Althea’s German sales and distribution partner Nimbus Health is set to be acquired by global pharmaceutical firm Dr Reddy’s Laboratories.
India-based, NYSE-listed Dr. Reddy’s will acquire Nimbus for an upfront payment plus performance and milestone-based earnouts over four years.
Althea’s existing agreement with Nimbus, under which it receives payment for products supplied to the company along with 50% of the net profit on sales, will remain in place.
CEO Joshua Fegan said: “Althea is delighted to welcome Dr Reddy’s as a global partner, and we look forward to being part of their journey into medicinal cannabis.
“This acquisition marks another investment from a globally recognised pharmaceutical company into our industry, and it is fantastic that Althea is a part of that story.”
Medlab Clinical has received “favourable opinion” status from the UK Research Ethics Committee for a forthcoming phase III trial of its non-opioid pain relief candidate NanaBis, with no additional conditions or submissions required.
The move follows Australian Ethics acceptance and clinical trial notification.
The next step in relation to UK ethics will be approval from the UK Medicines and Healthcare products Regulatory Agency.
CEO and managing director Dr Sean Hall said: “We can now move forward with final UK clinical trial approval, at which point we will announce the UK hospitals and principal investigators.”
Medlab plans to start phase III trials with approximately 120 patients in Australia, the UK and US.
Meanwhile, the next generation of Covid vaccines could be administered as a nasal spray using Medlab’s NanoCelle technology.
The NSW Government has invested $100,000 for respiratory scientists to research the possibility with Medlab.
Medlab will work alongside the University of NSW and Macquarie University on the research.
“The ability to prove the efficacious delivery of vaccines without the ‘jab’ is a serious game-changer to modern medicine,” Hall said.
“We are thrilled to be part of this and welcome the potential commercial opportunities ahead.”
AusCann has received an official Memorandum of Conference from the US Food and Drug Administration Centre for Veterinary Centre (US FDA-CVM) for its CPAT-01 cannabinoid-based veterinary medicine.
The move follows a successful pre-submission conference meeting in December 2021 to discuss the development program for CPAT-01, which is aimed at managing pain, inflammation and quality of life in dogs with osteoarthritis.
AusCann is now progressing phase 2C and phase three trials to support a New Animal Drug Application as the next step towards US FDA-CVM approval for the medicine.