The proposed partnership will encompass three
potential strategic pillars across supply of API, commercialization
of prescription products, and co-development of pharmaceutical drug
candidates.
OTTAWA, ON, Feb. 14, 2022 /PRNewswire/ - Tetra Bio-Pharma
Inc. ("Tetra" or the "Company") (TSX: TBP) (OTCQB: TBPMF)
(FRA:JAM1) a leader in cannabinoid-derived drug discovery and
development announced today that it has executed a non-binding term
sheet with Avicanna Inc.
("Avicanna") (TSX: AVCN) (OTCQX: AVCNF)
(FSE: 0NN) to assess entering into a strategic partnership
comprising of three strategic pillars, including:
- The registration and commercialization of Tetra's various
prescription products (REDUVO™ AdVersa®, QIXLEEF™ and CAUMZ™)
across Avicanna's channels in Latin/South
America. This opens the door for Tetra to initiate sales
earlier than planned.
- Supply of Avicanna's Active Pharmaceutical Ingredients (APIs)
for Tetra's pharmaceutical pipeline. The phyto-cannabinoid APIs
would be sourced from Avicanna's low cost and sustainable
operations in Colombia.
- Co-development and support for Avicanna's pharmaceutical
pipeline for Health Canada and FDA level clinical development and
registration.
Steeve Neron, Chief Commercial Officer at Tetra stated, "Tetra
will need multiple reliable suppliers of API, like Avicanna, to
support QIXLEEF™ operations leading to its successful marketing
authorization and global sales and distribution. QIXLEEF™ is
Tetra's proprietary investigational new drug and is currently being
evaluation in two U.S. FDA-authorized clinical trials.
Additionally, Avicanna's established distribution channels in
Latin/South America may help
advance Tetra's product commercialization in select
jurisdictions".
Aras Azadian, Chief Executive
Officer of Avicanna also commented on the opportunity. "We look
forward to collaborating with the Tetra team who has in many ways
been pioneering cannabinoid- prescription products. As the global
industry continues to mature and shift its focus towards
evidence-based medicines, the two companies are well positioned to
work in synergy across several projects and leverage their
leadership positions into fruitful commercial results."
About Avicanna Inc.
Avicanna is an innovative,
commercial-stage, and international biopharmaceutical company
focused on the development, advancement, and commercialization of
evidence-based cannabinoid-based products for the global consumer,
as well as medical and pharmaceutical market segments. In leading
global cannabinoid advancements, Avicanna conducts most of its
research in Canada at its R&D
headquarters in the Johnson & Johnson Innovation Centre, JLABS
@ Toronto, located in the MaRS
Discovery District. The Company actively collaborates with leading
Canadian academic and medical institutions. Avicanna has
established an industry-leading scientific platform including
advanced R&D and clinical development that has led to the
commercialization of more than twenty products across four main
market segments: Cannabis Raw Materials (API) and feminized Seeds
(marketed under the Aureus™ brand), Pharmaceutical Pipeline,
Medical Cannabis & Wellness Products and CBD Derma Cosmetic
Products.
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX:
TBP) (OTCQB: TBPMF) (FRA:JAM1) is a leader in cannabinoid-derived
drug discovery and development with a FDA and a Health Canada
cleared clinical program aimed at bringing novel prescription drugs
and treatments to patients and their healthcare providers. Their
evidence-based scientific approach has enabled them to develop a
pipeline of cannabinoid-based drug products for a range of medical
conditions, including pain, inflammation, and oncology. With
patients at the core of what they do, Tetra Bio-Pharma is focused
on providing rigorous scientific validation and safety data
required for inclusion into the existing biopharma industry by
regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking statements
Some statements in this
release may contain forward-looking information. All statements,
other than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation,
statements regarding potential acquisitions and financings) are
forward-looking statements. Forward-looking statements are
generally identifiable by use of the words "may", "will", "should",
"continue", "expect", "anticipate", "estimate", "believe",
"intend", "plan" or "project" or the negative of these words or
other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, without limitation, the inability of the
Company to obtain sufficient financing to execute the Company's
business plan; competition; regulation and anticipated and
unanticipated costs and delays, the success of the Company's
research and development strategies, including the success of this
product or any other product, the applicability of the
discoveries made therein, the successful and timely completion and
uncertainties related to the regulatory process, the timing of
clinical trials, the timing and outcomes of regulatory or
intellectual property decisions and other risks disclosed in the
Company's public disclosure record on file with the relevant
securities regulatory authorities. Although the Company has
attempted to identify important factors that could cause actual
results or events to differ materially from those described in
forward-looking statements, there may be other factors that cause
results or events not to be as anticipated, estimated or intended.
Readers should not place undue reliance on forward-looking
statements. The forward-looking statements included in this news
release are made as of the date of this news release and the
Company does not undertake an obligation to publicly update such
forward-looking statements to reflect new information, subsequent
events or otherwise unless required by applicable securities
legislation.
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SOURCE Tetra Bio-Pharma Inc.