Cellect Biotechnology and Canndoc Ltd. to Enter into Strategic Pharma Grade Cannabis Commercial Deal for Reduction in Opioid Usage
March 04, 2020 at 08:00 am EST
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Cellect Biotechnology Ltd. announced that its Board of Directors has approved, and the company has entered, subject to definitive agreements, into a commercial binding Letter Of Intent (LOI) with Canndoc Ltd. Clinical evidence from over 12 years of experience, treating thousands of Canndoc's patients, primarily in oncology, has shown a reduction in patient opioid consumption. Cellect will acquire from Canndoc all rights to the use of Canndoc products for the reduction of opioid usage, including accumulated data, as well as on-going and pipeline of clinical trials. In addition, Canndoc will supply Cellect, over the course of the next five years, with a minimum of 6 tons of GMP pharma grade cannabis products with a value of $18 million USD. Cellect will have the option to extend the agreement for an additional period of 5 years, until 2029. The products will be distributed and sold on behalf of Cellect by Canndoc' s existing distribution channels. Cellect will issue to Canndoc 1,023,720 ADRs representing 19% of Cellect's share capital on partially diluted basis.
Quoin Pharmaceuticals Ltd, former Cellect Biotechnology Ltd, is an Israel-based specialty pharmaceutical company, focused on developing and commercializing therapeutic products that treat rare and orphan diseases. The Companyâs first lead product is QRX003, a once daily, topical lotion comprised of a broad-spectrum serine protease inhibitor, formulated with the proprietary Invisicare technology, to treat Netherton Syndrome. The product going to be developed for other rare dermatological diseases including Peeling Skin Syndrome, SAM Syndrome, and Palmoplantar Keratoderma. Quoin is also developing QRX004 as a potential treatment for Dystrophic Epidermolysis Bullosa, and QRX006 as a potential therapy for an, as of yet, undisclosed rare skin disease.