ASX Health Stocks: Cannabis stock Little Green Pharma awarded French trial tender for CBD50

Little Green Pharma awarded commercial tender by French government
Pharmaxis says its bone marrow cancer drug is effective

Cannabis company Little Green Pharma (ASX:LGP) has been awarded a commercial tender to supply up to $1.6 million (€1 million) of its CBD50 product to a French government medicinal cannabis trial.

LGP has been supplying the CBD50 to this trial, and remains the largest supplier with over 85% of the 3,000 participants expected to trial the product.

The company said it was very pleased to be selected by the French Government to continue supplying its GMP manufactured medicinal cannabis products, and views the French medicinal cannabis market as a highly prospective opportunity for the company.

LGP believes that supplying its cannabis product to this trial could position the company to supply any future French medicinal cannabis market and will provide the company with a key first mover advantage.

France remains one of the largest potential medicinal cannabis markets in Europe, and the world.

With the second largest population in the EU (65 million) and a total addressable market of $5.6 billion, LGP is optimistic that a future French medicinal cannabis market is one of the most prospective cannabis opportunities available globally.

LGP regards its participation in the trial as a key first mover advantage in any such medicinal cannabis market.

The trial is expected to conclude in March 2024.

Pharmaxis says bone marrow cancer drug effective

Pharmaxis (ASX:PXS) announced details of a final interim analysis of data from 10 patients who have completed 6 months treatment with PXS‐5505 in patients with the bone marrow cancer, myelofibrosis.

The Phase 2 trial aimed to demonstrate that PXS‐5505, an inhibitor of all lysyl oxidase enzymes (LOX), was safe and effective as a monotherapy in myelofibrosis patients who are intolerant, unresponsive, or ineligible for treatment.

A total of 21 patients have been enrolled in the study, with 10 patients having completed 24 weeks of treatment.

Results show that PXS‐5505 has shown to be well tolerated, with no serious treatment related adverse events reported.

Data also shows promising signs of clinical efficacy including improved symptom scores, stable or improved hematological parameters, as well as reduced bone marrow fibrosis.

Of the 10 patients completing six months treatment, five out of nine evaluable patients had improved bone marrow fibrosis scores of ≥1 grade, with four out of five fibrosis responders demonstrating stable hematological parameters, and three out of five patients reporting symptomatic improvement.

The final results from this cohort will be submitted for presentation at the American Society of Haematology conference later this year.