Australian Natural Therapeutics Group
Australian Natural Therapeutics Group (ANTG) has received a A$600,000 grant from the NSW Regional Job Creation Fund to expand manufacturing at its Armidale facility and create 30 local jobs. Work on the ABC Can site is expected to cost $1.76 million.
ANTG chief operating officer James Gaskell said the growing demand for medicinal cannabis products was a significant economic opportunity for both NSW and Australia.
He added: “ANTG’s expansion project supports the 20-Year Economic Vision for Regional NSW’s core objectives, contributing to growth of regional advanced manufacturing capabilities, driving high productivity and making the Armidale region an appealing alternative to city living.
“Advanced manufacturing has been identified as a key emerging opportunity for growth in regional NSW, with job creation and affordable energy identified as key drivers. This project supports both.”
MGC Pharma has executed a binding share purchase agreement to acquire 40% of ZAM Software Limited, owner of the ZAM medical data app.
In July, MGC Pharma announced it was launching the artificial intelligence data-gathering app in a joint venture with software development company Caba Tech. Under the agreement, it will issue £700k in MGC shares in consideration for the acquisition, with the balance owned by Caba Tech.
The app will enable patients to log their medical history and monitor medication use, provide instructions on how and when to take medication, measure treatment progress, and enable a qualified doctor to prescribe alternatives following a consultation.
Following a closed launch phase in which data will be collected from 100 patients enrolled through MGC Pharma’s Australian telehealth business MCC, a second-phase release will be announced in Q3, 2022.
Meanwhile, the firm has entered into a US$10 million financing agreement with US-based Mercer Street Capital Partners, the company’s largest shareholder, to help it execute its commercialisation strategy.
Co-founder and managing director Roby Zomer said: “This US$10 million agreement is a testament to the progress we have made over the last 18 months.
“The partnership with Mercer will allow us to fast track our commercial and clinical activities and advance our company growth strategy.”
UPDATE (August 4, 2022): MGC Pharma has received the first funding tranche of US$1.2m and will now proceed to issue 1.32 million convertible notes with a face value of $1 each and 21,511,545 ordinary shares to Mercer Street under the terms of the agreement.
Medlab Clinical has reported cash receipts from customers of A$500k for the June quarter, with full-year cash operating revenues of $6.2m.
The company’s cash position as at June 30, 2022 was $5.2m, excluding a $3.5m R&D grant expected in September/October and licensing revenue from potential partnering deals in the next quarter, with royalties expected in November.
Meanwhile, at an extraordinary general meeting on July 28, more than 99% of shareholders voted in favour of the firm’s plan for a dual listing on the Nasdaq.
Medlab has also entered into a laboratory collaboration space lease agreement with UNSW in Sydney providing it with “significant operational expenditure savings and new research development capabilities and opportunities”.
Bod has reported receipts from customers of A$1.07 million in the June quarter, up 65% on Q3 FY2022 but down on the previous corresponding period when the figure was $2.25m. It attributed the difference to increased cash collections during Q4 FY2021.
Total sales for the quarter also rose to $944k, up 46% on Q3, but down on the previous corresponding period’s $1.17m.
Bod said quarter-on-quarter growth was underpinned by increased cash collections from H&H Group, as well as sales of medicinal cannabis products.
It said the year-on-year decline was a result of its focus on the delivery of its R&D pipeline which it anticipated would “unlock a number of growth initiatives in the coming months, provide Bod with a suite of underlying intellectual assets and present future revenue-generating opportunities”.
Creso Pharma has reported group revenue of A$1.57 million for the June quarter, driven by ongoing international expansion and growth in recreational cannabis sales. Unaudited group revenue for H1 FY22 was $4.3m, up 42% on the previous corresponding period.
The figure excludes contributions from Sierra Sage Herbs which generated US$1.1m in gross revenue during Q1 2022.
Net cash used in operating activities was $2m, down 45% on the previous quarter.
After the end of the quarter, Creso secured firm commitments to raise $7m through an equity capital raising and a further $25m of debt funding has been proposed by NYC-based Obsidian Global Partners by the execution of a non-binding term sheet.
On July 29, the firm announced it had signed a non-binding term sheet to acquire medicinal cannabis distributor Health House International in an all-scrip deal valued at A$4.6m.
InhaleRx has updated the market on the progress of its cannabinoid-based inhaled therapies, reporting “very promising” initial stability results for its panic disorder drug formulation and work on its complex regional pain syndrome drug underway.
White-label sales of its Medihale vape device continue and the company said it has experimented with other delivery devices to acquire insights into preferences.
Cash reserves at June 30, 2022 were A$1.89 million while net cash used for operating activities in the June quarter was $608k.
Earlier this year, the firm was granted licences from the Victorian Government to store and sell controlled substances, including medicinal cannabis.
Incannex has engaged contract research, development and manufacturing firm Curia Global to further develop and manufacture GMP-grade IHL-216A, its inhaled cannabinoid combination drug treatment for concussion and traumatic brain injury.
Curia will also generate data on the quality and stability of IHL-216A to support future regulatory filings, including a US Food and Drug Administration (FDA) pre-investigation new drug (IND) package and subsequent IND application.
The first cGMP batch manufactured at Curia will be used in a phase 1 clinical trial starting once feedback on the proposed IHL-216A development plan is received from the FDA in a pre-IND meeting that Incannex is aiming to set in Q3 2022.
Chief scientific officer Dr Mark Bleackley said: “Scaling up cGMP manufacture of IHL-216A is an exciting step in the development of our product and represents a critical milestone for delivering an inhaled drug.
“Its manufacture will facilitate investigation of the product in the well-controlled clinical trials we are designing, with feedback from FDA, to assess the safety and therapeutic benefit in patients with traumatic brain injuries.”
IHL-216A has been shown to have a strong neuroprotective effect in a rodent model of sports concussion.