Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX:
AVCNF) (FSE: 0NN), an innovative, commercial-stage, and
international biopharmaceutical company focused on the development,
advancement, and commercialization of evidence-based,
cannabinoid-based products, is pleased to announce that it has
executed a non-binding term sheet with Tetra Bio-Pharma (“Tetra”)
to assess entering into a strategic partnership comprising of three
strategic pillars, including:
- The registration
and commercialization of Tetra’s various prescription products
(REDUVO™ AdVersa, QIXLEEF™ and CAUMZ™) across Avicanna’s channels
in Latin/South America.
- Supply of
Avicanna’s Active Pharmaceutical Ingredients (APIs) for Tetra’s
pharmaceutical pipeline. The phyto-cannabinoid APIs would be
sourced from Avicanna’s low cost and sustainable operations in
Colombia.
- Co-development
and support for Avicanna’s pharmaceutical pipeline for Health
Canada and FDA level clinical development and registration.
Aras Azadian, CEO commented, “We look forward to
collaborating with the Tetra team who in many ways been pioneers of
cannabinoid- pharmaceutical products. As the global industry
continues to mature and shift its focus towards evidence-based
medicines, the two companies are well positioned to work in synergy
across several projects and leverage their leadership positions
into fruitful commercial results.”
Steeve Neron, Chief Commercial Officer at Tetra
stated, “Tetra will need multiple reliable sources of API, like
Avicanna’s, to support QIXLEEF™ operations leading to its
successful marketing authorization. QIXLEEF™ is Tetra's proprietary
investigational new drug and is currently being evaluation in two
U.S. FDA-authorized clinical trials. Additionally, Avicanna’s
established distribution channels in Latin/South America may help
advance Tetra’s product commercialization in select
jurisdictions.”
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF)
(FRA:JAM1) is a leader in cannabinoid-derived drug discovery and
development with a FDA and a Health Canada cleared clinical program
aimed at bringing novel prescription drugs and treatments to
patients and their healthcare providers. Their evidence-based
scientific approach has enabled them to develop a pipeline of
cannabinoid-based drug products for a range of medical conditions,
including pain, inflammation, and oncology. With patients at the
core of what they do, Tetra Bio-Pharma is focused on providing
rigorous scientific validation and safety data required for
inclusion into the existing biopharma industry by regulators,
physicians and insurance companies.
For more information visit:
www.tetrabiopharma.com
About Avicanna Inc.
Avicanna is an innovative, commercial-stage, and
international biopharmaceutical company focused on the development,
advancement, and commercialization of evidence-based
cannabinoid-based products for the global consumer, as well as
medical and pharmaceutical market segments. In leading global
cannabinoid advancements, Avicanna conducts its research in Canada
at its R&D headquarters in the Johnson & Johnson Innovation
Centre, JLABS @ Toronto, located in the MaRS Discovery District.
The Company actively collaborates with leading Canadian academic
and medical institutions. Avicanna has established an
industry-leading scientific platform including advanced R&D and
clinical development that has led to the commercialization of more
than thirty products across four main market segments:
- Medical
Cannabis & Wellness Products: Marketed under the RHO
Phyto™ brand these medical and wellness products are an advanced
line of pharmaceutical-grade cannabinoid products containing
varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol
(“THC”). The product portfolio contains a full formulary of
products including oral, sublingual, topical, and transdermal
deliveries that have controlled dosing, enhanced absorption and
stability studies supported by pre-clinical data. The advanced
formulary is marketed with consumer, patient and medical-community
education and training.
- CBD
Derma-Cosmetic Products: Marketed under the Pura H&W™
or Pura Earth™ brands, these registered, clinically tested,
derma-cosmetic products include a portfolio of functional CBD
topical products.
-
Pharmaceutical Pipeline: Leveraging Avicanna’s
scientific platform, vertical integration, and real-world evidence,
Avicanna has created a pipeline of patent-pending drug candidates
that are indication-specific and in various stages of clinical
development and commercialization. These cannabinoid-based drug
candidates provide solutions for unmet medical needs in the areas
of dermatology, chronic pain, and various neurological disorders.
Avicanna’s first pharmaceutical preparation (Trunerox™) is in the
drug registration stage in South America.
-
Cannabinoid Raw Materials: Marketed under the
Aureus™ brand, the Company’s raw material business has successfully
completed sales to 12 countries. Aureus™ offers cannabis dried
flower, standardized seeds, full-spectrum extracts, and cannabinoid
distillates, isolated cannabinoids such as CBD, THC, cannabigerol
(“CBG”) and other rare cannabinoids. Aureus™ products are produced
at Santa Marta Golden Hemp S.A.S, the Company’s majority-owned
subsidiary in Colombia, which is also GACP certified and has United
States Department of Agriculture USDA National Organic Program
certification for its hemp cultivar.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit www.avicanna.com,
contact Ivana Maric by email at info@avicanna.com or follow us on
social media on LinkedIn, Twitter, Facebook or Instagram.
The Company posts updates through videos from the official
Company YouTube channel
https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA.
Cautionary Note Regarding Forward-Looking Information
and Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information contained in this news release may be
identified by the use of words such as, "may", "would", "could",
"will", "likely", "expect", "anticipate", "believe, "intend",
"plan", "forecast", "project", "estimate", "outlook" and other
similar expressions. Forward-looking information contained in this
news release includes, without limitation, statements related to
anticipated financial and/or operational results and outlook,
including projected revenues, projected sales growth, anticipated
expansion of product listings, the Company’s anticipated
application of its products, projected growth, anticipated
geographical expansion, receipt of authorizations and regulatory
approvals, success of clinical trials, scientific advancements and
developments, successful commercialization of products, the
Company’s our priorities, goals and strategies, industry trends and
their anticipated impact, the anticipated impact of current market
conditions on each of our segments and near term expectations,
components and supply chain constraints, and the Company’s
financial statement estimates and assumptions. Although the Company
believes that the expectations and assumptions on which such
forward looking information is based are reasonable, undue reliance
should not be placed on the forward looking information because the
Company can give no assurance that they will prove to be correct.
Actual results and developments may differ materially from those
contemplated by these statements. Forward-looking information is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Such risks and uncertainties
include, but are not limited to current and future market
conditions, including the market price of the common shares of the
Company, and the risk factors set out in the Company's annual
information form dated September 3, 2021 and final short form
prospectus dated November 27, 2020, filed with the Canadian
securities regulators and available under the Company's profile on
SEDAR at www.sedar.com. The statements in this news release are
made as of the date of this release. The Company disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
Future-oriented financial information
Financial outlook and future-oriented financial
information contained in this news release about prospective
financial performance, financial position or revenue is based on
assumptions about future events, including economic conditions and
proposed courses of action, based on management’s assessment of the
relevant information currently available. In particular, this
presentation contains 2022 financial outlook information for the
Company, including expected revenue. These projections contain
forward-looking information and are based on a number of material
assumptions and factors set out above and are provided to give the
reader a better understanding of the potential future performance
of the Company in certain areas. Actual results may differ
significantly from the projections presented herein. These
projections may also be considered to contain future oriented
financial information or a financial outlook. The actual results of
the Company’s operations for any period will likely vary from the
amounts set forth in these projections, and such variations may be
material. See above together with the “Risk Factors” set out in the
Company's annual information form dated September 3, 2021 and final
short form prospectus dated November 27, 2020, filed with the
Canadian securities regulators and available under the Company's
profile on SEDAR at www.sedar.com for a further discussion of the
risks that could cause actual results to vary. Readers are
cautioned that any such financial outlook and future-oriented
financial information contained herein should not be used for
purposes other than those for which it is disclosed herein.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dec8f178-991b-406e-9d56-37e29fef9ff2
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