New Zealand firm Rua Bioscience has released its first product into the Australia market using genetics developed across the Tasman.
Rua chief executive Paul Naske described the launch of the dried flower, Rua Rau Hiwa, as a milestone having “fulfilled our commercial model focused on the two ends of the value chain: genetics and international distribution”.
“We are proud to offer Rua’s medicinal cannabis genetics, sourced from New Zealand’s legacy market to thousands of patients across Australia,” he said. “We continue to prioritise R&D and genetic discovery.”
Naske said the legalisation of medicinal cannabis has allowed the expertise of illicit growers to flourish in a legal setting.
“For more than 50 years, growing cannabis in New Zealand has been about back-door expertise that’s been developed illicitly. Now, we have an opportunity for this expertise to flourish, supported by our scientists and our own legacy growers who deeply understand how premium cannabis plant genetics can form effective medical solutions,” he said.
“This is the competitive advantage we have on the global stage, with Australia being the first of a number of countries that will receive our genetics.”
Rua, which has agreements with four Australian distributors, will now focus on introducing New Zealand genetics into the German market over the next year.
Avecho
Avecho Biotechnology suffered a loss of A$2.17 million in the half year to June 30 after reporting a 30% decline in revenue to $312,187.
The company, which is in the midst of a phase III clinical trial for its proprietary CBD soft-gel capsule, said a decrease in sales of skincare ingredient Vital ET were behind the fall.
The interim loss was 2.2% higher than the H1 FY23 result.
Net cash used in operating activities during the six-month period climbed 57% from the previous corresponding period to $628,000.
Research and development expenses jumped 75% to almost $2m while admin and corporate expenses fell 33% to $1.15m.
Avecho had $4.8m of available funding at the end of June, down from $5.5m at the end of December.
The company said the trial targeting insomnia is now running at full capacity at its five centres in Melbourne, Sydney, Central Coast, Brisbane and Perth.
Bioxyne/Breathe Life Sciences
The manufacture of gummies at its Brisbane facility is the likely reason for a sharp rise in the Bioxyne share price and higher than usual trading, the company has told the Australian Securities Exchange (ASX).
More than 27 million shares were traded in Bioxyne on Friday, far exceeding the usual volumes, while the firm’s share price hit $0.017, up from $0.011.
It triggered enquiries from the ASX which asked Bioxyne if the market had become aware of undisclosed news that could explain the sudden spike.
The company said the trading volumes were likely the result of its announcement on August 21 in which it revealed the successful delivery of “Australia’s first pharmaceutical cannabis gummies manufactured under GMP licence”.
Shares in Bioxyne were down 8% in Monday morning trading.
iX Biopharma
Sales of medicinal cannabis climbed 8% for iX Biopharma in Fy24 but it couldn’t prevent the company from reporting a deepening loss.
The firm, which is listed on the Singapore stock exchange (SGX), saw its deficit slide to S$10.8 million (A$12.2m) in the 12 months to June, up 12% from last year.
Total revenue increased marginally, up 1% to $5.95m, of which $5.26m was generated through sales of its CBD and THC wafers.
Nutraceutical revenue slumped 32% to $508,000.
Ecofibre
Ecofibre has reported an after-tax loss of A$39.2 million for the year ended June 30, 2024, a slight improvement on FY23’s $39.9m deficit.
The firm said the figure included impairments and one-off income and expenses recognised during the financial year totalling $31.3m.
Revenue from ordinary activities including discontinued operations fell 9% from $32.5m in FY23 to $29.7m in FY24.
At year end, the group had $6.7m cash on hand available to fund operations and ongoing investments.
Zelira Therapeutics
Zelira Therapeutics has reported an after-tax loss of A$36.74 million for the year ended June 30, 2024, a 486% increase on FY23’s $6.27m deficit.
Earnings before interest, tax, depreciation and amortisation (EBITDA) also fell from a $5.65m loss in FY23 to $35.52m in FY24.
The firm said the loss “mainly reflects the impairment of goodwill of the group as well as research and development, employee and administration costs”.
Net cash outflow from operating activities was $4.39m, a 39% decrease on FY23’s $7.25m.
The firm ended the financial year with cash and cash equivalents of $586,161.
Chairman Osagie Imasogie has since agreed to loan the company US$1.4m (A$2m) with the funds to be used for working capital and to support the firm’s clinical trial of its HOPE medicine in the treatment of autism.