Under the agreement, Wize and Cannabics will create joint company for the purpose of researching, developing and administering cannabinoid formulations to treat ophthalmic conditions.
Cannabics is engaged in developing personalized cannabinoid medicine focused on cancer and its side effects. The company is developing a platform which drug-screening tools and artificial intelligence to create cannabinoid-based therapies for cancer.
Wize is a clinical-stage biopharmaceutical company focused on the treatment of ophthalmic disorders, including dry eye syndrome. The company plans to create cannabinoid based therapeutics.
The agreement is subject to receipt of an expert opinion, describing the regulatory pathway for eye drops containing cannabinoids. If all goes well, Wize will issue 900,000 common shares to Cannabics, while at the same time Cannabics will issue 2,263,944 common shares to Wize.
The agreement will expire if the parties have not approved a business plan by June 30, 2019.
“The formation of NewCo offers Wize Pharma an opportunity to diversify its portfolio and expand the company’s commitment to the Ophthalmic therapeutic arena, using its existing platform and expertise in the field and through research and development efforts focused on the use of cannabinoids in the treatment of various eye diseases including hitherto untreatable ones,” Wize Chairman Noam Danenberg said in a statement.