Therapix Biosciences Ltd. announced it has entered a non-binding letter of intent with Cyntar Ventures Inc., an innovative company dedicated to the development and commercialization of advanced products and therapies in the psychoactive pharmaceutical sphere. Any transaction between the parties remains subject to entry into a definitive agreement(s) and such agreement(s) may be subject to closing conditions, including regulatory approval. Subject to the negotiation of definitive agreement(s), Cyntar will be granted a distribution license, exclusive to Canada only, to distribute all of the proprietary product varieties relating to TheraPEA, subject to payment to Therapix of those amounts to be stipulated in the definitive agreement(s), including royalties from the gross profit of TheraPEA.

Therapix has a proprietary product called "TheraPEA" (CannAmide™) which has been issued a product license from Health Canada's Natural and Non-prescription Health Products Directorate (NNHPD) for the recommended use as an anti-inflammatory and to help relieve chronic pain. Chronic pain is estimated to affect one-third to 55% of the world population, and according to an analysis by the World Health Organization, half of the most prevalent conditions responsible for those living with a disability can be characterized by the presence of different kinds of pain. With the NNHPD license, Therapix has the ability to offer crucial and improved access to safe and beneficial non-opiate pain management products to patients in Canada.

CannAmide is a cannabimimetic compound that regulates endocannabinoid levels by enhancing receptor sensitivity and inhibiting their metabolism, and is particularly attractive therapeutically, with external research and studies indicating that the compound may have a high safety profile with low or no abuse liability. Although numerous clinical trials have shown the favorable effect of PEA, as an analgesic agent it has low solubility. Using its proprietary TheraPEA, Therapix offers an immediate release formulation to improve bioavailability.