- MediPharm has licenced global manufacturing, distribution, and
sales rights of the novel advanced medical cannabis technology from
Remidose Aerosols.
- Products include metered dose inhalers and aerosol sublingual
sprays.
- MediPharm will assume existing Remidose sales allowing for
immediate revenue opportunity.
- Transaction is non-dilutive, with 100% performance-based
payment through a royalty model.
TORONTO, June 20,
2024 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS)
(OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the
"Company") a pharmaceutical company specialized in precision-based
cannabinoids, is pleased to announce it has entered into a
licencing agreement with Remidose Aerosols Inc. ("Remidose") to
acquire the exclusive rights for advanced cannabis products (the
"Agreement").
The Agreement allows for an immediate revenue opportunity as
current Remidose customers will be serviced through MediPharm
starting August 2024. These existing
customers include Canadian direct-to-patient medical platforms and
international medical distributors. MediPharm plans to use
its existing GMP infrastructure, customer channels and wellness
sales expertise to expand the customer base of these advanced
products in Canada and
globally.
These advanced innovative products fall into two main
categories:
1. Metered Dose Inhalers: This metered dose inhaler is
the same device used in the pharmaceutical industry. The inhalation
format provides rapid onset without the adverse effects of smoking
and combustible vape cartridges now being used by cannabis
consumers and patients.
2. Pressurized Sublingual Sprays: A metered dose
spray that gives users an accurate and repeatable experience. In
contrast to commonly available manual pump sprays, this aerosol
delivery method has faster onset, better bioavailability and a more
pleasant taste and feel, as supported by user feedback.
MediPharm already has the requisite equipment and GMP facility
allowing for these product lines to be manufactured in-house with
no material incremental capital costs.
The Agreement follows MediPharm's strategy of continued
innovation in non-smokable, more dose-able cannabis-based products.
This execution solidifies MediPharm's position as a global leader
in the pharmaceutical and wellness-focused cannabis sectors. New
growth opportunities include medical and GMP formats for our
international customers as well as unique and advanced products for
our current and future clinical research partners that are
specifically looking for more dose-able, non-smokeable formats.
Finally, the new format offers a new discreet delivery method for
our many wellness-oriented cannabis consumers.
Management Commentary:
"MediPharm Labs is committed to providing access to
non-smokeable, precision dosed formats for cannabis patients
and wellness consumers. This Agreement, in addition to bringing
immediate revenue, opens many new potential global medical
opportunities. We thank the Remidose team for trusting MediPharm in
taking their R&D and commercialization efforts to the next
level, as we work together to bring these products to new markets."
Commented David Pidduck, CEO of
MediPharm Labs.
Michael Mayne CEO of Remidose added "As a medical cannabis
company committed to providing consumers access to the therapeutic
benefits of cannabis in a smoke-free manner, we see this agreement
as a key milestone in bringing our products to a global marketplace
with a proven, trusted partner in MediPharm Labs."
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development
and manufacture of purified, pharmaceutical-quality cannabis
concentrates, active pharmaceutical ingredients (API) and advanced
derivative products utilizing a Good Manufacturing Practices
certified facility with ISO standard-built clean rooms. MediPharm
Labs has invested in an expert, research driven team,
state-of-the-art technology, downstream purification methodologies
and purpose-built facilities for delivery of pure, trusted and
precision-dosed cannabis products for its customers. MediPharm Labs
develops, formulates, processes, packages and distributes cannabis
and advanced cannabinoid-based products to domestic and
international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug
Establishment License from Health Canada, becoming the only company
in North America to hold a
commercial-scale domestic Good Manufacturing Practices License for
the extraction of multiple natural cannabinoids. This GMP license
was the first step in the Company's current foreign drug
manufacturing site registration with the US FDA.
In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded
MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce
platform, and in Australia and
Germany through Beacon Medical PTY
and Beacon Medical GMBH. This acquisition also included Harvest
Medical Clinics in Canada which
provides medical cannabis patients with Physician consultations for
medical cannabis education and prescriptions.
The Company carries out its operations in compliance with all
applicable laws in the countries in which it operates.
Website: www.medipharmlabs.com
Cautionary Note Regarding Forward-Looking
Information:
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, MediPharm's access to and unique position
in the international medical markets, Remidose project capital
expenses, future revenue growth in Germany and internationally, customer product
authorizations, German cannabis market growth, margin related to
international product and MediPharm's unique pharma expertise.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the inability of MediPharm Labs to obtain
adequate financing; the delay or failure to receive regulatory
approvals; and other factors discussed in MediPharm Labs' filings,
available on the SEDAR website at www.sedar.com. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this news release. Except as required by
law, MediPharm Labs assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change.
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SOURCE MediPharm Labs Corp.