CannPal, which makes medical marijuana treatments for pets, fell about 15 per cent on its ASX debut Wednesday.

CannPal (ASX:CP1) raised $6 million earlier this year at an issue price of 20c but dropped as low as 15.5c in early trading.

Shares closed Wednesday at 17c.

The ASX debut coincided with ethics approval for a clinical trial to test medicinal marijuana treatments for pain in dogs, developed with help from Zelda Therapeutics (ASX:ZLD).

About 48 dogs will be evaluated as part of the trial and evaluated for safety, tolerability and clinical observations at a research facility in NSW. The trial is due to start in early 2018.

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.

“The study will provide our researchers with invaluable insight into the pharmacokinetics and safety profiles of cannabinoids in dogs, which is a crucial step in the drug development process,” Cannpal founder and managing director Layton Mills told investors.

While it’s early in the process, Mr Mills expected to eventually develop a commercial treatment in the form of a patch, chew or tablet. The approval process could take five years.

“We want people to know that we are pharma focussed with a strong board and credentials – we want to be taken seriously,” Mr Mills told Stockhead last month.