TORONTO – Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has executed a non-binding term sheet with Tetra Bio-Pharma 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.
- 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.
Aras Azadian, CEO commented, “We look forward to collaborating with the Tetra team who in many ways been pioneers of cannabinoid- pharmaceutical 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.”
Steeve Neron, Chief Commercial Officer at Tetra stated, “Tetra will need multiple reliable sources of API, like Avicanna’s, to support QIXLEEF™ operations leading to its successful marketing authorization. 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.”
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