Bod Australia is giving patients their first taste of its cannabis wafer
Health & Biotech
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Pot play Bod Australia has kicked off Phase I trials of its medicinal cannabis wafer, paving the way for the company to test its impact on everyone from multiple sclerosis patients to those with anxiety.
The company (ASX:BDA) currently produces a range of vitamins and hemp based cosmetic products.
It has been developing a “cannabis sublingual wafer”, designed to dissolve under the tongue, which contains Bod’s in-house cannabis extract ECs315.
This morning Bod said it had the green light to start Phase I clinical trials in Australia after receiving the all-clear from the Therapeutic Goods Administration (TGA).
Clinical trials are generally divided into three stages, with the first focused on safety, the second on effectiveness and the third on whether the drug under trial provides a substantial improvement on current available treatments.
Bod Australia has recruited its first patient cohort and will start testing for safety today.
It’s expected round one of studies will be completed by November.
All going well, the company will then be able to move onto Phase 2 trials where the technology will be tested on chemotherapy-induced nausea, multiple sclerosis, anxiety and epilepsy.
“Bod will continue to explore ways in which we can leverage our cannabis product innovations through partnerships and collaborations with key researchers,” said Bod Australia chief executive Jo Patterson.
In June, Ms Patterson told Stockhead that momentum was building in the Australian community for governments to consider rebates on medicinal cannabis products as they start to come onto the local market.
“We want that support, we want people to speak up,” she said on the affordability of these products going forward.
In the March quarter, the company received $201,000 in customer receipts for its other products, including cosmetics and health products.
It burned $845,000 and had $4.9 million in the kitty at the end of March.
Bod shares have been on the up over the past year – the share price has increased by close to 220 per cent to touch 51c this week.