According to the Canadian Pain Society, one in five Canadians suffer from chronic pain and it costs more than cancer, heart disease, and HIV combined. Estimates place direct healthcare costs for Canada to be more than $6 billion per year and productivity costs related to job loss and sick days at $37 billion per year.
Panag Pharmaceuticals Inc., located in Halifax, is seeking to alleviate the chronic pain of many Canadians with its novel cannabinoid-based formulations for treatment of pain and inflammation. Its first product that will be available over the counter later this year will be a topical ointment aimed at treating pain and inflammation by activating the endocannabinoid receptors in the skin.
The endocannabinoid system is part of the body’s built in defense network that fights pain and inflammation, and the agents that activate it are cannabinoids that are similar to the active agents in marijuana. However, Panag’s topical ointment can activate this system using the receptors that will not elicit the same psychotropic “high” effects as using marijuana but will relieve pain and inflammation.
Initial pre-clinical trials in humans have shown instant relief of symptoms for patients and that pain seems to dissipate instead of only dulling, as many of the current products on the market do since these medications are targeted for acute pain and not chronic pain.
The team at Panag Pharmaceuticals Inc. has a great deal of experience in the field of cannabinoids and pain research.
President, Dr. Mary Lynch has spent more than two decades’ experience as a clinician assisting patients with chronic pain and is the Director of Research at the Pain Management Unit at the QEII and is the founding Director of the Canadian Consortium for the Investigation of cannabinoids. The core team of scientific researchers for the Company has more than 100 years of combined experience in the field of cannabinoids and pain research.
To learn more, visit panagrx.com