TEL AVIV, Israel, Jan. 9, 2018 /PRNewswire/ -- Therapix Biosciences Ltd. (NASDAQ:TRPX) ("Therapix" or the "Company"), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, is expanding into precision medicine through a new fully-owned subsidiary in order to develop novel solutions for pain. This new subsidiary will complement the Company's cannabinoid-based drug development strategy.
Ascher Shmulewitz, M.D., Ph.D., Interim CEO of Therapix, said, "We believe there is a large gap in medicine between current pharmaceutical treatments and the specific requirements of patients, which we plan to address. Recently, this gap has come into particular focus through the large and growing opioid crisis, which is having an extreme cost on human lives. The need for novel solutions has driven our decision to build a precision medicine arm while continuing to pursue our existing R&D efforts targeting the endocannabinoid system."
Therapix will elaborate on this additional strategic area of focus, with the goal of creating a full-circle, patient-centric approach during a corporate presentation today at 3:00 pm (PST) the Biotech Showcase™ 2018 in San Francisco, California.
Therapix has previously announced a Memorandum of Understanding with Israel's Assuta Medical Centers, Ltd., to develop first-in-class therapeutic products in the fields of precision medicine and cannabinoids. The Company has also announced a pre-clinical study to evaluate the opioid-sparing effects of two synthetic cannabinoids, synthesized by Raphael Mechoulam, Ph.D., Professor of Medicinal Chemistry at Hebrew Universityand Chairman of Therapix's Scientific Advisory Board.
Dr. Shmulewitz added, "Our goals have now expanded to address all the steps in a patient's journey through treatment. While we are still focused on drug development, we are now also planning to implement a patient-centered approach to new technologies and products for pain. We expect to utilize tools such as big data to further our understanding of patients' needs and attempt to develop new products."
About Therapix Biosciences:
Therapix Biosciences Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following drug development programs based on repurposing an FDA-approved synthetic cannabinoid (dronabinol): THX-110 for the treatment of Tourette syndrome (TS), for the treatment of Obstruactive Sleep Apnea (OSA), and the treatment of Pain; THX-130 for the treatment of Mild Cognitive Impairment (MCI) and Traumatic Brain Injury (TBI); and THX-150 for the treatment of infectious diseases. Please visit our website for more information at www.therapixbio.com
This press release contains forward-looking statements about the Company's expectations, beliefs, and intentions. Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to raise the additional funding needed to continue to pursue our business and product development plans, the inherent uncertainties associated with developing new products or technologies, our ability to obtain regulatory approval for our product candidates, our ability to commercialize our product candidates, competition in the industry in which we operate and overall market conditions. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in Therapix Biosciences Ltd.'s annual report on Form 20-F dated May 1, 2017 filed with the SEC, which is available on the SEC's website, www.sec.gov.