Funds will be used to accelerate the development and
commercialisation of in vitro diagnostic solutions for
Second operation between the EIB and Mobidiag after first loan in
ESPOO, Finland & LUXEMBOURG–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/EIB?src=hash” target=”_blank”gt;#EIBlt;/agt;–Mobidiag Ltd., a commercial stage molecular diagnostics company
addressing the spread of infectious diseases and antimicrobial
resistance, has signed a EUR 25 million growth capital loan with the
European Investment Bank (EIB). The EIB loan will be supported by the European
Fund for Strategic Investments (EFSI),
the main pillar of the Investment
Plan for Europe, through the European
Growth Finance Facility (EGFF) initiative. This new four-year loan will
allow Mobidiag to advance its research and development and facilitate
further validation and commercialisation of molecular diagnostics tests
on the Company’s Amplidiag® and Novodiag®
Tuomas Tenkanen, CEO of Mobidiag, said: “This EIB loan is a
further validation of Mobidiag’s progress as we become a leading player
in the molecular diagnostics market providing innovative and
differentiated solutions that are adopted by key laboratories throughout
Europe. Following extensive R&D and clinical validation, we are proud
that our state-of-the-art technology is now commercially available
internationally. This loan will allow us to accelerate the development
of the Mobidiag platform content to the next level, and build
significant value over the coming years by building a comprehensive
portfolio of diagnostics tests that can be used on our devices. We are
delighted to have the EIB’s support and look forward to working with
At the signature, EIB Vice-President Alexander Stubb,
remarked: “Boosting the innovation capacity of a European life science
business and helping to preserve relevant sectoral know-how in Europe is
of major importance right now. The EIB used to be known as an
infrastructure bank, but in recent years it has made an important shift
towards supporting innovative companies, and very noticeably so in
Finland. Our support has helped Mobidiag to continue its growth, and
we’re glad to renew our commitment to this great company.”
European Commission Vice-President Jyrki Katainen, responsible
for Jobs, Growth, Investment and Competitiveness, added: “Researching
and developing ways to stop the spread of infectious diseases is hugely
important work but it comes at a high cost. With the support of the EFSI
guarantee, the EIB can lend Mobidiag the financing it needs to realise
its ambitions and make the world a safer and healthier place to live.”
Since 2016, the EIB has contributed significantly to the growth of
Mobidiag through the provision of a EUR 15 million loan facility, the
final tranche of which was obtained in November 2018. The loan enabled
Mobidiag to successfully achieve a number of operational milestones in
the development, validation and subsequent launch of the innovative and
proprietary ‘sample-in, result-out’ diagnostic solution Novodiag®.
With this new EUR 25 million loan, Mobidiag will continue to seek growth
through the extension of its product pipeline.
Investment Bank (EIB) is the long-term lending institution of
the European Union owned by its Member States. It makes long-term
finance available for sound investment in order to contribute towards EU
policy goals. In 2018, the Bank made available nearly EUR 1.8 billion in
loans for Finnish
Incepted in 2000, Mobidiag
is a commercial stage, fast growing molecular diagnostics company
whose affordable, widely applicable and robust technology makes the
power of molecular diagnostics available to address the spread of
antimicrobial resistance (AMR) by rapid detection of pathogens and their
potential resistance to antibiotics. Through its Amplidiag®
and Novodiag® solutions, Mobidiag offers a comprehensive
range of fast, reliable and cost-effective molecular diagnostic
solutions for the detection of infectious diseases to laboratories of
platform offers an on-demand automated solution suitable
for small laboratories, decentralised units as well as emergency
units and larger laboratories thanks to key benefits such as low
hands-on time, ease of use, random access and reliable results. Since
its commercialisation, the Novodiag® solution has generated
extremely positive feedback from the market and has been rapidly adopted
on a routine basis in many laboratories throughout Europe.
Plan for Europe, known as the Juncker Plan, is one of the
European Commission’s top priorities. It focuses on boosting investment
to generate jobs and growth by making smarter use of new and existing
financial resources, removing obstacles to investment, and providing
visibility and technical assistance to investment projects.
The European Fund for Strategic Investments (EFSI) is the main pillar of
the Juncker Plan and provides first loss guarantees, enabling the EIB to
invest in more projects that often come with greater risks. EFSI has
already yielded tangible results. The projects
and agreements approved for financing under EFSI are expected to
mobilise almost EUR 393 billion in investments and support 945 000 SMEs
in the 28 Member States. More information on the results of the
Investment Plan for Europe is available here.
EIB: Tim Smit,
+352 691 286423, [email protected]
– Twitter #EIB60 and Instagram
Commission: Siobhan Millbright, +32 460 75 73 61, [email protected]
Dorothee Allard, +33 (0)1 55 25 17 13, [email protected]
Strategic Communications: Chris Gardner, Matthew Neal, Chris Welsh,
+44 (0)203 709 5700, [email protected]
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Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits
HERZLIYA, Israel and CALGARY, AB, Feb. 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.
The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.
The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.
Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information
Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer
DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.
Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.
“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”
Schwazze (OTCQX: SHWZ) (NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
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