Tetra Bio Pharma Inc (OTCMKTS:TBPMF) announced on Thursday last week during a special shareholder meeting that its shareholders approved plans to acquire Panag Pharma.

The company also revealed that the acquisition approval also includes a greenlight for acceleration events that were included in the management information circular that shareholders received prior to the meeting. Panag is a Canadian firm that develops innovative cannabinoid-based treatments for inflammation and pain. Both Panag and Tetra have teamed up to carry out various pre-clinical studies targeting inflammatory conditions and ophthalmic pain. The acquisition will thus allow Panag to add value to Tetra’s operations.

“We have been working with Panag for over a year and as a combined entity we will have a robust product pipeline of cannabinoid derived drugs for development as prescription or OTC drugs,” stated Tetra CEO, Dr. Guy Chamberland.

The proposed transaction is still subject to various conditions despite the approval by shareholders and this includes a pending TSXV approval. The transaction scheduled to be finalized before April 30 this month.

Tetra and Ovensa collaborate to fight brain cancer

Tetra previously announced that it partnered with Ovensa to tackle brain cancer cells and they plan to do that by delivering cannabinoids into brain cancer cells using the TRIOZAN nanomedicine platform. Dr. Chamberland pointed out that Glioblastoma multiforme (GBM) is one of the most common brain cancer types and worse still, it happens to be fatal. Some of the notable individuals that have succumbed to it include the musician Gordon Downey and Senator John McCain.

The Tetra CEO also revealed that there have previously been some studies that demonstrate cannabinoid activities on brain tumors. If the two companies achieve success through the technology, then there is a chance that they will boost the treatment’s efficacy allowing it to be used as a supplement to chemotherapy and radiotherapy.

Takeda Pharmaceutical Co Ltd (NYSE:TAK) and Ovensas also announced a collaboration aimed at evaluating the TRIOZANÔ technology’s ability to deliver an antibody to the brain. The partnership is also part of an active cancer research program. The technology is designed to facilitate a high level of engineering flexibility as far as nanomedicines are concerned.