Avicanna's Lab
A Canadian biopharmaceutical company focused on cannabinoid-based products has been awarded a Mitacs grant (sponsored by the Canadian government) to work on a treatment for lung inflammation associated with COVID-19, in tandem with the University of Toronto’s faculty of pharmacy.
According to information procured exclusively, the publicly traded company in question, Avicanna Inc, will be announcing on Tuesday morning that it is expanding its research collaboration with Dr. Christine Allen's Research Group. This group, operating in the Leslie Dan Faculty of Pharmacy at the University of Toronto, will now be working on the “expedited development” of the aforementioned cannabinoid-based treatment for lung inflammation associated with COVID-19.
Before going further into detail, it’s important to note the project seeks to find a way to reduce inflammation caused by the coronavirus and resulting COVID-19, rather than trying to finde a cure. This means the timeline for the potential release of a product is shortened; but it also implies that both patients and investors need to adjust their expectations to the anticipated outcome – and therapeutic potential of the drug under development.
A Joint Effort
Expanding on the project, CEO Aras Azadian explained the company and the University of Toronto’s scientists aim to identify the appropriate ratio of natural cannabinoids that need to be directly delivered into the lungs of patients to support their treatments against the coronavirus, in addition to other lung inflammatory-related diseases such asthma.
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The grant in question will cover a large portion of the costs of the study, with Avicanna covering the remainder. Also worth noting: the grant’s approval means the project and its feasibility have been peer reviewed.
Avicanna-UofT Lab
“We have been collaborating with the University of Toronto for over 3 years now (…) and we have developed cannabinoid products, from R&D through clinical development to the market,” said Azadian. “Given our combined expertise and proven track record, this new project is very real and has the potential to save lives.”
Azadian is also excited about conducting the trials in Canada, where the approval process tends to be faster than in the U.S., and about collaborating with a global leader in drug development and nano-technology – the University of Toronto.
In a press release, Dr. Allen, professor at the University of Toronto, added, “I am very pleased to leverage our knowledge and expertise in cannabinoid research and drug formulation to mitigate the suffering of patients with severe COVID-19. This is another terrific example of our productive collaboration with Avicanna.”
Some Additional Context
As a cannabis reporter with a heavy focus on capital markets and the Americas, I’ve been following the story of Avicanna and its peers for several years now.
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Since I first heard about the company, it has managed to get admitted in Johnson & Johnson’s incubator – JLABS @ Toronto, closed investment deals with giants Tasly and Grupo Daabon, expanded to become one of the largest cannabis cultivators in Colombia – exporting isolates and finished products to multiple countries, and recently completed the first-ever commercial export of cannabis seeds from Colombia to the U.S.
Stay tuned for more on this story, which never ceases to surprise me.
Disclosure: Javier Hasse holds no interest in, or equity from, any of the entities mentioned above. This story only seeks to report on a hard news item and does not intend to provide any medical advice or make claims about cannabis’ potential (or lack thereof) to treat COVID-19 or its symptoms.
