Therapix Biosciences, a biopharmaceutical Israeli-based company that recently expanded into the field of medical marijuana, has registered with the American Depository Receipts to begin trading of its ADRs.
As more countries and American states legalize medical marijuana and even straight up recreational use of the drug, it is getting easier for firms that specialize in perfecting medicinal uses to do business. Someday different strains of the plant will be specialized with each designed to treat a different disease.
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The company identifies and accelerates the development of specialty biopharmaceuticals with attractive risk/return profiles. Therapix states that it focuses on synthetic cannabinoid-based therapies with attractive risk/return profiles that target large, high value, under-served markets.
Its tag line is, “Therapix – Bridging development and financial gap for biopharmaceutical companies.”
Over the summer the Israeli firm’s stock skyrocketed after it completed the acquisition of a 49% stake in the medical cannabis developer Lara Pharm Ltd. for $1.5 million giving it a controlling interest totaling 75% of that company. Lara’s lead product, LP-306, is a unique synthetic formulation of THC administered through an inhaler, constituting a pharmaceutical substitution for medical marijuana.
The ADRs, each representing 20 ordinary shares, began trading on October 6, 2014 under the symbol THXBY.
Therapix expects that the listing of the ADRs will support increased exposure among investors in the U.S. and other major financial centers as the Company more broadly communicates its unique business model and growth strategy, and further develops its portfolio of novel biopharmaceutical products.
“The listing of our ADRs on the OTCQB is an important step in our overall corporate development strategy as we continue working to build awareness of Therapix within the U.S. investment community and execute on our key growth initiatives, ” said Dr. Elran Haber, VP Business Strategy and Innovation at Therapix.
“We believe that the area of synthetic cannabinoid-based pharmaceutical products is one with tremendous growth potential. We have a great deal of confidence in our current portfolio of product candidates, and we will look to strengthen it further as we continue moving forward.”
Therapix says that it is executing its strategy through acquisitions of cannabinoid-focused companies and technologies. It continues to identify unique opportunities and is building a robust pipeline based on synergistic integration of unique technologies.
