Companies to Combine Cutting-Edge Delivery Technologies, Coupled with Advanced Computational Capabilities and Robotics for Development of Innovative Cannabinoid-Based Biopharmaceuticals
MALVERN, PA and TORONTO, ON / ACCESSWIRE / April 8, 2019 / Virpax® Pharmaceuticals Inc. ("Virpax"), a company specializing in developing pharmaceutical products for pain management by using novel drug delivery systems, announced it has entered into a research and development collaborative initiative with Kannaba Technologies Inc. ("Kannaba"), a company focused on the development and commercialization of innovative diagnostic and therapeutic cannabinoid-based products for veterinary and human health applications.
Virpax® has exclusive global rights to a proprietary patented topical spray film delivery technology, MedSpray®, for specific musculoskeletal pain indications. In addition, the Company has exclusive worldwide rights to a proprietary patented injectable "local anesthetic" (liposomal gel technology) for postoperative pain management. Virpax is utilizing these advanced delivery technologies to selectively develop a portfolio of patented 505(b)(2) candidates for commercialization.
Kannaba, with its fully integrated R&D infrastructure, will develop a series of cannabinoid-based drug candidates using its advanced computational biology that samples infinite space to pinpoint the ideal formulation for active pharmaceutical ingredients coupled with high-throughput product candidate selection and optimization. Combined with the Virpax technologies, these cannabinoid-based products are poised to replace opioid based painkillers.
The objective of this research and product development collaboration is to enable parties to evaluate feasibility and suitability of the Virpax technologies combined with Kannaba's knowledge-based integrated product development platform, starting off with high-throughput formulation screening to proof-of-concept validation and IND-enabling studies for the development of novel cannabinoid-based product candidates for pre and post-surgery, neuropathic, osteoarthritis, acute and chronic pain management.
"We believe that our collaborations with strategic development partners like Kannaba Technologies will allow Virpax to continue creating innovative therapeutic approaches to pain management," said Anthony Mack, CEO of Virpax.
Global spending on legal cannabis is expected to grow 230% to $32 billion in 2022 as compared to $9.5 billion in 2017, according to ArcView Market Research and BDS Analytics.
About Virpax Pharmaceuticals:
Virpax develops branded pharmaceutical products for pain management by using cutting-edge technology to enhance patients' quality of life, all while creating value for its investors and partners. The company is focused on becoming a global leader in pain management by developing and delivering innovative pharmaceutical products to its customers. For more information, please visit www.virpaxpharma.com.
About Kannaba Technologies:
Kannaba Technologies is a privately held biotech company located in Toronto, ON. Kannaba is focused on the development and commercialization of innovative diagnostic and therapeutic cannabinoid-based products for veterinary and human health applications. Kannaba, with its fully integrated Research and Development infrastructure provides strategic partners and collaborators access to its proven discovery and development of novel biopharmaceutical products.
This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Virpax cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, those associated with the timing of the regulatory filings and clinical milestones and other risks and uncertainties identified in the Company's filings with the Securities and Exchange Commission. Forward-looking statements reflect our analysis only on their stated date, and Virpax takes no obligation to update or revise these statements except as may be required by law.
Anthony P. Mack, 484-875-3195
Dea Shahinas, 416-937-6268
SOURCE: Virpax® Pharmaceuticals Inc.