HERZLIYA, Israel, and CALGARY, Alberta — BI Sky Global, a subsidiary of Innocan Pharma Corporation, a pioneer in the pharmaceutical and biotechnology industries, completed the registration of all its products under the FDA’s Modernization of Cosmetics Regulation Act of 2022 (MoCRA).
Following a thorough evaluation of BI’s manufacturing controls and raw materials, all its products met the stringent quality standards set by the FDA, fulfilling all compliance requirements necessary for the completion of MoCRA registration.
MoCRA mandates all facilities involved in the manufacturing and processing of cosmetic products for sale in the United States must register with the U.S. Food and Drug Administration (FDA). This enforces rigorous quality standards and ensures that only high-quality cosmetic brands can be sold in the U.S. market.
“Successful registration of our products and fully meeting the FDA’s stringent standards is a significant milestone for us, which ensures our continued retail presence in the U.S.” said Roni Kamhi, CEO of BI Sky Global. “It very much demonstrates our commitment to the highest of standards and aligns with our mission to bring top quality products to the market.”
In addition, Innocan announced that it intends to complete a non-brokered private placement of up to 4,000,000 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds up to C$880,000, provided that the Company may increase the size of the private placement by up to 30% in its sole discretion to cover any over-allotments, (together, the “Offering”). The Offering is expected to close on or around August 29, 2024. Each Unit will be comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance. Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.
The securities issued to Canadian subscribers in connection with the Offering will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Innocan Pharma
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales.
