Therapix Biosciences Signs Term Sheet for the Transfer of Non-Pain Cannabinoid-Based Drug Pipeline Assets to Cure Pharmaceutical
TEL AVIV, Israel, July 12, 2018 /PRNewswire/ -- Therapix Biosciences Ltd. (Nasdaq: TRPX) ("Therapix") a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, announced that today that it has signed a non-binding term sheet with CURE Pharmaceutical (OTCQB: CURR) ("CURE"), an innovative drug delivery and development company, for the transfer to CURE of the non-pain assets of Therapix, subject to the fulfillment of the certain conditions.
The term sheet entered into is non-binding and subject to ongoing due diligence and the entry into of definitive agreements and the fulfillment of certain agreed conditions. It also provides for confidentiality and no shop provisions. Pursuant to the term sheet, the parties propose that Therapix will receive newly issued shares in CURE in exchange for the assets, and Therapix will as a result become a significant shareholder in CURE. The number of CURE Shares intended to be issued as consideration for the assets shall be mutually agreed by the parties based on an independent third party valuation of the assets and the CURE shares. The term sheet contemplates that Therapix CEO and Chairman, Ascher Schmulewitz, MD PhD, will be appointed to CURE's Board of Directors. The receipt of additional financing is one of the conditions of the acquisition, some of which may be provided by Therapix. There can be no assurance that the proposed transaction contemplated by the term sheet will result in a definitive agreement or a completed transaction.
Therapix is developing a cannabinoid-based pipeline with drug development programs using dronabinol, a synthetic cannabinoid already approved by the FDA alone and as drug combinations. The proposed transfer of these assets would allow Therapix to focus on its expanding pain programs and precision medicine-based treatment options.
"I believe that integrating these clinical and preclinical assets within CURE's proprietary delivery platform will lead to differentiated therapies and execution efficiencies" said Dr. Shmulewitz. "We believe this could be an important step in accelerating our progress toward helping patients in need."
"The proposed transfer has the potential to build on our existing relationship with Therapix and create unique value by combining Therapix' promising clinical programs with CURE's proprietary drug delivery technology and manufacturing capabilities," said Rob Davidson, CEO and Chairman of CURE Pharmaceutical.
About Cure Pharmaceutical:
CURE Pharmaceutical is a vertically integrated drug delivery and development company committed to improving drug efficacy, safety and the patient experience through its proprietary drug dosage forms and delivery systems. CURE has a full-service cGMP manufacturing facility and is a pioneering developer and manufacturer of a patented and proprietary delivery system (CUREfilm™), one of the most advanced oral thin films on the market today. CURE is developing an array of products in cutting-edge delivery platforms and partners with biotech and pharmaceutical companies. CURE has positioned itself to advance numerous therapeutic categories, including the pharmaceutical cannabis sector with partnerships in the U.S., Canada, Israel and Germany, among other markets. (www.curepharmaceutical.com)
About Therapix Biosciences:
Therapix Biosciences Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of Senior Executives and Scientists. Our focus is creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following drug development programs based on repurposing an FDA-approved cannabinoid (Dronabinol): THX-110 for the treatment of Tourette syndrome (TS), for the treatment of Obstructive Sleep Apnea (OSA), and the treatment of Pain; THX-130 for the treatment of Mild Cognitive Impairment (MCI) and Traumatic Brain Injury (TBI); THX-150 for the treatment of infectious diseases; and THX-160 for the treatment of pain. Please visit our website for more information at www.therapixbio.com
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Because such statements deal with future events and are based on Therapix's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Therapix could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding the Company's plans with respect to its clinical trials and its intent to report material developments and information regarding such trials. In addition, historic results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Therapix Biosciences Ltd.'s Annual Report on Form 20-F filed with the Securities and Exchange Commission (SEC) on April 30, 2018 and in subsequent filings with the SEC. Except as otherwise required by law, Therapix disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
Therapix Investor Contact:
Chief Financial Officer
CURE Public Relations Contact:
Olmstead Williams Communication
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SOURCE Therapix Biosciences Ltd.