Syqe Air approved in Australia as a medical device. Israeli company could be bought by Phillip Morris for more than 600 million dollars

Syqe Medical announced that its vaporizer, Syqe Air, has been approved by Australian health authorities as a medical device. This approval represents an important milestone for the Israeli company, which is already in the sights of Phillip Morris International. The tobacco company committed to acquiring Syqe Medical for more than 600 million dollars, with the success of the operation depending on the approval of Syqe Air as a medical device by the Food and Drug Administration (FDA).  

The SyqeAir medical cannabis inhaler is now approved as a medical device by the Therapeutic Goods Administration (TGA) in Australia. The Israel-based company, which has approvals in Canada, Australia and Israel, will now be able to focus on the North American market. The information, provided by Calcalistech, report that Phillip Morris International (PMI) may have put a proposal on the table for the total acquisition of the company. The total value of the deal could exceed US$600 million.

The Syqe Air has a cartridge that can be pre-loaded with 60 doses of cannabis flower

The relationship between PMI and Syqe Medical is not new. Since 2016, PMI has been part of the list of investors in the Israeli company, with an investment made to date of 20 million dollars. Syqe Medical was thus able to develop a cannabis inhaler with some particularities, namely the administration of a precise dose of cannabinoids. The SyqeAir is designed for both home use and use in healthcare institutions. The device consists of the inhaler assembly and a pre-filled cartridge containing 60 uniform doses of standardized, pharmaceutical-grade, full-spectrum cannabis flower. The cannabis in the cartridges is grown and processed under good manufacturing practice (EU-GMP) by the Dutch company Bedrocan.

The device differentiates itself by its availability for use as soon as the cartridge is inserted into the inhaler, which eliminates the need for prior preparations or direct handling of the cannabis. This allows patients to discreetly incorporate treatment into their daily routine, but can also have positive repercussions on reimbursements and insurance reimbursements, which also results in a reduction in therapy costs for patients.

Syqe Medical CEO, Hagit Kamin, expressed her excitement about the approval and the possibility of working with healthcare professionals in Australia, while global sales director, Jacob Vogel, highlighted the importance of seeking modern medical standards . Andrew Heath, medical products manager at Novachem, highlighted that this approval represents a significant advance in the medical cannabis industry.

Purchase of Syqe Medical could exceed 600 million dollars

Syqe Medical was already in the sights of Phillip Morris International and there is reportedly an acquisition agreement worth around 650 million dollars. O takeover will be dependent on certain milestones and the acquisition will depend on the regulatory success of Syqe Medical's products, namely the approval of the Syqe Air inhaler as a medical device by the Food and Drug Administration (FDA).

However, it is expected that the company's next steps will focus on the North American market, given that the agreement provides for an advance of 120 million dollars to cover the costs of regulatory processes and clinical trials.

CannaReporter contacted Syqe Medical in order to obtain clarification regarding the company's future steps, but did not receive any response from the company until the article was published.