Innocan to Direct Full Focus on Following Positive FDA Engagement and Significant Potential Market Demand

In This Article:

A recent National Pet Owners Survey demonstrates a significant addressable market for Innocan's veterinary product

HERZLIYA, Israel and CALGARY, AB, Nov. 11, 2024 /CNW/ -- Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) ("Innocan" or the "Company"), a pioneer in the pharmaceutical and biotechnology industries, announced that it has taken the strategic decision to focus its development resources on advancing its groundbreaking Liposome Platform Technology-Cannabidiol (LPT-CBD), a monthly injectable treatment for chronic pain in both animals and humans. This decision follows encouraging progress with the U.S. Food and Drug Administration (FDA).

 

Innocan Pharma Corporation Logo
Innocan Pharma Corporation Logo

 

Innocan has received FDA support to advance its LPT-CBD platform for human use under the 505(b)(2) abbreviated pathway, offering a quicker route to commercial approval. The FDA has also aligned on Innocan's non-clinical development plan and Phase I clinical study design for the LPT-CBD's Investigational New Drug (IND) filing, moving the Company closer to an accelerated approval process. Furthermore, it is noted that Innocan has made strong progress with the FDA's Center for Veterinary Medicine (CVM) with the issuance of an Investigational New Animal Drug (INAD) designation in July.

Given recent U.S. Pet industry reports and data released by the American Pet Products Association (APPA) and the National Pet Owners Survey*, Innocan recognizes significant market potential for an injectable treatment for chronic pain in animals:

  • 66% of U.S. households – 87 million homes – own one or more pets, including 58 million with dogs and 40 million with cats.

  • In 2024, U.S. pet industry expenditures are projected to reach US $156 billion, up from USD $147 billion in 2023, with USD $39 billion anticipated for pharmaceutical drugs and veterinary care.

This new data represents a significantly large and growing market for effective veterinary health products like LPT-CBD, Innocan's monthly injectable drug product. Innocan's unique technology is comprised of liposomes loaded with CBD for the treatment of chronic pain. LPT-CBD has demonstrated promising results in multiple animal model tests, as previously reported, providing extended pharmacokinetic benefits and effective pain relief lasting up to four weeks.

Following the positive response of the FDA regarding the LPT-CBT product reported in September 2024, as well as the continued progress of the LPT-CBD project and significant addressable market potential for LPT-CBD, Innocan has decided to shift its focus and resources in its pharmaceutical division to the LPT-CBD project, thereby sunsetting its Cannabinoid-Loaded Exosome (CLX) project conducted with Ramot of Tel Aviv University (Ramot) under Prof. Daniel Offen. A suitable notice of termination of its sponsored research agreement dated April 17, 2020 and its research and funding agreement with Ramot dated December 6, 2021 has been sent, concluding this collaboration.

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