Israel-based Wize Pharma and Cannabics Pharmaceuticals have together created and adopted a business plan for a joint venture focused on the research and development of cannabinoid formulations to treat ophthalmic conditions. Creation and approval of a business plan for the joint venture was a condition for the planned venture to move forward.
“We are very pleased to have jointly created and approved a plan that will support our pursuit of a significant opportunity to create ophthalmic treatments that leverage the therapeutic power of cannabis,” Wize’s CEO Noam Danenberg said in a company news release. “Having assessed the regulatory pathway for eyedrops containing cannabinoids or cannabinoid strings, we are eagerly engaging in technology development and clinical advancement. Cannabics, a world leader in the development of cannabinoid-based therapies for cancer, and with a state of the art laboratory that has received approval from the Israeli Ministry of Health to conduct research with Cannabinoids and Cancer is an ideal partner for Wize.”