Avicanna further expands its existing research
collaboration with Dr. Christine
Allen's Research Group at the University of Toronto to include the development of
a cannabinoid-based pharmaceutical for the treatment of COVID-19
induced lung inflammation
This project proposal has been peer-reviewed
and has successfully obtained funding from the Mitacs research
internship program
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TORONTO, June 23, 2020 /CNW/ - Avicanna Inc.
("Avicanna" or the "Company") (TSX: AVCN) (OTCQX:
AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the
development, manufacturing and commercialization of plant-derived
cannabinoid-based products, announced today that the Company has
expanded its research collaboration with Dr. Christine Allen's Research Group ("CARG")
in the Leslie Dan Faculty of Pharmacy at the University of Toronto, to include the expedited
development of a cannabinoid-based treatment for lung inflammation
associated with COVID-19.
Dr. Christine Allen is a global
leader in the research and development of pharmaceutical
formulations with a proven track record of 100+ publications,
patents, and awards. For the past three years, Avicanna and CARG
have developed novel cannabinoid-based products, including
Avicanna's CBD-based derma-cosmetic product line Pura Earth™, the
Company's line of medical cannabis products Rho Phyto™, and
Avicanna's pharmaceutical product pipeline.
The combined expertise of Avicanna and CARG will fast-track the
development of an advanced pharmaceutical formulation of
cannabinoids and both its clinical development and route to market.
The project aims to develop a formulation of cannabinoids that aid
in the treatment of lung inflammation, in patients suffering from
severe COVID-19.
Dr. Justin Grant, Avicanna's
Executive Vice President of Scientific Affairs, commented, "We are
excited to expand our research collaboration with Dr Allen's group
at the University of Toronto with
support from the Mitacs research internship program. This funding
will allow us the necessary resources to complete preclinical
studies of our most promising cannabinoid formulations. We feel
this is a project that may provide a significant impact."
Dr. Allen, Professor at the University of
Toronto, commented, "I am very pleased to leverage our
knowledge and expertise in cannabinoid research and drug
formulation to mitigate the suffering of patients with severe
COVID-19. This is another terrific example of our productive
collaboration with Avicanna."
About Mitacs
Mitacs is a not-for-profit organization that fosters growth and
innovation in Canada by solving
business challenges with research solutions from academic
institutions. Mitacs is funded by the Government of Canada, the Government of Alberta, the Government of British Columbia, Research Manitoba, the
Government of New Brunswick, the
Government of Newfoundland and
Labrador, the Government of
Nova Scotia, the Government of
Ontario, Innovation PEI, the
Government of Quebec, and the
Government of Saskatchewan.
About Avicanna Inc.
Avicanna is an Ontario, Canada
based corporation focused on the development, manufacturing, and
commercialization of plant-derived cannabinoid-based products
through its two main business segments, cultivation and research
and development.
Avicanna's two majority-owned subsidiaries, Sativa Nativa S.A.S.
and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna's
cultivation activities. These two companies are licensed to
cultivate and process cannabis for the production of cannabis
extracts and purified cannabinoids including cannabidiol (CBD) and
tetrahydrocannabinol (THC).
Avicanna's research and development business is primarily
conducted out of Canada at its
headquarters in the Johnson & Johnson Innovation Centre, JLABS
@ Toronto. Avicanna's scientific
team develops products, and Avicanna has also engaged the services
of researchers at the Leslie Dan Faculty of Pharmacy at the
University of Toronto for the purpose
of optimizing and improving upon its products.
Avicanna's research and development and cultivation activities
are focused on the development of its key products, including
plant-derived cannabinoid pharmaceuticals, phyto-therapeutics,
derma-cosmetics, and Extracts (defined as plant-derived cannabinoid
extracts and purified cannabinoids, including distillates and
isolates), with a goal of eventually having these products
manufactured and distributed through various markets.
Stay Connected
For more information about Avicanna,
visit www.avicanna.com, call 1-647-243-5283, or contact
Setu Purohit, President by
email info@avicanna.com.
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 press 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, and includes statements with respect to the ability
of Avicanna and CARG to fast-track the development of an
advanced pharmaceutical formulation of cannabinoids as well as its
clinical development and route to market, the ability of
Avicanna and CARG to develop a formulation of cannabinoids to aid
in the treatment of lung inflammation in patients suffering from
severe COVID-19. Forward-looking information is not a
guarantee of future performance and is based upon a number of
estimates and assumptions of management in light of management's
experience and perception of trends, current conditions and
expected developments, as well as other factors relevant in the
circumstances, including assumptions in respect of current and
future market conditions, the current and future regulatory
environment; and the availability of licenses, approvals and
permits.
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 April 15, 2020, filed with the Canadian securities
regulators and available under the Company's profile on SEDAR
at www.sedar.com.
The statements in this press 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.
SOURCE Avicanna Inc.