Ron Mayron, former CEO of Teva Israel, a subsidiary of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA), has announced the founding of InnoCan Pharma, a cannabis company. He plans to raise money for his startup through a new track authorized by the Israel Securities Authority, in which a crowdfunding platform serves as a "bid coordinator" of crowd investment in a public company. In this way, the public can invest NIS 1,000 or more in startups and the company's shares will be held by the public, even though no stock exchange offering has been made. This method differs from the usual crowdfunding platform, in which the public buys advance rights to a product that the company is planning to market, but not shares in the company itself. The crowdfunding platform is led by Pipelbiz cofounder and CEO Or Bennun.
Mayron has served in various positions in medical companies in recent years. Among other things, he is chairperson of IceCure Medical (TASE: ICCM), a director in BioLight Israeli Life Sciences Investments (TASE: BOLT, Bulletin Board: BLGTY), and chairperson of Wise Pharma. InnoCan Pharma is managed by Iris Bincovich, a former chemist who previously worked at Kamedis and Powermat.
InnoCan develops drugs for skin diseases that combine conventional drugs with material produced from the cannabis plant. The plan is to have the finished products classified as a drug for regulatory purposes, but through a shortened track designed for over-the-counter dermatological products. InnoCan's management recently met in Pipelbiz's offices, where they launched the venture and the campaign in the presence of Bincovich and Mayron.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2018
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