OXNARD, Calif., July 11, 2018 (GLOBE NEWSWIRE) -- CURE Pharmaceutical (OTCQB:CURR), ("CURE"), an innovative drug delivery and development company, announced today that it has signed a term sheet with Therapix Biosciences Ltd. (Nasdaq:TRPX), ("Therapix"), a specialty, clinical-stage pharmaceutical company developing cannabinoid-based treatments, to acquire the non-pain assets of Therapix, subject to the completion of the related conditions. These assets include several clinical drug candidates as well as two pre-clinical drug candidates.
CURE will issue shares of its common stock to Therapix in exchange for the assets, and Therapix will as a result become a significant shareholder in CURE. Therapix CEO and Chairman, Ascher Shmulewitz, MD PhD, will be appointed to CURE's Board of Directors. CURE will be raising additional financing as one of the conditions of the acquisition, some of which will be provided by Therapix.
"The proposed acquisition has the potential to build on our existing relationship with Therapix and create unique value by combining Therapix' promising clinical programs with CURE's proprietary drug delivery technology and manufacturing capabilities," said Rob Davidson, CEO and Chairman of CURE Pharmaceutical. "Furthermore, this transaction is a further step in CURE's efforts toward up-listing to the NASDAQ."
Therapix is developing a cannabinoid-based pipeline with drug development programs using dronabinol, a synthetic cannabinoid already approved by the FDA alone and as drug combinations. The sale of these assets will allow Therapix to focus on its pain programs.
"Integrating these clinical and preclinical assets within CURE's operational infrastructure will lead to differentiated therapies and execution efficiencies," said Dr. Shmulewitz. "Our clinical programs are already showing positive results and we believe this is an important step in accelerating our progress toward helping patients in need."
About CURE Pharmaceutical:
CURE Pharmaceutical is a vertically integrated drug delivery and development company committed to improving drug efficacy, safety and the patient experience through its proprietary drug dosage forms and delivery systems. CURE has a full-service cGMP manufacturing facility and is a pioneering developer and manufacturer of a patented and proprietary delivery system (CUREfilm™), one of the most advanced oral thin film on the market today. CURE is developing an array of products in cutting-edge delivery platforms and partners with biotech and pharmaceutical companies. CURE has positioned itself to advance numerous therapeutic categories, including the pharmaceutical cannabis sector with partnerships in the U.S., Canada, Israel and Germany, among other markets. The company's mission is to improve people's lives by redefining how medicines are delivered and experienced.
About Therapix Biosciences:
Therapix Biosciences Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists, focused on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in two internal drug development programs based on repurposing an FDA approved synthetic cannabinoid (dronabinol): THX-110 targets the treatment of the symptoms of Tourette Syndrome; and THX-130 targets the high-value and under-served market of mild cognitive impairments and Traumatic Brain Injury (TBI). Forward-looking Statement
This press release contains forward-looking statements, which are subject to risks and uncertainties. All statements, other than statements of fact, including those statements with respect to the consummation of the asset acquisition or the benefits to be derived from the acquisition if consummated, are forward-looking statements. Forward-looking statements speak only as of the date made and are not guarantees of future events or performance. Whether or not any such forward looking statements are in fact achieved will depend upon future events, some of which are not within the control of CURE or Therapix. Accordingly, actual results may vary from the projected results and such variations may be material. We undertake no obligation to publicly update or revise any forward-looking statements.
CURE Public Relations Contact:
Olmstead Williams Communication
Therapix Investor Contact:
Oz Adler, Chief Financial Officer