not limited to. , strategic expansion plans in the human drug, veterinary and topical market segments, statements regarding the Company’s fourth quarter 2023 and fiscal year 2023 financial results, expectations regarding the timing of the Company’s submission of a pre-investigational new drug application to the FDA; and expectations regarding our pending patent applications are forward-looking information within the meaning of applicable securities laws. By their nature, forward-looking information involves a number of risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain important expectations and assumptions made by Innocan. This includes expectations and assumptions regarding the anticipated benefits of the products, the satisfaction of regulatory requirements in various jurisdictions, and the satisfactory completion of necessary production and sales arrangements. .
Forward-looking information is subject to various risks and uncertainties that could cause actual results or experience to differ materially from the anticipated results or expectations expressed in this news release. Principal risks and uncertainties include, but are not limited to: Governmental and Regulatory Requirements and Actions by Governmental Authorities. Relationships with suppliers, manufacturers, customers, business partners and competitors may be disrupted. and specific to the nature of product distribution, including import and export issues, the inability to obtain (or timely) necessary regulatory and other approvals, and the availability of input and finished products in their respective markets. There is also a risk. product. Our anticipated schedule for market entry is subject to change for a variety of reasons, including our inability to secure necessary regulatory requirements and the need for additional time to enter into and/or satisfy manufacturing and distribution arrangements. . For the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release regarding the timing of product distribution. A comprehensive discussion of other risks affecting Innocan is also included in his Innocan public reports and filings available from his Innocan profile at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking information, as actual results may differ materially from such forward-looking information. Innocan does not undertake to update, amend or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
[1] One in five U.S. adults suffers from chronic pain – Pain News Network study finds high rates of persistent chronic pain among U.S. adults (medicalxpress.com). Pain Management Therapeutics Market Size Report 2022 to 2030 (precedenceresearch.com)
[2] Pain Management Drugs Market Share, Trends, and Forecast, 2032 (gminsights.com)
[3]Research finds high rates of persistent chronic pain among U.S. adults (medicalxpress.com);
[4] Veterinary Drug Market – Trends, Growth, Size (mordorintelligence.com)
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SOURCE Innocan Pharma Corporation
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