Innocan Pharma eyes FDA approvals as revenue soars 433% in 2023

The company has plans to submit pre-investigational new drug applications to the FDA by the end of March.

Canada-based Innocan Pharma Corporation (CSE: INNO) (OTC: INNPF) posted rosy financials for the fourth quarter of 2023 and the full fiscal year, according to its latest corporate update.

The company, which operates in the pharmaceutical technology sector, posted preliminary revenues for the fourth quarter of 2023 reaching $4.89 million. That represents a 20% rise from the third quarter and a 331% increase versus the fourth quarter of 2022. For the entire fiscal year of 2023, Innocan‘s revenues are expected to be at least $13.6 million, marking a 433% rise from the previous year.

The company attributes this growth primarily to the sales performance of its subsidiary, B.I. Sky Global Ltd. Innocan’s business strategy includes a dual focus on pharmaceuticals and consumer wellness products such as topicals and cosmetics.

The company is targeting the global pain management market, noting the high prevalence of chronic pain among adults in the U.S. as a significant area of need. Innocan’s approach emphasizes the therapeutic potential of CBD in addressing that market.

Innocan’s product lineup features those CBD-based formulations for injectable and topical applications, currently undergoing various stages of development and supported by clinical trials. The company highlighted the growing market opportunities in pain management, with projections indicating substantial growth in both human and veterinary applications.

With that, Innocan said it developed a proprietary CBD-loaded liposome platform technology (LPT) aimed at enhancing treatment efficacy and safety for both humans and animals.

Innocan reported that its development of the LPT platform is advancing rapidly, with several pre-clinical studies showing promising results. The company is in the process of seeking FDA approval for its pharmaceutical applications, with plans to submit pre-investigational new drug applications by the end of March 2024.

Innocan has developed a robust intellectual property portfolio, including 12 families of patent applications covering a range of medical conditions. The portfolio also includes a patent already granted in the U.S. for a cannabis and magnesium-based topical pain relief technology.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at adam.jackson@crain.com.


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