HERZLIYA, Israel and CALGARY, Alberta, Jan. 9, 2025 /CNW/ -- Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) ("Innocan" or the "Company"), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that the FDA's Center for Veterinary Medicine (CVM) has granted the Company a sponsor fee waiver for its LPT-CBD (Liposome Platform Technology-Cannabidiol) product for the second consecutive year.
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The Animal Drug User Fee Act (ADUFA) authorizes the FDA's Center for Veterinary Medicine (CVM) to collect user fees for certain animal drug applications on an annual basis. Under this Act, sponsors may request a yearly fee waiver through the 'significant barrier to innovation' provision. Following a thorough review, the CVM granted Innocan the 2025 fee waiver, recognizing the Company's continued pursuit of innovative animal drug products and technology.
The waiver applies to the Company's LPT-CBD drug product, developed for subcutaneous injection to manage chronic pain in dogs. With growing interest in CBD products among pet owners seeking safe and effective ways to support their pets' health, Innocan's LPT-CBD aims to deliver precise and sustained CBD release from a single injection. This innovation offers a safe and convenient dosing solution for managing chronic pain in dogs, providing benefits for pets of all ages and sizes.
"LPT-CBD is a unique technology that enables easy and accurate dosing of CBD for dogs suffering from chronic pain and discomfort," stated Iris Bincovich, CEO of Innocan Pharma. "Chronic pain affects 45 million pets in the US, according to the North American Veterinary Community1. Our unique approach can give pet owners confidence that their pets with recurrent pain will receive the full dosage needed for effective relief."
Dr. Eyal Kalo, R&D Director at Innocan further added, "The fee waiver granted by the Center for Veterinary Medicine (CVM) for the second time underscores their continued recognition and support of our efforts to advance LPT-CBD development. This milestone accelerates our progress in delivering an innovative solution for chronic pain management in animals."
About Innocan
Innocan is an innovator in the pharmaceuticals and wellness sectors. In the pharmaceuticals sector, Innocan developed a CBD-loaded liposome drug delivery platform with exact dosing, prolonged and controlled release of synthetic CBD for non-opioid pain management. In the wellness sector, Innocan develops and markets a wide portfolio of high-performance self-care and beauty products to promote a healthier lifestyle. Under this segment Innocan carries on business through BI Sky Global Ltd. which focuses on advanced, targeted online sales.
For further information, please contact: Iris Bincovich, CEO +1-516-210-4025 +972-54-3012842 +44 203 769 9377 info@innocanpharma.com
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Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company's products, requisite regulatory approvals and the timing for market entry and potential for patent utilization and commercialization is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan's control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan's public reports and filings which are available under Innocan's profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
