Canada’s fourth biggest pharma company will sell Medlab’s cancer-fighting cannabis mouth spray
Health & Biotech
Health & Biotech
A private Canadian pharmaceutical company by the name of Pharmascience Inc will develop and sell Aussie small cap Medlab Clinical’s (ASX:MDC) cannabis mouth spray, which is designed to treat advanced cancer pain.
Medlab told investors this morning that it had signed a heads of agreement with Pharmascience to “develop and distribute” NanaBis, a CBD/THC treatment administered through Medlab’s drug delivery platform known as NanoCelle, which delivers medicine as tiny particles in a spray to the buccal membrane, or the inside lining of the cheek.
Pharmascience, which Medlab says is the fourth largest generic pharma company in Canada, will lead further development and global distribution of NanaBis.
Currently, NanaBis is undergoing Phase II trials for the treatment of advanced cancer pain, after passing Phase I safety and tolerability trials late last year. It is available to Australian patients under the Therapeutic Goods Administration’s Special Access Scheme.
Medlab shares immediately rose 15 per cent when the market opened — deals with larger pharma companies are the targeted exit strategy for most biotech companies, as CEO Dr Sean Hall alluded to.
“This heads of agreement signifies real intent and interest for a true global pharmaceutical company to enter legitimate science as it relates to cannabis that has been research focused into a serious condition: cancer pain,” he said.
“Being able to collaborate with global pharmaceutical companies like Pharmascience Inc allows us the opportunity to expand NanaBis quicker in global territories including USA and Canada.”
Medlab also has another cannabis mouth spray, NanaBidial, for the treatment of cancer-induced nausea and seizures. It has kicked off trials investigating whether gut bacteria is linked to depression and whether its technology can better deliver common anti-cholesterol drug atorvastatin.