Weed Week: BOD advances Aqua Phase acquisition with stability testing
Health & Biotech
Health & Biotech
Cannabis player BOD (ASX:BOD) is in the process of acquiring Aqua Phase process technology which has the potential to substantially increase the bioavailability of lipophilic (non-soluble) cannabis compounds in humans allowing more rapid onset, better efficacy and lower dosage rates.
Bod has successfully completed the first condition precedent, with stability testing of the Aqua Phase product format completed within the agreed time frame.
“In terms of stability, it’s important to note that not all products containing CBD are created equal, and quality control can be a problem,” MD Jo Patterson said.
“CBD products can be prone to degradation and oxidation, leading to changes in potency and potentially harmful contaminants. Bod is committed to rigorous scientific research and development and dedicated to safe and innovative drug development.”
The only remaining condition is the successful completion of a pharmacokinetic (PK) study to measure the extent to which the process technology increases the bioavailability of the Active Pharmaceutical Ingredient (API) and due t third party delays, the company has agreed to extend the date by which this test must be completed to 30 June 2023.
This is the key test for the pharmaceutical application of the process technology with a successful outcome expected to provide the base line data to support commercialisation discussions.
Only 9 companies were in the green, with 14 flat and 15 stocks in the red.
The company is currently operating in a care and maintenance capacity and trading has been suspended whilst the directors devise and implement a corporate restructure plan.
In recent weeks, MDC was gearing up to export is NanaBis drug for treating bone pain in cancer patients to the UK, and said it was confident about the interim readout for the NanaBis MEDCARE study – with data points strongly suggesting a very viable pain medicine which can rival opioid use in the multi-billion-dollar cancer pain market.
Now, Hall Chadwick has been engaged as external consultants to assist with an informal workout and restructure of the company’s financial affairs.
Prior to the suspension, two directors resigned from the Board and in the last week the company has retrenched 78% of the workforce and is currently operating with skeleton staff for the purpose of the restructure. Ouch.
The business and assets of the company will be advertised for sale, either via direct acquisition or via proposals from potential joint venture parties.
Hall Chadwick has already received and been in discussions with a number of domestic and international parties who are interesting in potential joint venture opportunities.
Cann has completed settlement of the land and building component of its Southern cultivation and manufacturing facility with SatiVite, who have acquired the land and building for a total consideration of $3.1M and has provided Cann with a lease to continue operating at the site on behalf of SatiVite.
As part of the deal announced late last year, the parties also agreed that Cann will contract manufacture at the Southern Facility on behalf of SatiVite until SatiVite obtains its necessary regulatory approvals.
The company will also provide access rights to certain genetic strains to Sativite for a total fee of $0.48K payable in equal instalments by SatiVite over two years.
Long form documentation for the second stage of the transaction is currently being finalised.
The company has completed an in-vitro pre-clinical study on CimetrA’s mechanism of action (MoA), which was carried out at the GLP-Certified Science in Action Lab in Israel.
The study demonstrated the inhibitory effect of CimetrA on the mRNA expression and, as a result, on the secretion of IL-32 proteins and the subsequent suppression of inflammation and inflammatory cytokines.
What this has proved is that the presence of the IL-32 mRNA protein plays a critical role in the secretion of the cytokines that cause tumour inflammation.
MXC has concluded that control of this protein is the fundamental pathway to manage and reduce inflammation.
CEO Roby Zomer said the results have advanced the company’s understanding of the biological mechanisms, and demonstrate CimetrA’s effective in the treatment of inflammatory diseases.
“The data from this study provides critical confirmation in the pathway to drug development, and means that we can further target the specific biological functions in our formulation,” Zomer said.