TEL AVIV and REHOVOT,
Israel, Feb. 24, 2021 /PRNewswire/ -- Cannbit Ltd., a
subsidiary of Tikun Olam-Cannbit Ltd. (TASE: TKUN), a leading
medical cannabis company, and Canonic Ltd., a subsidiary of Evogene
Ltd. (NASDAQ: EVGN) (TASE: EVGN), focused on the development of
medical cannabis products, today announced that they have entered
into a collaboration agreement for the development of novel medical
cannabis products.
Cannabis is known to contain hundreds of active compounds, and a
critical need in the medical cannabis industry today is to connect
specific active compounds to the relevant medical indication and to
develop cannabis strains and products that include these specific
active compounds in a stable and consistent manner. Many companies
and research centers are attempting to address this challenge, but
to date only limited success has been reported. Cannbit and Canonic
believe that integrating their complementary cannabis expertise and
data will be a significant and unique advantage in providing a
solution to this challenge.
The companies expect that a combination of Cannbit's vast
clinical data with respect to the impact of medical cannabis
strains over many years, together with Canonic's recognized leading
computational biology platform and cannabis breeding capabilities,
will lead the companies to successful joint development of the
target products. The development of the new products will be
performed at Canonic's R&D facility and will be based on
cannabis strains that both companies will contribute to the
collaboration.
According to the agreement, each company will have full
commercial rights to the products arising from the collaboration,
and there will be cross royalties by each to the other company. It
is the intention of the parties that the collaboration will be
performed according to a work plan to be agreed upon by the parties
and which will serve as the basis for an agreement that will cover
the development program. Additional financial terms of the
collaboration were not disclosed.
Mr. Avinoam Sapir, CEO of Tikun Olam-Cannbit stated:
"Combining the synergistic capabilities of Canonic and Cannbit
should provide a substantial competitive advantage with respect to
both timing and quality of results. We are proud to partner
with Canonic, a leader in the cannabis breeding field and
computational genomics. The agreement is an important step in Tikun
Olam-Cannbit's strategic growth and builds on other recently signed
significant agreements."
Dr. Arnon Heyman, CEO of
Canonic stated: "We enthusiastically look forward to this
collaboration with Cannbit, a leading medical cannabis company with
substantial commercial experience and clinical data.
Representing an important part of our "Precise" product program, we
are confident that this combination of complementary capabilities
and technologies is unique in the cannabis field and look forward
to reporting our progress."
About Tikun Olam-Cannbit Ltd.:
Founded in 2006, Tikun Olam was acquired by Cannbit
Pharmaceuticals in 2019. Today, Tikun Olam-Cannbit is Israel's leading medical cannabis brand, with
a unique ecosystem that adds value through the chain – from growth,
cultivation and manufacturing to distribution, clinical research,
training and patient care. Tikun Olam-Cannbit has accumulated vast
knowledge and expertise in the field of medical cannabis,
developing more than 42 award-winning proprietary strains, 4
licensed IPS, as well as 36 clinical and preclinical studies
conducted in collaboration with leading doctors, hospitals and
universities in Israel. For more
information: https://tikun-olam.org.il/en
About Canonic Ltd.:
Canonic is a subsidiary of Evogene Ltd. (NASDAQ: EVGN), (TASE:
EVGN), developing medical cannabis products through a Computational
Predictive Biology (CPB) platform. The company's products in
development are aimed at improving active compounds yield, genetic
stability and cannabis strains for specific medical indications.
The company's strategy includes the development of cannabis strains
in order to commercialize medical cannabis products independently
or through collaborations. Canonic has exclusive access to
Evogene's genomic assets and technology for the development of
medical cannabis products. For more information, please visit:
https://www.canonicbio.com/.
About Evogene Ltd.:
Evogene (NASDAQ: EVGN) (TASE: EVGN) is a leading computational
biology company focused on revolutionizing product discovery and
development in multiple life-science based industries, including
human health and agriculture, through the use of its broadly
applicable Computational Predictive Biology (CPB) platform.
The CPB platform, incorporating a deep understanding of biology
leveraged through the power of Big Data and Artificial
Intelligence, has been designed to computationally discover and
guide the development of life-science products based on microbes,
small molecules and genetic elements. Utilizing the CPB
platform, Evogene and its subsidiaries are now advancing product
pipelines for human microbiome-based therapeutics through Biomica
Ltd., medical cannabis through Canonic Ltd., ag-biologicals through
Lavie Bio Ltd., ag-chemicals through AgPlenus Ltd., seed traits
through the Ag-Seeds division, and ag-solutions for castor oil
production through Casterra Ltd. For more information, please
visit: www.evogene.com.
Forward Looking Statements:
This press release contains "forward-looking statements"
relating to future events. These statements may be identified by
words such as "may", "could", "expects", "intends", "anticipates",
"plans", "believes", "scheduled", "estimates", or words of similar
meaning. For example, Tikun Olam-Cannbit and Canonic are using
forward-looking statements in this press release when they discuss
the potential to provide a solution to the needs and challenges of
the cannabis industry, their expectation that a combination of
their assets and capabilities will be a competitive edge and lead
to successful joint development of the target products, and their
intention to enter an agreement that will cover the development
program based on a work plan to be agreed by them. Such statements
are based on current expectations, estimates, projections and
assumptions, describe opinions about future events, and involve
certain risks and uncertainties which are difficult to predict and
are not guarantees of future performance. Therefore, actual future
results, performance or achievements of Tikun Olam-Cannbit and
Canonic may differ materially from what is expressed or implied by
such forward-looking statements due to a variety of factors, many
of which are beyond the control of Tikun Olam-Cannbit and Canonic,
including, without limitation, the global spread of COVID-19, or
the Coronavirus, the various restrictions deriving therefrom and
other risk factors. In addition, Tikun Olam-Cannbit and Canonic
rely, and expect to continue to rely, on third parties to conduct
certain activities, such as their field-trials and pre-clinical
studies, and if these third parties do not successfully carry out
their contractual duties, comply with regulatory requirements or
meet expected deadlines (including as a result of the effect of the
Coronavirus), Tikun Olam-Cannbit and Canonic may experience
significant delays in the conduct of their activities. Tikun
Olam-Cannbit and Canonic disclaim any obligation or commitment to
update these forward-looking statements to reflect future events or
developments or changes in expectations, estimates, projections and
assumptions.
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Evogene US Investor Relations:
Aviva Banczewski
Investor Relations
E: IR@evogene.com
T: +972-8-931-1900
Joseph Green
Edison Group
E: jgreen@edisongroup.com
T: +1 646-653-7030
Laine Yonker
Edison Group
E: lyonker@edisongroup.com
T: +1 646-653-7035
Tikun Olam-Cannbit Investor
Contact:
Eliana Horenczyk
Marcom Manager
E: elianah@tikun-olam.org.il
T: +972-523650184
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SOURCE Canonic Ltd.; Tikun Olam Cannbit Pharmaceuticals Ltd.