AVCNF - Avicanna Announces Supply and Licensing Agreement with Multinational Pharmaceutical Company | Benzinga
Exclusive supply agreement for two of Avicanna's proprietary topical products in the European region
Right of first refusal agreement for the Avicanna's SEDDs capsules in the European region
TORONTO, Feb. 05, 2024 (GLOBE NEWSWIRE) -- 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 is pleased to announce an exclusive supply agreement for two of the Company's proprietary topical products with a multinational pharmaceutical company ("Pharma").
"We look forward to expanding our proprietary topical products into the European region and to be doing so through the utilization of our own international infrastructure for manufacturing. We are confident that through this strategic relationship and the Pharma's established commercial infrastructure, we can facilitate the expansion of our proprietary products into several international markets," stated Aras Azadian, CEO.
Pharma manufactures and markets a wide range of pharmaceuticals across 4 continents and has established commercial infrastructure in the European region that will be utilized for the initial launch of the selected products. Pharma has committed to launch the initial products in 6 European countries during 2024 with expectations of expanding throughout the region shortly after. Avicanna will be earning licensing fees associated to specific milestones and the parties have also agreed to specific minimum order quantities and efforts for Pharma to maintain the exclusivity.
The exclusive supply agreement is for the Company's proprietary topical products that have been commercialized in the Canadian market under the RHO Phyto brand across several medical cannabis platforms including MyMedi.ca.
Products Selected:
- The Ultra-CBD cream is a 3% CBD localized cream developed to target dermatology conditions. The cream is enrolled in previously announced observational real world evidence clinical trial with the Hospital for Sick Children related to Epidermolysis Bullosa.
- The CBG Transdermal ...