Innocan Pharma Corporation INNO IP INNPF announced on Monday that it has submitted its letter of application for a Pre-IND meeting with the U.S. Food and Drug Administration (FDA), for its Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain.
With the move, the company initiated the regulatory process with the FDA for the approval of its prolonged CBD release technology for human use.
Why It Matters
“Innocan’s therapy has shown consistent efficacy in multiple pre-clinical trials in recent years of its LPT-CBD injectable treatment through prolonged and controlled release of CBD in animals with chronic pain conditions,” the company said in a press release.
Iris Bincovich, CEO of Innocan, explained what the move means for Innocan.
“This is a key milestone for Innocan and marks our first step towards the FDA’s recognition of our technology,” Bincovich said. “We see significant potential for our therapy, with an addressable market for pain management therapeutics expected to exceed US $100 billion by 2032, and we look forward to tapping that.”
Meanwhile, the innovative treatment is an alternative to opioid-based approaches to treating chronic pain.
In a recently published groundbreaking study, researchers weighed the pain-alleviating potential of medical marijuana versus opioids, showing that cannabis is similarly effective as opioids and traditional pain meds for the treatment of non-cancer pain.
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