Biotech Company Updates Cannabis Transdermal Patch Technology
Zynerba Pharmaceuticals
(ZYNE) released a public
offering outlining its plans to roll out their pipeline of
cannabinoid-based drugs. Zynerba is exploring the first controlled-delivery
system for c
The company’s pipeline of drugs consists of a new permeation-enhanced gel (ZYN002) and transdermal patch (ZYN001.) Zynerba is the only biotech company focusing on the topical application and controlled-delivery of CBD, which they believe will be more effective for treating refractory epilepsy, osteoarthritis, and fibromyalgia. The company will also explore the treatment of a condition called Fragile X syndrome.
Zynerba developers say the gel is more effective for the treatment of the symptoms and progression of genetic disorders. Zynerba will initiate Phase I preclinical trials for ZYN002 later this year. The transdermal patch delivery system is being developed specifically for chronic pain-related illnesses. Preclinical trials for ZYN001 are set to launch in mid-2016.
The company has been funded for nearly a decade through private and government grants. The company is now looking for investors to fund the project through costly FDA clinical trials. Zynerba begins trade under the symbol ZYNE on the NASDAQ Global market on Weds, Aug 5. The team has also announced the pricing of its IPO of $14 per share. Zynerba plans on selling 3 million shares in order to fund the project. Perceptive Advisors, a biotech hedge fund, has stepped in and purchased $12 million which is 29% of Zynerba’s complete offering. The company faces all the same risks that any cannabis startup faces, plus competition from competing biotech companies. But if Zynerba is able to secure a unique niche in the market, it will be able to attract investor appeal.
