Cannabinoids-focused pharmaceutical company Innocan Pharma Corporation INNO IP INNPF said on Tuesday it expects its preliminary revenues in the fourth quarter of fiscal 2023 to equal to $4.89 million, representing a sequential and year-over-year increase of 20% and 331%, respectively.
The company, which operates in Canada and Israel, said preliminary revenues are expected to be at least $13.6 million for fiscal 2023, representing a 433% year-over-year increase.
The surge in revenue was driven by the robust sales performance of Innocan’s subsidiary, B.I. Sky Global Ltd., says the company.
FDA Approval
In addition, Innocan is pursuing the Food and Drug Administration's (FDA) approval for its human pharmaceutical applications, following successful pre-clinical trials.
The company expects pre-investigational new drug applications will be submitted to the FDA before the end of next month.
“The development of our LPT platform is progressing much faster than is usual in the pharmaceutical sector,” Prof. Chezy Barenholz, Innocan’s scientific director said in a press release.
Innocan’s LPT Solution includes administering injectable CBD encapsulated in liposomes – the LPT platform. It helps in achieving long-lasting and therapeutic levels of CBD in the body. The technology is expected to create a more effective and prolonged therapeutic effect.
"Studies conducted in large mammals supported LPT-CBD efficacy by showing long-lasting relieving effect in indications such as chronic pain and drug resistance epileptic seizures," the company noted on Tuesday. "Innocan is currently testing the LPT platform on a new animal species and expects to receive results shortly."
Innocan's product portfolio features advanced CBD-based formulations for both injectable and topical applications.
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