CannPal is on track for doggy dope trial after winning import licence
Health & Biotech
Link copied to
Animal medical cannabis researcher CannPal has been granted a final tick of approval to import its own medical cannabis oils — but investors remain stand-offish.
CannPal (ASX:CP1) has been a relative disappointment among a crop of surging ASX-listed cannabis stocks, sitting yesterday at 21c compared to a 20c offer price in October’s $6 million float.
After a slow start, the shares began to move upwards in mid-November when CannPal pinched Elanco executive Dr Margaret Curtis to be the head of clinical development and R&D.
The pot-for-pets business hoped investor interest would further improve now it has import approval from the animal equivalent of the powerful Therapeutic Goods Association.
Despite Thursday’s news, however, the shares closed down 2.3 per cent at 21c.
What is concerning some investors is that CannPal doesn’t plan to submit their research to regulators for a pharmaceutical product until 2021, and its nutraceutical products aren’t expected to be commercialised until 2019.
Managing director Layton Mills says they’re happy with where the share price is, and expects it to start really moving once they begin R&D.
“The share price is fairly stable at the moment. If you compare it to a lot of other stocks in the sector that have really surprising growth, we’re happy where we are,” he told Stockhead.
The company plans to start clinical trials in NSW early next year to test medicinal marijuana treatments for pain in 48 dogs.
Cannpal’s drug CPAT-01 is under development as a pain treatment for companion animals to provide a safe and effective alternative to Non-Steroidal Anti-Inflammatories (NSAID) which have a global market value of $US1.4 billion ($1.8 billion).
“We have now separately secured our federal, state and animal health regulatory permits within our estimated time frames which is a testament to our diligent regulatory and management team,” Mr Mills told investors.
They are the only Australian company to receive the okay from the Australian Pesticides and Veterinary Medicines Authority (APVMA) for medicinal cannabis so far.
But they aren’t the only ones doing dope for dogs – Creso Pharma also wants to help pets with anxiety calm down with cannabis.