Medlab scores export licence for cannabis mouth spray; shares get high
Health & Biotech
Health & Biotech
Drug maker Medlab Clinical has secured a medical cannabis export licence.
It’s the first listed company to announce a new licence in months, as the Office of Drug Control struggles to keep up with a huge number of applications.
Among listed cannabis companies only Cann Group (ASX:CAN) also has an export licence.
The licence will allow it to export two cannabis oral sprays: NanaBis a 50:50 cannabidiol (CBD) and THC formula, and NanaBidial which is mainly CBD.
Medlab CEO Dr Sean Hall says they can now research, manufacture and sell in Australia and internationally.
They do not grow marijuana.
The share price took off after the news, rising 15 per cent to 52c.
Unlike other biotechs like Zelda (ASX:ZLD) which are focusing entirely on cannabis and what they can make it do, Medlab has developed a mouth spray delivery platform for which it’s adapting a variety of different drugs and treatments for chronic diseases.
Medlab is developing bacteria-based medicines for depression, diabetes and chronic kidney disease as well as cannabis for cancer-related pain management and nausea.
Dr Hall told Stockhead he has contacts in two “very different parts of the world” where they have started the process of exporting to.
“Considering I’ve never exported to either of these countries, nor a product like cannabis, I don’t know what the timelines look like,” he said when asked when they will start selling in those countries.
He says that getting import paperwork completed can take between six and 12 weeks so the initial delivery to those countries is likely to take a little longer
Dr Hall has formal meetings with the US FDA in a “few weeks” where he’ll be presenting trial data and technical documentation around the cannabis drugs.
He told Stockhead could be available in the US as early as next year earlier this year that NanaBis if everything goes perfectly to plan.