Therapix Biosciences Ltd. (TASE: TRPH) (formerly NasVax) has registered American Depository Receipts (ADRs) for trading on Wall Street's OTCQB exchange. Therapix deals in a number of pharmaceutical technologies, with an emphasis on investments in medical cannabis.
Therapix has a NIS 9.3 million market cap on the TASE, after failing under its previous name to achieve substantial results in any of its development projects (before entering the medical cannabis field). Following the company's announcement, its share rose 10% on the TASE last week, but subsequently dropped 11% in two days, and now trades slightly lower than before the announcement.
Therapix is apparently hoping that trading on the stock exchange, the scene of most of the action in medical cannabis, will relieve its difficult situation, but this field has been on a downturn for the past month, after booming from the beginning of 2014. The MJIC Marijuana Index has lost 29% of its value over the past three months.
Therapix has invested in Lara Pharma, which is developing a device to improve ingestion of THC, the active ingredient in marijuana, through an inhaler, without burning it, and recently signed an MOU to acquire a stake in Dekel Pharmaceuticals. Dekel was started by Prof. Raphael Mechoulam, the discoverer of THC and the technological entrepreneur of Pharmos, which tried to develop a product for treatment of head injuries on the basis of cannabis materials. The product eventually failed its Phase III trial. Dekel is developing cannabis-based materials as drugs for treatment of inflammation and chronic pain.
Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2014
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