Rhinomed Ltd (ASX:RNO) has signed a non-binding term sheet with Columbia Care LLC, the largest medical marijuana operator in the United States.
As per the term sheet, Rhinomed will license its nasal platform for the delivery of medical cannabis and cannabinoid products.
The two companies plan to jointly develop a range of unique cannabinoid products targeting areas with unmet clinical and consumer health needs in the US.
Progressing towards a binding agreement within 90 days
Rhinomed and Columbia Care are aiming to complete a binding agreement based on the term sheet within the next 90 days.
The agreement will deal with the licensing of Rhinomed’s platform technology, intellectual property, product royalties and supply of technology, exclusivity and other commercial issues.
Leveraging Rhinomed’s patented nasal technology
Rhinomed’s CEO Michael Johnson said: “We have steadfastly built a medical device platform that focuses on the role and importance of the nose.
“We have already built a significant global franchise as a leading consumer health brand in the global sleep market.
“In addition, our platform has obvious relevance across a range of other applications with nasal drug delivery being a key opportunity.
“We are delighted with the opportunity to partner with Columbia Care to bring a revolutionary range of nasally administered dose-controlled cannabis-based formats to the US market.
“By offering consumers and clinicians access to range of products that solve specific unmet clinical needs we firmly believe that we can modernise, and indeed, medicalise this market in a new and radical way.”
Medical technology company with two launched products
Rhinomed is a medical technology company with a patented nasal technology platform that seeks to improve the way people breathe, sleep, maintain their health and take medication.
Rhinomed has launched two over-the-counter technologies in the Turbine® and the Mute®.
The Turbine® is a nasal dilator designed to assist people in breathing easier during aerobic exercise.
The Mute® is a nasal technology that is designed to allow people to improve their sleep quality by breathing more and snoring less.