HOD HASHARON, Israel—Wize Pharma (OTCQB: WIZP) and Cannabics Pharmaceuticals (OTCQB: CNBX) have formed a joint venture focused on the research and development of cannabinoid formulations to treat ophthalmic conditions. "We are very pleased to have jointly created and approved a plan that will support our pursuit of a significant opportunity to create ophthalmic treatments that leverage the therapeutic power of cannabis. Having assessed the regulatory pathway for eyedrops containing cannabinoids or cannabinoid strings, we are eagerly engaging in technology development and clinical advancement. Cannabics, a world leader in the development of cannabinoid-based therapies for cancer, and with a state of the art laboratory that has received approval from the Israeli Ministry of Health to conduct research with Cannabinoids and Cancer is an ideal partner for Wize," said Noam Danenberg, CEO of Wize, based here.

Wize Pharma is a clinical-stage biopharmaceutical company currently focused on the treatment of ophthalmic disorders, including DES (dry eye syndrome). Wize has in-licensed certain rights to purchase, market, sell and distribute a formula known as LO2A, a drug developed for the treatment of DES, and other ophthalmological illnesses, including CCh and Sjögren's syndrome.

Cannabics Pharmaceuticals is a U.S public company that is developing a platform which leverages novel drug-screening tools and artificial intelligence to create cannabinoid-based therapies for cancer that are more precise to a patient’s profile. The company’s R&D operations are located in Israel.