Israeli medical company InterCure appoints former PM Barak as chairman

InterCure, which is changing its name to Canndoc Pharma, is the only Tel Aviv Stock Exchange company in possession of a license for the entire medical cannabis production chain.

September 25, 2018 12:09
2 minute read.
Former prime minister of Israel Ehud Barak

Former prime minister of Israel Ehud Barak. (photo credit: REUTERS/HERWIG PRAMMER)

Israeli medical cannabis and therapeutic company InterCure has appointed former prime minister Ehud Barak as its new chair-person, it announced Tuesday.

InterCure, which is changing its name to Canndoc Pharma following its acquisition of medical cannabis company Canndoc earlier this month, is the only Tel Aviv Stock Exchange company in possession of a license for the entire medical cannabis production chain.

Barak will be responsible for InterCure's global growth strategy and the development of international business, working approximately 40 hours and earning $10,000 per month.

Barak will also benefit from a share-option scheme worth up to 5% of the company at NIS 3.20 per share, a premium of 60% on the company's pre-announcement share value at the Tel Aviv Stock Exchange.

Besides the production of medical cannabis, InterCure manufactures and sells personal therapeutic devices, including RESPeRATE, a non-drug hypertension treatment approved by the US Food and Drug Administration (FDA), and InTone, a non-invasive heart failure treatment.

Shares in InterCure rose by almost 10% on Tuesday morning following the announcement of Barak's appointment. The company says it is currently examining going public on the NASDAQ stock market.

"I am happy to to join the senior management team of the company. Medical cannabis has proven potential to assist and to improve the lives of many sick people across the world, and key western countries have adopted or adopting it as an established medical treatment," said Barak, who will replace Shlomo Shalev after spending four years at the helm of the company.

"The company is ideally placed to break into these markets. It is my intention to lead the international growth strategy of the country and to play an active part in its business development in order to transform Canndoc Pharma into the world leader in its field," Barak added.

CannDoc Chief Executive Roei Zerahia welcomed the appointment of Barak as the company's new chairman.

"The management of CannDoc welcomes with happiness and pride that Mr Ehud Barak will be joining as company chairman, and is sure that his abilities and international connections will greatly assist the company management in achieving its vision to become one of the leading global companies in the field of medical cannabis," said Zerahia.

With his latest appointment, Barak adds InterCure to his growing post-political portfolio of business interests.

The former prime minister is also chairman of Carbyne, a national emergency communication platform. In July, cybersecurity startup Toka, which was co-founded by Barak, raised $12.5m in funding, only two months after it was founded.

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