TORONTO--(BUSINESS WIRE)--FSD Pharma Inc. (“FSD Pharma”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) announced today that its strategic R&D partner, SciCann Therapeutics Inc. (“SciCann”) received a positive International Search Authority (ISA) report from the Patent Cooperation Treaty (PCT) for its SCN-001 cannabidiol (CBD) combination therapy, the basis of its “Steady Stomach” product.
The comprehensive prior art search performed by ISA for the PCT/IL2018/051000 patent application by SciCann led the agency to conclude that the enhanced CBD combination therapy claimed by the patent application is novel and inventive.
Under the terms of FSD’s strategic agreement with SciCann, FSD holds exclusive manufacturing and distribution rights for the “Steady Stomach” product in Canada.
Dr. Zohar Koren, Co-founder and CEO of SciCann stated, “This patent application covers the “Steady Stomach” product, for which we have recently launched the company’s first clinical study with Irritable Bowel Syndrome (IBS) patients. The preliminary affirmation we received from the ISA regarding the novelty of this unique combination therapy is an important milestone, which allows us to file national phase applications in the US, Canada and the rest of the world in order to achieve comprehensive IP protection for the product. We believe that our strategy of developing novel and proprietary synergistic combination cannabinoid therapies is the right approach to bring new and IP protected products to the cannabinoid based pharmaceutical space.”
Dr. Raza Bokhari, CEO of FSD Pharma stated, “This positive ISA report for CBD combination therapy is welcome news for FSD Pharma. We expect SciCann’s Steady Stomach product, currently in the phase I/II clinical development stage, to have a positive impact in the lives of IBS patients. FSD’s exclusive distribution rights for the product in Canada is in line with our company’s continuing efforts in research and development of novel and proprietary, cannabinoid-based treatments.”
About FSD Pharma
FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The Company’s phase one growth plan involves the development of 25,000 square feet of indoor grow space at its Ontario facility and an additional 220,000 square feet, which pending approval by Health Canada, is expected to be operational in the first quarter 2019.
FSD facilities sit on 72 acres of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet.
FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer of cannabis having received its cultivation license under the Access to Cannabis for Medical Purposes Regulations (ACMPR) on October 13, 2017 and is now operating under the recently enacted Cannabis Act. FV Pharma vision is to transform its current headquarters in a Kraft plant in Cobourg, Ontario into the largest hydroponic indoor grow facility in the world. FV Pharma intends to cover all aspects of this exciting, new industry, including cultivation, legal, processing, manufacturing, extracts and research and development.
About SciCann Therapeutics
SciCann Therapeutics is a Canadian-Israeli specialty pharmaceutical company, dedicated to the development and commercialization of novel and disruptive pharmaceutical products that target and modulate the endocannabinoid system. SciCann Therapeutics is active in the fields of oncology, pain management, neurodegenerative diseases and inflammatory disorders, and develops a line of proprietary products for the treatment of life-threatening conditions that present a high level of unmet need.
SciCann has created a network of collaborations with leading academic centers and medical institutions in Israel to engage in cutting edge science and rigorous clinical studies to develop its products, while using the permissive regulatory climate in Israel for performing its R&D programs quickly and efficiently.
Forward-Looking Information
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Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the development of the Corporation's indoor cannabis facility and its business goals and objectives. The forward-looking information contained in this press release is made as of the date hereof, and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
