MONTRÉAL, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Elixxer Ltd. (TSX-V: ELXR and OTC-QB: ELXIF) ("ELXR")
- Little Green Pharma Ltd ("LGP") has applied to list on the ASX, with a target listing date of February 7th, 2020 under the symbol 'LGP'.
- Elixxer is currently the largest shareholder and supports LGP's expansion plan throughout Australia and international markets into Europe.
- LGP is currently expanding operations in Australia to increase their current production from 15,000 bottles of medical cannabis oil per year to over 110,000 bottles.
- Canaccord Genuity is acting as the lead manager to LGP's initial public offering.
LGP has lodged a prospectus and supplementary prospectus with ASIC and has applied to list on the ASX. The listing of LGP on the ASX will be a significant milestone event for both LGP and Elixxer, and will recognize their work to date within the Australian and European medical cannabis markets.
Elixxer first invested into LGP in 2017 and has supported its management team throughout its corporate evolution.
In August 2018, LGP launched its first medicinal cannabis product in Australia. LGP's current three-product range is also anticipated to grow with future products in a proposed research and development pipeline.
LGP has also received a 2,400-bottle order from German distributor CC Pharma, with fulfilment expected to take place following the completion of LGP's cultivation facility expansion. In addition, LGP has received conditional purchase orders for products from Canada's CannMart and New Zealand's Kariki Pharma.
Intellectual property and clinical development:
LGP holds a patent over a small particle formulation with the potential to significantly reduce the cannabinoid dosage required to achieve an equivalent therapeutic effect compared to its existing products. LGP is currently scoping a product development validation project for the formulation.
LGP holds an exclusive licence to exploit the ARISE technology in connection with medicinal cannabis and has recently entered into a research and development agreement with Curtin University to explore new formulations of medicinal cannabis that utilise the ARISE technology. ARISE is a supercritical anti-solvent extraction technology which increases the surface area of particles of active pharmaceutical ingredients with the potential to increase absorption of drugs by the body.
LGP is also investigating a proposed partnership with OBJ Limited (ASX:OBJ) to use their transdermal patch technology to deliver cannabinoid therapy with product development services to be provided by researchers at the Curtin University in Western Australia.
In addition, LGP is involved with five clinical investigations studying cannabinoid medicines, including the company's own medicinal cannabis oil products.
Elixxer sees its share position in the LGP as a long-term investment, as this is the beginning of the company's expansion and development into a global operator. Elixxer will continue to support LGP's future expansion plans and will assist, where needed, with its international expansion plans.
Management and the Board of Elixxer have also donated to the Australian Red Cross to support the aid and recovery efforts in the wake of the devastating bushfires in Australia.
Canaccord Genuity (Australia) Limited is acting as lead manager to LGP's initial public offering.
About Elixxer Ltd. (www.Elixxer.com)
Elixxer Ltd. is a leading cannabis investment firm with a focus on the legal global cannabis market. Through its growing portfolio of investment companies, ELXR is building a transversal integrated organization of interconnected legal cannabis companies with cultivation, processing and distribution in Australia, Jamaica, Switzerland, Italy, and Canada serving domestic and export markets. Elixxer Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSX-V: ELXR) and the US OTC-QB exchange (OTCQB: ELXIF).
For further information please contact:
President, John McMullen, +1-416-803-0698, john@elixxer.com
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Notice Regarding Forward Looking Statements
This press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Elixxer could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in Elixxer's most recent Management's Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.
