Bod Science will immediately look to commercialise its CBD soft gel capsule in international markets should its clinical trial for sleep disorders prove successful, chief executive Jo Patterson has said.
Speaking on an investor webinar to outline the company’s growth plans, Patterson said Bod will become one of only two companies globally to register a cannabis product – Jazz Pharmaceuticals’ Epidyolex being the other – if the results are positive.
The top line findings of Bod’s Can-Rest clinical trial for insomnia are due next month after the final of the 198 participants completed their course of medication.
Patterson told shareholders the company “expects to deliver the first over-the-counter product for the Australian market”.
In addition, it will pave the way for overseas commercial possibilities overseas, she said.
“If successful we’ll have first mover advantage in a very significant market in Australia, along with other opportunities to utilise this body of work in other market markets,” Patterson said.
“One of the important things is that, while it will be very exciting to get ARTG registration through the TGA, once we report on the efficacy [of the CBD product] we’ll look at immediate commercial opportunities in other markets because it doesn’t require us to wait for ARTG registration to explore those opportunities.”
However, she acknowledged the UK CBD market had been hampered following delays to the Food Standards Agency’s (FSA) regulatory scheme.
“Unfortunately that UK market has been quite slow to grow and limited by the novel food regime,” she explained. “Bod….has received validation for its submissions for novel foods registration, but unfortunately we are still waiting for the registration to come through the FSA.
“Without that registration you can’t introduce new products to market so it’s a slow market that has been burdened by the regulatory landscape.”
Meanwhile, Patterson said Bod is planning to expand its medicinal cannabis portfolio, describing the move as a “near term value driver”.