The Israeli company is expanding its intellectual property estate for cannabis pain-relief products
Corporation () announced Wednesday the filing of a new patent application for a cannabis-based formula targeting the pain, swelling and inflammation associated with hemorrhoids.
"This is another demonstration that InnoCan's Pharma experienced team and science-based approach can quickly lead to actionable intellectual property,” said CEO Iris Bincovich in a statement.
“InnoCan Pharma R&D is consistently developing new solutions for the well-being of patients by establishing an unrivaled line of medical products integrating CBD based on InnoCan's exclusive IP."
READ: InnoCan Pharma's CBD-based Derma Cosmetic products to be sold in the UK and Ireland
With the patent filing, the company said it is expanding its intellectual property estate for cannabis integrated pain relief products as a source of potentially exciting breakthroughs in pain therapy, as well as an engine for additional products.
Hemorrhoids are the fourth leading gastrointestinal disease diagnosed in outpatient settings, accounting for about 3.3 million ambulatory care visits. Furthermore, 10 million cases per year are self-reported in the US, conforming that over 4% of the US population suffers from the condition.
InnoCan Pharma noted that the global market for hemorrhoid treatment devices was estimated at US$616.2 million in 2017 and is expected to reach US$963 million by 2026, expanding at a compound annual growth rate of 4.9% from 2018 to 2026.
The company, based in Israel, is developing a platform that enables the controlled release of CBD using injections of liposomes, a vesicle with a structure that resembles cell membranes.
InnoCan Pharma's stock recently traded up 20% to C$0.12 a share in Toronto.
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