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Tetra Bio-Pharma Inc. (TSX:TBP) (OTCQB:TBPMF) (FRA:JAM1) announced that it has executed a non-binding term sheet with Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) to assess entering into a strategic partnership comprising of three strategic pillars, including:
- The registration and commercialization of Tetra's various prescription products (REDUVO, AdVersa, QIXLEEF and CAUMZ) across Avicanna's channels in Latin/South America. This opens the door for Tetra to initiate sales earlier than planned.
- Supply of Avicanna's Active Pharmaceutical Ingredients (APIs) for Tetra's pharmaceutical pipeline. The phyto-cannabinoid APIs would be sourced from Avicanna's low cost and sustainable operations in Colombia.
- Co-development and support for Avicanna's pharmaceutical pipeline for Health Canada and FDA level clinical development and registration.
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Management Commentary
"Tetra will need multiple reliable suppliers of API, like Avicanna, to support QIXLEEF operations leading to its successful marketing authorization and global sales and distribution,” Steeve Neron, chief commercial officer at Tetra, said. “QIXLEEF is Tetra's proprietary investigational new drug and is currently being evaluation in two U.S. FDA-authorized clinical trials. Additionally, Avicanna's established distribution channels in Latin/South America may help advance Tetra's product commercialization in select jurisdictions".
"We look forward to collaborating with the Tetra team who has in many ways been pioneering cannabinoid- prescription products,” Aras Azadian, CEO of Avicanna, commented on the deal. “As the global industry continues to mature and shift its focus towards evidence-based medicines, the two companies are well positioned to work in synergy across several projects and leverage their leadership positions into fruitful commercial results."
Photo: Courtesy of Cytonn Photography on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.