Wize Pharma Inc. (OTCMKTS:WIZP) is the latest biopharmaceutical company to make an entry into the nascent cannabis industry. In a statement, the company revealed an agreement for a joint venture with Cannabics Pharmaceuticals. The partnership will develop ophthalmic therapeutics derived from cannabinoids.
Wize Pharma develops pharmaceutical products focused on the ophthalmic sector. By coming together with Cannabics, Wize is confident that they will be able to achieve milestones given their expertise. Cannabics is a premier player in the cannabis market with interests on leveraging the product to treat cancer.
The firms will form a joint venture company to run operations
In their agreement, the two firms will create a business plan as well as developing a framework for the FDA approval of cannabinoid-based ophthalmic therapy. The firms agreed that these two steps should be complete within 30 days from the day of the agreement. After the period, the firms will constitute a company with joint interests. In particular, the company will spearhead the development of ophthalmic cannabinoids.
Commenting on the developments, Eyal Barad, CEO of Cannabics said they have the requisite know-how to deliver the objective. Further, the firm has top-of-the-line lab facilities as well as an R&D License that will come in handy for the project. Also, Barad believes that they will be able to plug the gap in scientific data where necessary in dealing with ophthalmic disorders. On this front, they will leverage Wize Pharma’s expertise as well as equipment.
Wize making strides in dry-eye cure
The CEO was all praises for the work that Wize has done so far. He believes the strides Wize made are important for the industry. Wize already has a product in the market that targets patients with dry-eye. The LO2A formula also treats Sjögren’s syndrome and Conjunctivochalasis (CCH).
Wize signed a deal with HPGC Medical Co., Ltd. mid last year to distribute the product in China. The firm will distribute LO2A in China for all three indications. As per the terms of the agreement, HPGC will take care of all domestic responsibilities, including sources for regulatory approvals.