VIVO Partners with Pharmascience to Develop Novel Cannabis Products
NAPANEE, Ontario, Oct. 04, 2018 (GLOBE NEWSWIRE) -- VIVO Cannabis Inc. (TSXV: VIVO, OTCQX: VVCIF) (“VIVO” or the “Company”) is pleased to announce that it has entered into an agreement with Pharmascience Inc. (“Pharmascience”), a global pharmaceutical company based in Montreal that holds a Dealers License from Health Canada, to develop products containing cannabis that will make it easier for patients to use medical cannabis. The partnership reflects VIVO’s commitment to research and innovation and its goal of creating novel products which improve the safety and efficacy of medical cannabis.
On behalf of VIVO, Pharmascience is creating a line of specific medical cannabis formulations that are intended to maximize therapeutic benefit to patients by using pharmaceutical quality standards. It is anticipated that health care professionals and patients will welcome the availability of precisely-controlled, high-quality, standardized dosage forms of cannabis.
“VIVO, through our Beacon Medical™ division, is committed to launching innovative precise-dosage formats for medical cannabis, with the intent of enhancing patient safety and efficacy. We are pleased to combine our strengths with those of Pharmascience for the benefit of our current and future medical patients,” commented Barry Fishman, CEO of VIVO.
“We are very excited to associate with VIVO, a recognized Canadian Licensed Producer with a strong focus on quality and innovation, to develop new formulations that will benefit medical cannabis patients in Canada and in international markets where the use of cannabis-containing products for medical use is permitted,” added David Goodman, CEO of Pharmascience.
About VIVO Cannabis™
VIVO, based in Napanee, Ontario, is recognized for trusted, high-quality products and services. It holds production and sales licences from Health Canada and operates world-class indoor cultivation facilities with proprietary plant-growing technology. VIVO has a collection of premium brands targeting unique customer segments, including Beacon Medical™, FIRESIDE™, Canna Farms™ and Lumina™. In August 2018, VIVO acquired Canna Farms Limited, a premium cannabis company based in Hope, British Columbia. Canna Farms was B.C.’s first Licensed Producer and has several years of craft cultivation experience and expertise, as well as a significant patient base and positive cash flow. The Company is significantly expanding its production capacity and pursuing partnership and product development opportunities domestically, as well as in select international markets, including Germany and Australia. VIVO also operates Harvest Medicine, a patient-centric and highly scalable network of specialty medical cannabis clinics as well as a new free telemedicine app providing best-in-class education and support to over 15,000 patients. VIVO has a healthy balance sheet with over $100 million in cash and is well-positioned to accelerate the growth of our business, in Canada and internationally.
Founded in 1983, Pharmascience is the largest pharmaceutical employer in Quebec, with over 1,500 employees world-wide and proudly headquartered in Montreal. Pharmascience is a full-service, privately-owned pharmaceutical company with strong roots in Canada and a growing global reach, with product distribution in over 60 countries.
Pharmascience is a leading manufacturer and marketer of prescription generic, over-the-counter, and behind-the-counter products, as well as FDA approved Canadian-made injectables. It commercializes nearly 300 product families in 20 different dosage forms for over 2,000 products. In Canada alone, more than 45 million prescriptions a year are filled with Pharmascience products.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Fishman (CEO and Director)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding the Company’s partnership with Pharmascience; the Company’s goal of creating novel products that improve the safety and efficacy of cannabis; that the Company’s products are intended to maximize therapeutic benefits to patients; and that health care professionals and patients will welcome the availability of precisely-controlled, high-quality dosage forms of cannabis. The forward-looking statements in this release are based on certain assumptions and involve known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current assumptions and expectations, including that: the Company and Pharmascience may be unable to bring unique and/or high quality products to market; the Company’s products may not produce the desired therapeutic results; regulations regarding cannabis may change without notice; the Company could be impacted by product liability risks; that health care professionals and patients will not embrace the Company’s products; and other factors beyond the Company’s control. The forward-looking statements contained in this news release should not be read as guarantees of future performance or results. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s Annual Information Form for the year ended December 31, 2017 and other continuous disclosure filings, which are available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason, other than as required by applicable securities laws.
More Information Barry Fishman, CEO: email@example.com Michael Bumby, CFO: firstname.lastname@example.org Website: vivocannabis.com