MediPharm has licenced global manufacturing, distribution, and sales rights of the novel advanced medical cannabis technology from Remidose Aerosols.
Products include metered dose inhalers and aerosol sublingual sprays.
MediPharm will assume existing Remidose sales allowing for immediate revenue opportunity.
Transaction is non-dilutive, with 100% performance-based payment through a royalty model.
TORONTO, June 20, 2024 /CNW/ - MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce it has entered into a licencing agreement with Remidose Aerosols Inc. ("Remidose") to acquire the exclusive rights for advanced cannabis products (the "Agreement").
MediPharm Labs Corp. Logo (CNW Group/MediPharm Labs Corp.)
The Agreement allows for an immediate revenue opportunity as current Remidose customers will be serviced through MediPharm starting August 2024. These existing customers include Canadian direct-to-patient medical platforms and international medical distributors. MediPharm plans to use its existing GMP infrastructure, customer channels and wellness sales expertise to expand the customer base of these advanced products in Canada and globally.
These advanced innovative products fall into two main categories:
1. Metered Dose Inhalers: This metered dose inhaler is the same device used in the pharmaceutical industry. The inhalation format provides rapid onset without the adverse effects of smoking and combustible vape cartridges now being used by cannabis consumers and patients.
2. Pressurized Sublingual Sprays: A metered dose spray that gives users an accurate and repeatable experience. In contrast to commonly available manual pump sprays, this aerosol delivery method has faster onset, better bioavailability and a more pleasant taste and feel, as supported by user feedback.
MediPharm already has the requisite equipment and GMP facility allowing for these product lines to be manufactured in-house with no material incremental capital costs.
The Agreement follows MediPharm's strategy of continued innovation in non-smokable, more dose-able cannabis-based products. This execution solidifies MediPharm's position as a global leader in the pharmaceutical and wellness-focused cannabis sectors. New growth opportunities include medical and GMP formats for our international customers as well as unique and advanced products for our current and future clinical research partners that are specifically looking for more dose-able, non-smokeable formats. Finally, the new format offers a new discreet delivery method for our many wellness-oriented cannabis consumers.
Management Commentary:
"MediPharm Labs is committed to providing access to non-smokeable, precision dosed formats for cannabis patients and wellness consumers. This Agreement, in addition to bringing immediate revenue, opens many new potential global medical opportunities. We thank the Remidose team for trusting MediPharm in taking their R&D and commercialization efforts to the next level, as we work together to bring these products to new markets." Commented David Pidduck, CEO of MediPharm Labs.
Michael Mayne CEO of Remidose added "As a medical cannabis company committed to providing consumers access to the therapeutic benefits of cannabis in a smoke-free manner, we see this agreement as a key milestone in bringing our products to a global marketplace with a proven, trusted partner in MediPharm Labs."
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA.
In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical PTY and Beacon Medical GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions.
The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, MediPharm's access to and unique position in the international medical markets, Remidose project capital expenses, future revenue growth in Germany and internationally, customer product authorizations, German cannabis market growth, margin related to international product and MediPharm's unique pharma expertise. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs' filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
