- The proposed collaboration is being undertaken to secure Israel Ministry of Health Medical Device certification for the RYAH Smart Inhaler via Bazelet's Quality Team.
- The parties are expected to negotiate a multi-year exclusive commercial distribution arrangement in the region, following a successful medical device certification.
TORONTO, ON / ACCESSWIRE / January 27, 2022 / RYAH Group, Inc. (CSE:RYAH) ("RYAH" or the "Company") announced today that it has entered into a memorandum of understanding (the "MOU") with Bazelet Pharma Ltd. and affiliates (together, "Bazelet"), the largest medical cannabis processing company in Israel, serving thousands of patients. The collaboration is aimed at servicing Bazelet's patients using the RYAH Smart Inhalers and data analytics, once certified as a medical device in Israel ,with the goal of providing safe and accurate patient inhalation therapies in plant medicine in Israel.
The executed MOU initiates a collaboration that anticipates Bazelet acting as the sponsor of the Israel Ministry of Health ("IMH") medical device application for the RYAH Smart Inhaler (known as the "Regulatory Phase"). Upon successful certification, the MOU stipulates that the parties will negotiate a definitive commercial distribution agreement (the "Definitive Agreement") intended to appoint Bazelet as the exclusive distributor of the RYAH Smart Inhaler and cartridges (the "Commercial Phase") for patient medical therapies in Israel. The Definitive Agreement, if entered into, would be for a term of up to 5 years (which includes both regulatory and commercial phases) with annual performance benchmarks among other commercial details, to be agreed upon by the parties in the Definitive Agreement. Under this initiative, the parties are striving to capture at least 5% of the medical cannabis market in Israel.
Meir Ariel, Bazelet's Chief Executive Officer has commented that, "As a leader in both non-generic cannabis oils and novel flower products in Israel, we are glad to collaborate with RYAH, bringing into our market a new inhaler device."
"Bazelet brings extraordinary depth and expertise within a well-established and fast-growing medical cannabis market. We're excited to be collaborating with Bazelet in bringing our smart inhaler and data analytics into this important region," said Gregory Wagner, Chief Executive Officer of RYAH.
Israel has the largest medical cannabis market outside North America, and recently overtook Germany as the top importer of medical cannabis flower in the world, according to MJBizDaily and Tel Aviv-based Israeli Cannabis Magazine. The medical cannabis market in Israel continues to grow and in December 2021, the country saw its patient count reach over 109,000, according to the Israeli Medical Cannabis Agency (IMCA).
RYAH Group recently announced that its RYAH Smart Inhaler received medical device certification under ISO 13485:2016/MDSAP and EN ISO 13485:2016 standards.
About RYAH Group, Inc.
RYAH is a connected device, and big data and technology company focused on valuable predictive analysis in the global medical plant and nutraceutical intake industry. Its robust artificial intelligence platform aggregates and correlates Health Insurance Portability and Accountability Act (HIPAA)-compliant patient data, intended to help doctors and patients personalize plant-based treatments to predict treatment outcomes better. The data collection is relevant for clinics, doctors, dispensaries and pharmaceutical companies, and licensed processors (LPs) to monitor and manage formulation effects on patients and demographics. RYAH gathers deep and insightful data on the complete patient session and formulation lifecycle with a strong intellectual property portfolio. For more information, visit www.ryahgroup.com.
Bazelet operates a 15,000 Sqm. processing facility, creating a large portion of the products sold in Israel to medical cannabis patients, through its own Bcann and Femmican brands, as well as white label products for its clients. The company is privately owned, and is a world leader in cannabis patents, with over 41 patent applications in different stages of registration. Bazelet is already known for its non-generic cannabis products, such as its terpene enriched oil formulations that are specifically designed for treating medical indications, as well as cannabis oils designed for women's health. Bazelet is due to start exporting to Europe in the second quarter of 2022, and plans to launch its Femmican brand both in Canada and the US this year.
For more information, visit www.bazelet-tech.com
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). All statements contained in this news release that are not statements of historical fact should be considered forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Specifically, forward-looking statements in this news release include but are not limited to, statements related to (i) the proposed collaboration between the Company and Bazelet (including, without limitation, the purpose, goals, scope and timing thereof), (ii) the pursuit of the Israel Ministry of Health Medical Device certification for the RYAH Smart Inhaler, (iii) the Definitive Agreement (including the Company's expectations with respect to the anticipated scope and terms thereof), and (iv) Bazelet, including in respect of its ability to secure medical device certifications, meet the its business goals and objectives, and meet and further its obligations under the MOU. Forward-looking statements reflect the Company's current views and intentions with respect to future events based on current information available to the Company, and are necessarily subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with or inherent in the general business, technological, and economic conditions, and such other applicable factors set out in the Company's public disclosure documents available under the Company's profile on SEDAR at www.sedar.com. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company and Bazelet will each be able to execute on their respective business plans and obtain and maintain all necessary permits and authorizations to execute on such business plans, (ii) neither the Company's nor Bazelet's financial condition or development plans will change as a result of unforeseen events, (iii) there will continue to be a demand, and market opportunity, for the Company's product offerings, (iv) Bazelet will be successful in fulfilling its obligations under the MOU, and (v) current and future economic conditions will neither affect the Company's collaboration with Bazelet or the business and operations of the Company, nor the Company's ability to capitalize on anticipated business opportunities, particularly in Israel), although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. Should any such risk factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Accordingly. readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur.
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 laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
This news release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
All information contained in this news release with respect to the Company and Bazelet was supplied by the respective party for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.
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SOURCE: RYAH Medtech Inc