What is Next for InnoCan Pharma After Strategic Advisory Board Addition
After adding Johnson & Johnson's former vice-president of corporate development and FDA counsel to its advisory board, InnoCan Pharma's future seems bright, and investors are taking notice
As the market for cannabis-related and pain-relieving products continues to grow, with experts forecasting that the potential market size of cannabidiol oil could reach over $40 billion by 2030, investors and former executives are starting to take notice. One of the companies catching the public eye is InnoCan Pharma, which specializes in integrating CBD and other beneficial ingredients such as magnesium oil to generate solacing as well as cosmetic solutions.
Earlier this month, the rising Canadian-Israeli pharmaceutical company added Richard Serbin, former Johnson & Johnson vice-president for corporate development and FDA (Food and Drug Administration) counsel, to its advisory board. Serbin’s experience in the industry as a regulatory and patent attorney, as well as a pharmacist, is vast and extremely valuable to InnoCan Pharma’s future growth. In addition to his work with Johnson & Johnson, he served on the board of directors of sixteen of the company’s American and foreign subsidiaries.
Prior to Serbin’s tenure at J&J, he was president of Medical Services, a company developed out of one of Stanford Medical School’s prestigious labs; he also co-founded Bio-Imaging Technologies which utilized LANDSAT technology from NASA. Serbin has been involved in numerous healthcare companies which were ultimately successfully acquired by large multinational corporations. Along with InnoCan, Serbin has consulted several Canadian and Israeli cannabinoid companies.
Over the past few years, InnoCan Pharma has developed strategic partnerships with two of Israel’s top research universities, Tel Aviv University and the Hebrew University of Jerusalem. These partnerships have focused on advancing smart delivery systems, including CBD Loaded Exosomes (CLX) and Liposomes Platform Technology (LPT). Serbin’s experience in the field of exosomes is well noted and further strengthens the company’s ability in this endeavor.
This month, as InnoCan Pharma moves closer to commercializing its products in the United States and Europe, the company’s stock rose from $0.35 CAD to $0.60 CAD on the Canadian Securities Exchange. This week, the InnoCan announced a far-reaching exclusive distribution agreement with Polyflame Europe, a major European provider of regulated commodities with a forty-eight-year track record in the industry. The recently signed deal gives Polyflame the right to administer InnoCan’s SHIR and Relief & Go products on the French market, which in its first year could have potential earnings of 600,000 Euro. InnoCan’s SHIR product line includes facial serums, lotions, creams, sleeping masks, and more.
According to Serbin, his broad set of experiences in Asia, Latin America, Scandinavia, and Nordic countries could provide strong insights and be a source of great opportunity for InnoCan and its products in the future. Though, he believes that now it is time for InnoCan to focus on the U.S. and European markets in order to do the job correctly and begin on a successful note, which will only make it easier for them to enter other major markets without spending vast amounts of time and resources reintroducing the company.
What is next for InnoCan Pharma after this strategic Advisory Board addition? Serbin’s extensive involvement and background in corporate development and as a former FDA Counsel for one of the world’s largest pharmaceuticals companies will assist InnoCan’s pain-relieving solutions in business as well as biomedical areas. According to Serbin, “We believe our company is in advanced development of the ability to take cannabinoid products and make them more efficacious due to InnoCan’s smart delivery system and combination of medically significant ingredients. From what I have seen so far, the scientists at InnoCan have also made significant progress in introducing a platform technology which through CBD-loaded exosomes can provide amazing results in targeting damaged lung cells, including when infected by the COVID-19 Coronavirus.”
In order for a company to strategically expand its reach, it must have a team of leading and experienced decision-makers. The addition of Richard Serbin to InnoCan’s Advisory Board will further validate the young pharmaceuticals company, allow the company to navigate regulatory processes, and attract prominent investors. Serbin’s experience and expertise in the field are already being seen as a major asset that will allow the company to penetrate new markets with credible backing.