HERZLIYA, Israel, Sept. 13, 2019 /PRNewswire/ -- InterCure (TASE:
INCR), announced that subsidiary Canndoc has entered into a
strategic distribution agreement with Salomon, Levin, Elstein
(S.L.E.,) which is owned by Teva Pharmaceuticals Industries (NYSE:
and TASE: TEVA).
Under terms of the agreement, S.L.E. will distribute Canndoc's
GMP products to pharma clients, including hospitals, health
maintenance organizations (HMOs) and all pharmacies in Israel, including pharmacy chains. In the
future, as regulatory approvals allow, S.L.E. will provide
logistics capability for exporting Canndoc's products to countries
that support regulations for the sale and distribution of cannabis
products for medical use.
S.L.E. is one of Israel's
leading companies for providing health logistics services and
distributes products from dozens of local and international
companies. S.L.E. is licensed by the Israeli Ministry of Health,
and also holds a GDP distribution license.
"Our agreement with S.L.E., Israel's leading company in distributing
medical products, creates a complete supporting platform for
supplying Canndoc's GMP products to any location in Israel and for countries with similar
regulations," said Canndoc's Chairman Ehud
Barak. "Through its S.L.E. partnership, Canndoc has
aligned itself with one of the most prominent pharmaceutical
companies in the world, for the distribution of cannabis-based
medical treatments to countries that recognize the value of these
medicines for people in need."
S.L.E. CEO Aviad Bossi adds, "The
agreement brings together our well-established pharmaceutical
distribution network with Canndoc's high quality medical cannabis
industry presence and market leadership. Beyond the operations in
Israel, this agreement will
provide Canndoc significant logistical capabilities that can
support Canndoc's exporting operations from Israel."
The distribution agreement is set for a 3-year term and includes
a mechanism for automatic extension periods of two years each.
Canndoc is one of the first licensed producers, with its
GMP-approved medical cannabis Rx products being sold in pharmacies.
The engagement in this distribution agreement will broaden
Canndoc's ability to distribute GMP products to its patients within
the S.L.E. pharmacy network throughout Israel. In addition, S.L.E. will provide
Canndoc significant logistical capabilities in the future
supporting Canndoc's ability to export its products to countries
with consistent regulation for the sale and distribution of
cannabis products for medical use.
About InterCure and Canndoc:
InterCure is the first
public company on the Tel Aviv Stock Exchange to hold a valid and
permanent license for the entire medical cannabis value chain
through its 100% ownership in Canndoc. Canndoc is an Israeli
medical cannabis producer, licensed by the Israeli Ministry of
Health since 2008. Canndoc is a leading pioneer in the research,
cultivation, processing and distribution of pharma-grade
cannabis-based products to licensed patients, hospitals,
physicians, research and governmental organizations. Canndoc is
focused on pharmaceutical-grade cannabis and is conducting R&D
programs and clinical trials in its genetics. Canndoc is
experienced in climatized greenhouse cultivation and has developed
a unique production method for pharma-grade cannabis which is
scalable and profitable, with expertise in all links of the value
chain to the end-products. Canndoc operates two sites in Northern
and Southern Israel, as well as
joint ventures for cultivation and distribution in European Union
and Canada. The Government of
Israel approved the export of
medical cannabis in January 2019.
Visit https://www.canndoc-pharma.com/
In addition, to its 100% ownership of Canndoc, InterCure
holds two other biotech investments: i) 12.27% stake in Regenera,
clinical-stage biopharmaceutical company focused on developing a
novel drug for neurological disorders currently at Phase 3 clinical
trial in NAION after receiving FDA Fast Track designation and ii)
8.88% stake in Novellus, a Jerusalem based company, developing a novel
technology for precision oncology therapies.
About S.L.E.:
S.L.E. is one of the leading providers
of logistics solutions in the healthcare field in Israel and is wholly owned by Teva
Pharmaceuticals Industries. Since it was established in 1901, the
company has become a leading player in the Israeli healthcare
market and has made a significant change in the availability of
drugs, improving the lives of countless patients.
In 2011, S.L.E. opened their new logistics center in Shoham,
Israel, one of the largest and
most advanced logistic centers in the world for the storage and
transportation of pharmaceuticals and medical equipment. The new
center enables us to provide excellent and uncompromising service
to local and global pharmaceutical companies, positioning us at the
forefront of the logistics arena within the Israeli healthcare
system. S.L.E. supplies one out of four prescriptions in
Israel.
Forward-looking statements
This press release includes
forward-looking statements that involve risks and uncertainties.
Forward looking statements are statements that are not historical
facts. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements, including those set forth in the risk
factors section of the prospectus used in connection with the
Company's initial public offering. The Company expressly disclaims
any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based, except as required by law.
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SOURCE Canndoc