InMed Pharmaceuticals Inc (INM)

[MTpennystocks]

BIG NEWS:
http://www.marketwired.com/press-release/revive-therapeutics-announces-term-sheet-with-inmed-pharmaceuticals-discovery-development-tsx-venture-rvv-2197574.htm

February 22, 2017 07:00 ET
Revive Therapeutics Announces Term Sheet with InMed Pharmaceuticals for the Discovery and Development of Cannabinoid-Based Therapy Targeting Kidney Diseases

TORONTO, ONTARIO--(Marketwired - Feb. 22, 2017) - Revive Therapeutics Ltd. ("Revive" or the "Company") (TSX VENTURE:RVV)(OTCQB:RVVTF), today announced the Company has entered into a term sheet agreement with InMed Pharmaceuticals Inc. ("InMed") for the discovery and development of cannabinoid-based therapies targeting kidney diseases.

"I am very excited to be partnering with InMed and utilizing their proprietary Bioinformatics Database Assessment Tool, an in-silico technology which will be deployed under this agreement to target cannabinoid compounds for specific kidney diseases", said Craig Leon, Chief Executive Officer of Revive. "We are focused on expanding our product pipeline in disease areas where we have commitment in and we aim to leverage our world-class advisors and our strengths in product development, human clinical studies, regulatory management, and business development of novel therapies for unmet medical needs."

Subject to satisfaction of remaining conditions, Revive and InMed will endeavor to enter into a definitive agreement within 30 days of the execution of the term sheet. Pursuant to the signing of a definitive agreement, InMed will grant Revive the exclusive worldwide rights to develop and commercialize the target cannabinoid(s) discovered from InMed's proprietary in silico drug/disease targeting technology. Under the term sheet, InMed will receive an upfront payment and will be eligible to receive additional milestone payments upon achievement of certain predefined pre-clinical clinical, regulatory and commercial targets, as well as royalties on commercial sales. The term sheet agreement is not binding and remains subject to further negotiation and definitive documentation. Further announcements will be made on the status of this transaction, and the details of the commercial terms.