Shares of Cannabics Pharmaceuticals (OTCMKTS:CNBX) continues to move within a narrow over the past few trading sessions.
Market Reaction
On Thursday, CNBX stock gained 3.44% at $0.1474 with more than 349k shares, compared to its average volume of 125K shares. The stock has moved within a range of $0.1401 – 0.1526 after opening the trade at $0.1401.
Selects API Supplier Purisys to Support Planned IND Fillings and Phase I/II (a) Clinical Trials
Global leader in developing cancer-related cannabinoid-based medicine, Cannabics Pharmaceuticals (OTCMKTS:CNBX), on November 4, 2021, announced signing agreement with leading Active Pharmaceutical Ingredient manufacturer, Purisys, for supplying Good Manufacturing Practice grade APIs.
The APIs are needed for manufacturing RCC-33, the firm’s colorectal cancer treatment drug candidate. Purisys will be supporting CNBX throughout an IND filing process and the APIs supplied under the agreement would be harnessed by the firm in Phase I/II (a) clinical studies planned for launch next year.
Gabriel Yariv, Cannabics Pharmaceuticals’ Executive Chairman said that the company has been diligently searching for an API supplier for supporting its IND fillings and Purisys fits the bill perfectly.
Purisys, a leading provider of synthetically-derived cannabinoid APIs both to product developers as well as researchers, helps them navigate health authority-regulated pathways.
Josh Hoerner, Purisys LLC. General Manager said that the company is keen on this opportunity for providing pharmaceutical-grade ultra-pure cannabinoid APIs for the drug being developed by Cannabics Pharmaceuticals. Hoerner added that the APIs produced by Purisys is done with modern technology, commercial-scale pharmaceutical supply chain, as well as robust regulatory CMC support.
CNBX, a leader in cannabinoid-based anti-cancer treatment, has a growing pipeline of additional drug candidates and hopes to potentially bring new and critical treatment alternatives for big groups of patients globally.
Key Quote
Gabriel Yariv, Cannabics Pharmaceuticals’ Executive Chairman, said: “We have been carefully searching for an API supplier to support our planned IND fillings for quite some time now, and in Purisys we found all the various parameters we were looking for. Purisys is the leading provider of synthetically-derived cannabinoid APIs to researchers and product developers looking to navigate health authority-regulated pathways. Accordingly, we became confident that Purisys will be able to provide us with an ultra-high purity API product on the one hand, and with all the necessary regulatory and CMC related support required for our planned approach of the FDA on the other. I am pleased to report that this agreement marks an important step in the right direction for the company.”
Traders Review
CNBX stock is trading above the 20-Day and 50-Day Moving averages of $0.15 and $0.15 respectively. However, the stock is trading below the 200-Day moving average of $0.22. The stock is down 4% over the past month.
