In addition to a recent MITACS award, Dr.
Christine Allen, a Professor at the
University of Toronto, was awarded an
NSERC Alliance grant for development of cannabinoid-based
pharmaceutical formulations for the treatment of COVID-19 induced
lung inflammation
Avicanna further expands its existing
neurobiological research collaboration with Dr. Jibran Khokhar, a Professor at the University of Guelph, with a 2-year NSERC Alliance
grant to investigate the neural basis of cannabis-induced
toxicosis
The two NSERC grants leverage the proven track
record of Avicanna, the University of
Toronto and the University of
Guelph in the research and clinical development of
cannabinoid-based medicines
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TORONTO, July 24, 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, is pleased to announce that the
Company's research collaborators have received two independent
peer-reviewed grants from the Natural Sciences and Engineering
Research Council of Canada
("NSERC"). The NSERC Alliance grants will be used to expand
the investigators' collaborative research with Avicanna.
For the past three years, Dr. Christine
Allen's research group (CARG) in the Leslie Dan Faculty of
Pharmacy at the University of Toronto
has supported the development and optimization of Avicanna's
cannabinoid-based products including commercial cosmetics (Pura
H&W) and medical cannabis (Rho Phyto) product lines and the
pharmaceutical pipeline that is currently under clinical
investigation. Dr. Allen will now leverage a recent MITACS
award in addition to this NSERC Alliance grant in collaboration
with Avicanna to develop a cannabinoid-based formulation for
treatment of COVID-19 related lung inflammation.
A second NSERC Alliance grant was awarded to Dr. Jibran Khokhar, Assistant Professor at the
University of Guelph, who has an
extensive track-record in behavioural pharmacology and
neuroscience. Avicanna's research program with Dr. Khokhar focuses
on evaluating a variety of cannabinoids in several preclinical
models of human psychiatric conditions including mental health
disorders such as anxiety, depression, and PTSD. The NSERC grant
was awarded to evaluate the neurobiological underpinnings of
cannabis toxicosis in a preclinical model, and test the potential
efficacy of Avicanna's naturally-derived cannabinoids and
formulations in the treatment of cannabis-induced toxicosis. With
the recent changes in the Canadian regulations for Cannabis 2.0
allowing for cannabinoid edibles and vapes, there is concern around
an increased risk for adverse events arising from accidental
high-dose cannabis ingestion. Thus, this two-year project will
determine the behavioural and neural correlations of
cannabis-induced toxicosis and the effects of cannabinoids for
counteracting cannabis-induced toxicosis.
Dr Jibran Khokhar, commented,
"This research is extremely timely with the new Cannabis 2.0
regulations and the increased risk for cannabis-induced toxicosis.
I am thankful to NSERC and Avicanna for support of this important
research that will have an impact in our understanding of the
neurobiological underpinnings of, and provide novel treatment
avenues to treat, adverse events related to high-dose cannabis
exposures."
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
the Company and CARG to develop cannabinoid-based pharmaceutical
formulations to treat COVID-19 induced lung inflammation, the
ability of the Company to develop cannabinoid-based pharmaceutical
products, the results of the two-year project with the University of Guelph determining the behavioural
and neural correlations of cannabis-induced toxicosis and the
effect of cannabinoids to counteract cannabis-induced toxicosis.
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.