Cure Pharmaceutical in Oxnard announced Wednesday that it has signed a term agreement for the acquisition of the non-pain assets of Therapix Biosciences Ltd., a clinical-stage pharmaceutical company that is developing cannabinoid-based medications.
The assets include several of Tel Aviv-based Therapix’s clinical drug candidates as well as two pre-clinical drug candidates, according to a statement from Cure. The acquisition will allow Cure to directly integrate Therapix’s clinical programs into the development of its proprietary oral thin film drug delivery platform. Therapix will become a significant shareholder in Cure as a result; its Chief Executive Dr. Ascher Schmulewitz will join Cure’s board of directors. The terms of the deal also include Cure raising additional financing, some of which will be provided by Therapix.
“The proposed acquisition has the potential to build our existing relationship with Therapix and create unique value,” Cure Chief Executive Rob Davidson said in a statement. “Furthermore, this transaction is a further step in Cure’s efforts toward up-listing to the Nasdaq.”
Therapix and Cure have collaborated previously on product development initiatives. They entered into an agreement last year with Assuta Medical Centers in Israel to conduct research on cannabinoid-based therapies, through which they been creating a treatment for sleep disorders.
Shares of Cure (CURR) fell 6 cents, or 6 percent, on Wednesday to close at 94 cents on the over-the-counter market.