Investor’s Corner shines a light on innovative technologies and solutions with high market potential
With over two-thirds of U.S. households owning one pet or more, companion animal health has become an essential sector with expanding market opportunities. Among the top health challenges in pets – chronic pain in dogs. Traditional treatments have had limited success facing this challenge, making way for novel approaches such as Innocan Pharma’s (CSE:INNO) innovative monthly injectable pain relief solution, currently under development.
Since COVID-19, pet ownership in the U.S. has surged, with nearly 87 million households now owning at least one pet, according to the American Pet Products (APPA) National Pet Owners Survey of 2023-2024. Of these, 58 million homes in the U.S. now have dogs (source). Pet spending has also been on the rise, with the Bureau of Labor Statistics reporting an annual average spend of USD $741 on pets (source). While according to the APPA survey, overall spending on pets has increased by about 7.5 per cent year-on-year in 2023, and is projected to reach over USD $150 billion in 2023 (source).
The American Animal Hospital Association (AAHA) estimates that approximately 40 per cent of dogs suffer from Chronic Pain, with muscoskeletal pain such as Osteoarthritis being the most common form (source).
For many of these dogs, traditional pain management approaches, such as analgesia or NSAIDs, pose significant risks. In fact, the Food and Drug Administration (FDA) has advised veterinarians to be vigilant for gastrointestinal, kidney and liver side-effects when these medicines are not administered correctly (source). This is particularly relevant when drugs need to be administered over extended periods of time, such as with dogs afflicted with Osteoarthritis.
Novel therapeutic approaches around the use of Cannabidiol (CBD) have shown promise, with an early Cornell University study showing pain reduction in more than 80 per cent of dogs with Osteoarthritis (source). However, oral administration via drops or via food continues to be a challenge for pet owners in maintaining accurate dosing for dogs. Dogs are not always compliant with the treatment and the bioavailability of oral CBD is relatively low requiring the administration of high doses. Also, contamination and unregulated formulation remain a risk, as highlighted in a study of 29 CBD over-the-counter pet products (source).
Innocan Pharma, an innovator in chronic pain management, is pioneering a unique injectable treatment for both human and veterinary use. Their Liposomal Platform Technology-Cannabidiol (LPT-CBD) uses liposome particles to encapsulate CBD, allowing for precise, prolonged release through a single injection. This monthly injectable provides sustained pain relief for up to four weeks, addressing the dosing challenges associated with traditional CBD products.
Recent results from Innocan’s studies on dogs with osteoarthritis show that a single injection of LPT-CBD provided long-lasting pain relief for almost 4 weeks, without any adverse side effects (source). These results were further supported by a multi-year compassionate care trial showing significant pain reduction and improved mobility in dogs with osteoarthritis (source). Additional testing was conducted with dogs afflicted with other forms of chronic pain.
Innocan has secured an Investigational New Animal Drug (INAD) number from the FDA’s Center for Veterinary Medicine, along with a sponsor fee waiver—marking an important regulatory milestone.
As pet ownership and the demand for advanced care continue to rise, the chronic pain management market for dogs is set for disruption and continued growth. Novel approaches, such as Innocan Pharma’s CBD-loaded injectable, show great promise, making this an exciting opportunity for investors to follow closely.
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