Innocan Pharma Corp. (OTC:INNPF) Stock Takes a Hit: Here is Why

If you are interested in the pharmaceutical sector this morning, then there are a few companies that you could consider looking into, and in light of recent events, it may be a good time to track Innocan Pharma Corp. (OTC:INNPF). The company had come into focus on Monday after it announced that it had hit a major new milestone through the submission of its letter of application for a pre-IND (investigational new drug) meeting. The meeting with United States Food and Drug Administration representatives would be part of the first phase of the United States approval process for the company’s Liposome-Cannabidiol (LPT-CBD) injectable treatment for chronic pain.

It was a particularly important development given the long-term expansion of the worldwide market for pain therapeutics. In the news release, the company announced that the market was going to have a valuation of more than $100 billion by 2032. It was also noted that LPT only necessitated a solitary subcutaneous injection per month and had been positioned as a highly effective alternative to opioid-based treatments. More importantly, opioids have had an enormously negative effect on vast numbers of people and continue to do so, given the fact that more than 75% of drug overdose deaths in the United States involve opioids as per the data from the United States Center for Disease Control and Prevention.

The company also revealed that its therapy had also demonstrated efficacy consistently in a number of pre-clinical trials in recent times. The Pre-IND Meeting Request Letter from Innocan Pharma Corp. to the FDA was described as the first step towards getting eventual approval for its therapy from the regulatory body. The Chief Executive Officer of the company, Iris Bincovich, noted that everyone at the company was highly excited about the development as Innocan Pharma Corp. embarked on a new journey.