Syqe Enters Into Distribution Agreement With TerrAscend to Bring Revolutionary Medical Cannabis Treatment to Canada
Leading pharma-tech company inks deal with TerrAscend to bring the first and only inhalation device that can deliver safe, precise and consistent dosages of medical cannabis to the Canadian market
TEL AVIV, Israel and TORONTO, Sept. 16, 2019 /CNW/ -- Today, Syqe Medical, Ltd. and TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced an exclusive distribution agreement to bring Syqe's flagship product, the Syqe™ Inhaler, to the Canadian market. Backed by rigorous clinical trials, the Syqe Inhaler is the world's first metered-dose medical cannabis inhaler to provide predictable, precise and consistent treatment at pharmaceutical standards. Syqe first debuted its product to the Israeli market in June 2019, and through TerrAscend is bringing its breakthrough technology to the Canadian market to ease the suffering of patients dealing with chronic conditions.
"Syqe's goal since inception has been to bring relief to as many patients as possible in the fastest possible way, and we spent eight years developing the Syqe Inhaler to ensure that when introduced, it would make a significant positive impact on patients' lives," says Perry Davidson, Syqe CEO and Founder. "We have been searching for a partner that is truly focused on the medical side of cannabis. We are thrilled to be working with TerrAscend to share our groundbreaking technology with a progressive market at the forefront of medical cannabis treatment."
TerrAscend, through its wholly owned subsidiaries TerrAscend Canada and Solace Health Network, will lead marketing, distribution and sales efforts across Canada. Through Solace Health's patient-centric online platform and medical coverage assistance, as well as its wide network of medical professionals, TerrAscend is uniquely positioned for success with the Syqe treatment in the Canadian medical cannabis market.
As part of the agreement, TerrAscend will utilize their platform to both provide high quality guidance to patients on use of the Syqe device and educate the medical community on the benefits of medical cannabis and the Syqe treatment.
"We've seen time and again the deficiencies of current drug delivery devices – whether it be dosage inconsistencies or side effects – and recognize that the industry is ready to be disrupted," says Michael Nashat, TerrAscend's CEO. "Syqe's device is on the cutting edge of drug delivery technology, and we are excited to facilitate their entry into the Canadian medical cannabis market, as there is a real need for a new approach to an age-old problem."
Syqe's entrance into the Canadian market comes at an opportune time, with patient treatment primed for improvement. A 2018 Health Canada survey shows that 71% of Canadians using medical cannabis consume it in dried flower or leaf form. The Syqe inhaler provides an effective alternative that ensures precise dosing for cannabis delivered by inhalation, while eliminating the hazards of smoking.
With the Syqe Inhaler, healthcare providers and patients can know precisely what dosage of medical cannabis is administered for treatment. For the first time ever, the amount of THC in the bloodstream can be accurately controlled in a consistent, repeatable and completely non-invasive fashion. Syqe's technology is supported by controlled clinical trials with patients suffering from chronic pain and was proven effective in reducing VAS score, providing rapid pain relief while reducing psychoactive effects, allowing patients to resume normal daily activities. The Syqe Inhaler is used with preloaded cartridges of medical cannabis produced under pharmaceutical standards.
Syqe is a pharma-tech company developing technologies that enable precise delivery of a wide range of therapeutic molecules by inhalation. Its flagship product, the Syqe Inhaler, is the first of its kind medical device to provide predictable, precise, and consistent treatment at pharmaceutical standards. Unlike traditional inhalers, Syqe's breakthrough drug delivery technology introduces precision dose control, accurate electronic selective dosing, inhalation automation that ensures bioavailability with natural breathing, and remote clinical monitoring. Utilizing this breakthrough technology, Syqe aims to relieve the suffering of as many patients as possible in the fastest possible way.
First brought to market for use with medical cannabis, Syqe is exploring numerous molecules for a variety of therapeutic areas including - but not limited to - pain, CNS disorders, sleep, anxiety, and cancer.
Syqe was founded in 2011 and is headquartered in Tel Aviv, Israel with offices in New York and Canada. The company has raised more than US$ 80M to date. For more information, visit https://www.syqemedical.com/
TerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North American Operator (NAO), with scale operations in both Canada and the US, the Company participates in the medical and legal adult use market across Canada and in several US states where cannabis has been legalized for therapeutic or adult use. Additionally, TerrAscend is the first and only cannabis company with sales in the US, Canada, and Europe as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend recently announced the planned acquisition of Ilera Healthcare, one of five vertically integrated cannabis cultivator, processor, and dispensary operators in Pennsylvania and was also recently chosen by the state of New Jersey to be one of six permit applicants for a vertically integrated medical cannabis operation. TerrAscend operates a number of synergistic businesses, including The Apothecarium, an award-winning cannabis dispensary with several retail locations in California and Nevada; Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms; and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. For more information, visit www.terrascend.com.
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SOURCE Syqe Medical, Ltd.; TerrAscend Corp.