Alvit LCS Pharma, which develops cannabis-based medical products, and Bazelet Pharma, Israel's leading cannabis production and distribution company, have announced cooperation in the development of cannabis products. Alvit is currently merging its cannabis growing activity into Tefen (TASE: TFN), while Bazelet is in the final stages of constructing a production facility.
The companies plan to cooperate in making cannabis-based products for the medical market, such as tablets, mouth sprays, delayed release products, and suppositories using their combined know-how in the sector. They are also planning collaborative research to adapt cannabis strains to specific diseases, based on the database that Bazelet has accumulated over the years from its meetings with patients.
Bazelet will manufacture the products in its facility, which is due to receive confirmation of its compliance with proper cannabis production standards under the Ministry of Health's reform. The company hopes to begin marketing in the first half of 2019.
The two companies will also begin combined research into a single element of the cannabis plant, which they are interested in developing into a drug on the regular track for registration of new drugs. The product will be used first to treat intestinal inflammation diseases (Crohn's Disease and colitis).
Alvit was founded five years ago in order to develop special products, mainly new drug delivery methods based on cannabis extracts. Bazelet was the distributor for four pioneering cannabis companies in Israel.
Bazelet CEO Meir Ariel says that his company has 25 scientists and is currently conducting four clinical trials of specific cannabis formulations in areas such as dementia and epilepsy, with four more trials scheduled to begin soon.
Published by Globes, Israel business news - en.globes.co.il - on November 5, 2018
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