Kenbotek, which last week completed a fundraising of NIS 2.3 million, reported today (Monday) on signing a final agreement with Go NXT LVL (Next Level) from California, to establish a joint venture for the production, marketing and sale of Kenbotek’s integrative oncology products for cancer patients in California more in the first quarter of 2023.
As part of the agreement, Next Level will provide the joint venture with its licenses for the production and marketing of medical cannabis and will use its extensive network of connections to raise capital of approximately 2-3 million dollars for the venture from local parties in the cannabis and health industry, which will enable the accessibility of oncology solutions, under the OncoRix brand. For cancer patients in California.
The Go-To-Market strategy that Kenvetok formulated in the last year includes collaborations with senior oncologists, alternative therapists and support communities for cancer patients. As part of the penetration of the oncology market in California, an observational experiment is planned in which medical information will be collected from hundreds of patients, which will significantly strengthen the clinical evidence on Kenbotek’s oncology products and help build the trust of patients and the scientific community in the integrative solutions and the brand. Next Level will be a local anchor and oversee the logistics processes, the relationship with the patients and the process of collecting medical information. The products will be sold in California under the OncoRix brand which belongs to Kennebot.
OncoRix products are based on cannabinoid and terpene compounds from the cannabis plant and mushroom extracts and are developed in accordance with the local regulation in California, using the extensive knowledge and experience of the Next Level team in developing advanced formulations. The NANO20 (Nano-Emulsion) technology was also incorporated into the products, which improves the stability of the formulas, increases the bioavailability of the active substances in the body and shortens the time needed from the moment of use to the medical effect.
The OncoRix product series is based on 8 different formulas to help patients with breast cancer, colon cancer, pancreatic cancer, lung cancer, prostate cancer and side effects of chemotherapy treatments such as neuropathic and inflammatory pain. The products have been researched and developed by Kenbotek for over three years and the company has shown in experiments that the combination of its solutions together with common chemotherapies improves the effectiveness of the anti-cancer treatment 6 times.
The form of administration of each product was adapted to the needs of the patients so that the cancer products are given in soft-gel form, the pain products in spray form and the mushroom products in capsule form.
As part of the agreement, an entity will be established in California in which Kenbotek will own 95% and Next Level will own 5%. It was determined between the parties that Next Level will be entitled to an additional 5% of Knobotek subject to the completion of milestones. Kenbotek will grant the partnership exclusive rights to use the OncoRix brand intellectual property in California.
At the same time as developing the products, Kenbotek is developing personalization technology, which will allow each patient to find the most effective medical solution for him, according to the subtype of cancer he is suffering from, the anti-cancer treatment chosen by the doctor, the patient’s genetic structure, the tumor, etc. The personalization technology is expected to enter the market in the coming months to ensure higher clinical efficiency.
Kenbotek also aims to leverage its activities in California in order to find potential partners in other countries in the US and Canada.
Elhanan Shaked, Chairman and CEO of Kenbotek, said: “After 3 years of research, we are facing a breakthrough in the commercialization of the extensive knowledge we have accumulated in one of the largest and most developed oncology markets in the world. We are happy to have found a professional partner like Next-Level, who knew how to turn the vision into products physical and confident that the partnership with them will ensure the success of the penetration into the oncology market in California already in the coming months.”