04:13 PM EDT, 07/26/2024 (MT Newswires) -- Innocan Pharma ( INNPF ) said Friday the U.S. Food & Drug Administration's Center for Veterinary Medicine (CVM) granted the company a sponsor fee waiver and assigned an Investigational New Animal Drug (INAD) number for its LPT-CBD (Liposome Platform Technology-Cannabidiol) product.

Innocan said the measure represents a significant step for the company, as an INAD designation aids a correspondence and data exchange with CVM to support LPT-CBD development as a new veterinary drug.

Innocan's LPT-CBD is a proprietary drug-delivery platform designed to provide prolonged-release CBD for chronic pain and well-being management in animals.

"The granted INAD will allow us to advance the investigational studies of LPT-CBD and share knowledge to support future discussions with CVM on LPT-CBD's development plan," chief science officer Chezy Barenholz, said in a statement.