STENOCARE sign strategic development partnership with Solural Pharma
STENOCARE A/S (“STENOCARE”) and Solural Pharma Aps (“Solural”) have signed a strategic Partnership Agreement to develop, test and commercialize advanced cannabis-based medical products.
Next generation medical cannabis
The new relationship is in line with the STENOCARE 2.0 pharma-strategy; which is to supplement its high quality generic medical cannabis products with enhanced products that are specially formulated to target specific patient groups suffering from specific conditions.
The first joint project will be a cannabis oil-based oral formulation, that will be developed and tested for identical efficacy pre- and post-food intake to secure optimal patient treatment.
Synergies
The nature of the cooperation is highly synergistic. STENOCARE will provide its high-quality cannabis raw materials and extensive knowledge, reputation and experience relating to supply and distribution of medical cannabis-based products while Solural will provide its expertise in product formulation, testing and clinical trials within the traditional pharma industry based upon their patented Lymphatic Targeting Technology, which has already been applied successfully in a range of product development projects. Examples are: Oral Testosterone for Male Hypogonadisme and food independent oral Abiraterone Acetate for prostate cancer.
Exclusivity
As part of today’s strategic agreement, STENOCARE has acquired the global exclusivity of the Solural Lymphatic Targeting Technology for all cannabinoid-based products. This means that – once the new products are released - STENOCARE can offer unique and exclusive treatment for patients with higher efficacy while also requiring lower daily dosage of medical cannabis. Once developed, STENOCARE will distribute these formulated products within STENOCARE’s current core markets (Denmark, Ireland) and future new territories to be targeted by STENOCARE.
Economic perspective
It is expected that such jointly developed products can be launched, subject to obtaining relevant medicines agency approvals and licenses during 2021-2022. STENOCARE will co-invest with Solural in the development of the joint products and the related clinical trials and Solural will receive a license/royalty of on all related sales.
Strategic focus
The negotiations and explorations with Solural has been underway for some time and represents a prime opportunity that closely align with STENOCAREs focus upon development and delivery of next generation prescription-based medical cannabis. The Solural strategic partnership is unique, highly attractive and very tangible. For that reason, STENOCAREs has decided to devote a large part of its development resources and budgets to this partnership. As a consequence, and to avoid defocus from this important project, STENOCARE will not further pursue the potential working relationship with OWC Pharmaceutical Research (Israel). Therefore, STENOCARE and OWC have agreed not to proceed with finalizing an agreement based on the previously announced Memorandum of Understanding.
Quotes
STENOCARE CEO Thomas Schnegelsberg says: “It has always been an ambition for us to develop and deliver medical cannabis products for specific conditions to doctors and patients. It is still early days, but with our highly synergistic partnership with our new Danish colleagues at Solural Pharma, we are in a good position to make that a reality, considerably earlier than originally anticipated. We think that by enhancing our high-quality medical cannabis with Solural’s research capabilities from the pharma-world, we can gain valuable time to market and create unique, targeted products that address a large global market”.
Solural Pharma CEO Peter G Nielsen says. “We are extremely happy for this opportunity to work with a professional partner like STENOCARE who can help us in the commercialization of our technology. Our proprietary Lymphatic Targeting Technology has unique capabilities for improving the oral uptake of drugs and thereby making the dosing far more consistent, independent of food intake, and potentially with less side-effects. Cannabinoid products are well suited for this technology, and we are therefore looking forward for the perspective for bringing new improved products to the medical society.
This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on December 19, 2019.
For additional information regarding STENOCARE, please contact:
Thomas Skovlund Schnegelsberg, CEO Phone: +45 31770060 E-mail: presse@stenocare.com
For additional information regarding Solural, please contact:
Peter G. Nielsen, CEO Phone: +45 23207302 E-mail: pgn@soluralpharma.com
About STENOCARE A/S: STENOCARE was founded in 2017. STENOCARE is traded on the Spotlight Stock Market in the Nordics (ticker: STENO) and has been a first mover in the Danish Medical Cannabis Program. As a leading medical cannabis brand, its strategy is to cultivate, produce and supply prescription-based medical cannabis products for the global markets beyond Denmark. The company will cultivate and produce medical cannabis in its indoor, controlled cultivation facility to “pharma” standards for quality and Good Manufacturing Practices.
About Solural Pharma Aps: Solural Pharma is a Danish specialty pharma founded in 2012. Solural Pharma is situated near Copenhagen with modern state of the art Development laboratory and Manufacturing facilities that they use to support customers. Solural Pharma has own Development facilities: Product Formulation Development Laboratories, GMP manufacturing facilities for oral and topical products, Quality Control and Analytical Development Laboratories, and ICH Stability Testing Facilities. The Solural Pharma employees all have strong expertise in all aspects of pharmaceutical development because of their many years of experience from major pharmaceutical companies in the development of new successful drug products.