This morning, CURE Pharmaceutical (OTC:CURR) and Therapix Biosciences (NASDAQ:TRPX) announced that they have signed a memorandum of understanding to enter into a research collaboration with Israel's Assuta Medical Centers.
About the Collaboration
The goal of the collaboration is to advance, research, develop and commercialize potential cannabinoid therapeutic products. The companies intend to pool professional, scientific and financial resources to advance these goals. CURE and Therapix will contribute their expertise in regards to the development of pharmaceutical products and Assuta will provide research and facilities to support early stage R&D.
Management Commentary
CURE Pharmaceutical's CEO, Robert Davidson
"As CURE focuses on targeting unmet needs in traditional pharmaceutical markets that could be disrupted by cannabinoid-based options, we are continuously looking to help bring new therapeutic cannabinoid-based products to market and further efforts toward the creation of personalized medicine. " Our new collaboration with Therapix and Assuta, two leading companies in Israel, a Country that is at the forefront of cannabinoid-based research in the world, is the perfect place to start the development of these products."
Therapix Biosciences' Chairman, Dr. Ascher Shmulewitz
"CURE is the ideal partner for us to enter this promising and cutting-edge personalized cannabinoid-based therapeutics; this deal has all the signs of a fruitful venture."
Assuta Medical Centers' CEO, Professor Ari Shamiss
"Assuta is happy to enter into the MOU with CURE and Therapix, and I am confident that the parties' cooperation will be a successful one, with many other projects to follow. This new collaboration is yet another step Assuta is taking in the innovation world, and one of many steps to be taken by Assuta in the field of biopharma."
Market Reaction
Shares of Therapix trading in Tel Aviv are up more than 5% in late trading there. In U.S. pre-market trading, shares of Therapix are up nearly 7%. CURE Pharmaceuticals finished yesterday's session at $7.60, up 2.60% on the day. We'll be watching to see how shares of both companies kick off today's U.S. trading session.
Conclusion
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