Australian biotech firm Medlab is looking to raise $5.36 million equity to accelerate medical cannabis testing on humans, Business Insider reports. The trials would be focused on pain-management therapies and have been approved by the New South Wales Government.
Sean Hall, managing director, said early results from Medlab’s NanoCelle delivery system, a method using microscopic nanoparticles, have been promising. The company announced a plan to use the delivery method with medicinal cannabis last year.
“We expect this accelerated program and new equipment will result in licensed products to market at least 12 months ahead of our current forecasts,” Hall said in the report.
Medlab’s cannabis therapies would utilize both THC and CBD in their approach. The trials would be performed at a leading Australian oncology research hospital.
The Nanocelle system has been previously tested with two existing pharmaceutical drugs; Atorvastatin (or Lipitor) for patients with high cholesterol, and Insulin for patients with Type II diabetes.
Medlab is traded as a 1-for-9 issue on the Australian Securities Exchange (ASX) and was trading at 30 cents a share when the company announced the cannabis trials project. The shares were up to 42 cents per share by the time the markets closed on Monday, according to the ASX report.
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