Medlab rallies 27pc as it joins the licensed cannabis elite
Health & Biotech
Health & Biotech
Link copied to
Medlab Clinical is the latest Aussie company to win a licence to sell or supply cannabis in Australia — and investors couldn;t get enough yesterday as the shares surged 27 per cent.
The stock closed up 22c at 1.03 on Wednesday after 2.4 million shares changed hands.
Medlab (ASX:MDC) received a licence from the Victorian government to sell and supply its THC and cannabidiol cancer pain treatment NanaBis, and the cannabidiol-only NanaBidial. They say it will also let them sell in other States.
It is just in time for the Medlab’s cannabis-based medicine NanaBis, which is expected to become available late next month under the Therapeutic Goods Administration’s special access scheme.
The licence NanaBidial products in the state, as well as other products.
“This licence to sell, combined with the recently renewed import licence (allowing for significant increases in the amounts of cannabis allowed to be imported) gives Medlab a significant advantage in being able to assist the medical community in treating advanced cancer pain,” Medlab chief Sean Hall said.
They say their clinical trial at Sydney’s Royal North Shore Hospital is the first of its kind in the world, where cannabis based medicines will be used to treat pain for cancer patients in place of opiods.
Late last year MDC completed their second medicinal cannabis shipment into Australia in conjunction with Canadian partner Aphria.
Shares in the company have traded between 50c and $1.15 in the last 52 weeks.
Their October quarterly showed revenues of $1.17 million with $1.2 million left at the end of the period.