On November 16, 2020 Cannabics Pharmaceuticals Inc. (OTCQB: CNBX), a global leader in the development of cancer related cannabinoid-based therapeutic formulations and medicines, reported that it has established a subsidiary, Digestix Bioscience Inc., a company dedicated to the development of medical devices and pharmaceutical compositions for the treatment of precancerous and early stage neoplastic local tumors (Press release, Cannabics Pharmaceuticals, NOV 16, 2020, View Source [SID1234571200]). The new company’s initial focus is in developing a medical device and a pharmaceutical composition with inhibitory effects for preventing recurrence of certain adenomatous colorectal polyps.

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Adenomatous colorectal polyps are found in approximately 25-30% of colonoscopies performed on men and women over the age of 50, and according to iData Research, approximately 19 million colonoscopies are performed in the US annually. The new company is founded by Professor Eitan Scapa, Dr. Erez Scapa, Gabriel Yariv and Cannabics Pharmaceuticals as a majority shareholder. Gabriel Yariv, who currently serves as Director and COO of Cannabics Pharmaceuticals, will also serve as interim Chairman and CEO of Digestix Bioscience during initial setup.