ASX Health Stocks: Pot stock BOD’s Phase 1 results; Paradigm and Impedimed shake up exec teams
Health & Biotech
Health & Biotech
Cannabis stock Bod Australia (ASX:BOD) announced positive results from its Phase 1 clinical trial evaluating Bod’s ECS BioAbsorb Softgel Capsule against Epidyolex and CBD oil.
The study comprised of three oral treatment arms: Bod ECS BioAbsorb Softgel Capsule, Epidyolex oil and CBD oil – delivered as a single dose in 14 healthy subjects between 18-50 years old.
All 14 subjects have completed the trial with no safety or tolerability issues reported, meeting the trial’s primary end points.
The Bod ECS BioAbsorb Softgel was reported to be as twice as fast to reach maximum concentration of CBD after a single oral administration of Epidyolex, and five times faster than the CBD oil solution.
This pharmacokinetic (PK) study forms a critical and required step for the company’s Schedule 3 dossier submission to the TGA (Therapeutic Goods Association).
“Bod considers our uniquely developed softgel format product to be at the forefront of the Schedule 3 CBD space in Australia, and we look forward to reporting further on our clinical trial as we continue to move through each stage,” said Bod’s CEO, Jo Patterson.
Paradigm Biopharmaceuticals (ASX:PAR) plunged 9% after announcing that its CEO, Marco Polizzi, has stepped down from his role and will cease employment with the company on 20 February 2023.
The Paradigm board has appointed Paradigm’s founder and non-executive chairman Paul Rennie as an interim CEO during this transition period and thereafter.
Rennie said: “I am pleased to advise that the personal circumstances that originally required my stepping down from the managing director role in 2021, have now been successfully resolved.”
Rennie will continue to serve on the Paradigm board, now as an executive chairman.
Meanwhile Impedimed (ASX:IPD) announced a reorganisation of its top executives.
This reorganisation is part of a thorough company review conducted by interim CEO Dave Anderson at the request of the board to bring the net operating cash outflow to below $3 million per quarter.
As part of the reorg, key people have now been assigned to the roles of CFO, COO, chief commercial officer and chief medical officer.
“These changes make the team more aligned, effective and accountable. We now have a better structure in place for unlocking the potential of the business,” Anderson said.
In other news, Creso Pharma (ASX:CPH) surged 20% after revealing that it was no longer the subject of an ASIC investigation.
In November last year, corporate regulator ASIC had served Creso a notice under Section 33 of the ASIC Act, requiring it to produce certain documents to ASIC in connection with an investigation.
At Stockhead we tell it like it is. While Creso Pharma is a Stockhead advertiser, it did not sponsor this article.