Benzinga | Jan 18, 2022 07:12AM EST

Evogene Subsidiary Canonic Announce Results In Pre-Clinical Studies In Inflammatory And Pain Model Systems Conducted By Hadassah Medical Center And Migal - Galilee Research Institute

Canonic Ltd., focused on the development of medical grade cannabis products and a wholly-owned subsidiary of Evogene Ltd. (NASDAQ:EVGN) (TASE: EVGN), announced today positive results in pre-clinical studies in inflammatory and pain model systems conducted in Israel by Hadassah Medical Center in Jerusalem and by Migal - Galilee Research Institute in Kiryat Shmona. The results support the identification of specific cannabis varieties with heightened anti-inflammatory and pain relief properties for Canonic's medical cannabis Precise product line and have led to a patent application filing.



In its Precise product line, Canonic aims to develop medical grade cannabis inflorescence and oil products that provide relief for patients for specific medical indications with a high level of consistency and specificity in its clinical effects. Canonic's first product candidates within the Precise program target pain relief and inflammation reduction and are planned to be launched in Israel during 2023, followed by a European expansion.

According to industry estimates, the medical cannabis market in Europe is estimated to pass (euro)1 billion in 2023. According to a broad health economic study run by the BfArM[1] conducted in Germany, which represents over 50% of the European market, pain relief was the most frequently treated medical indication representing more than 70% of the medical indications treated with medical cannabis or cannabis-based medicines[2]. The Israeli medical cannabis market includes over 105,000 licensed patients and is estimated at $260 million per year, with over 60% of medical cannabis in Israel prescribed for pain and inflammation indications[3].

In the pre-clinical studies reported today, Canonic screened multiple cannabis lines from its diverse genetic collection for anti-inflammatory and pain relief properties. These lines had been selected according to active compounds compositions by using Evogene's GeneRator AI tech engine. The screening of these selected lines was conducted in two separate models -- in an in-vitro model at the laboratory of Prof. Reuven Or at the Hadassah Medical Center and in an in-vivo (fish larvae) model at Migal - Galilee Research Institute. Several varieties, including the cannabis variety which is the basis for Canonic's product G150[4], exhibited consistent positive results in both model systems, over several repetitions and independent cultivation cycles. Based on these results, Canonic has filed a patent application for several of these cannabis varieties and their medical effects.

Canonic expects to continue the development of these best performing varieties during 2022, including the gathering of clinical data, in expectation of commercializing its first Precise products in 2023 in Israel, with expansion into Europe planned to follow.

Canonic recently strengthened its management team with the recruitment of Ms. Tanya Damm Bokobza, EVP Business Development, and Dr. Haleli Sharir, Clinical Research Director. Their engagement with Canonic will support the plans for commercial expansion in Israel and Europe and clinical research activities. Canonic also published an updated investor presentation, which can be found here [5].