Cann Global
Cann Global has requested another extension to its voluntary ASX suspension pending the release of a “definitive announcement” on a proposed Thailand acquisition.
The listed company, which has not traded on the ASX since September 2022, said it has continued to progress “detailed due diligence” on a deal the directors believe to be a “major opportunity” for the company.
Cann Global said it has made submissions to the ASX regarding the proposed transaction and, subject to lodgement of its outstanding financial reports, aims to satisfy the requirements necessary to complete the deal and enable it to resume trading on the ASX.
While not yet in a position to make a “fully detailed acquisition announcement”, Cann Global said it expects to be able to do so by January 31, 2024.
It added: “It is the board’s view that Thailand is currently one of the best-placed countries in the world to produce mass amounts of high-quality cannabis products at a competitive price point that is lower than other countries.
“The board views the proposed acquisition opportunity as a way to enable the company to distribute cannabis products to the growing, large Thailand market and subsequently into European markets and Australia.”
Cann Group
Cann Group chief financial officer (CFO) and company secretary Deborah Ambrosini has resigned for personal reasons effective December 22, 2023.
Head of legal and regulatory affairs Steven Notaro will assume Ambrosini’s responsibilities as company secretary while the firm will recruit a new CFO.
CEO Peter Koetsier said: “Deborah has made an outstanding contribution to Cann having served as the Group’s CFO for more than two years and company secretary for the past year. She leaves a strong legacy and we wish her well in the future.”
InhaleRx
InhaleRx has dosed the third and final cohort in a Phase I clinical trial investigating the safety and pharmacokinetics (PK) of its novel inhaled cannabinoid formulation IRX211 targeting symptoms of breakthrough or acute pain.
The study assessed the PK, safety and tolerability of single escalating doses of IRX211 in healthy participants and the results will guide the design of Phase II and subsequent pivotal trials, as well as the regulatory strategy of lodging a submission with the US Food and Drug Administration for a New Drug Approval.
No serious adverse events were reported with the InhaleRx board saying it was “delighted with the insights provided by the study”.
IRX211 is a cannabinoid drug (dronabinol) delivered via inhalation in a fixed dose designed to provide rapid relief for patients suffering with episodic bursts of breakthrough pain.
CEO Darryl Davies said: “This is a significant milestone for the company and we are looking forward to delivering on the next stages of the clinical development program for IRX211.
“The drug-delivery efficiency data coupled with the low side-effect profile is particularly exciting… as we pursue the goal of providing a safe, effective and fast-acting, non-opioid drug to the market.”
The trial was originally planned for four cohorts of eight participants in a double-blind, randomised, placebo-controlled, single-ascending-dose study.
However, InhaleRx said the data generated from the first three cohorts was definitive enough for it to make an informed decision on dosing strength for a Phase II trial without incurring the cost and time of running the fourth cohort.
The clinical study report for the completed Phase I trial is expected to be available in March/April 2024.
AusCann
Todd McGrouther has resigned as chairman of AusCann, with the boss of its largest shareholder, Andrew Chapman, stepping into the role.
Chapman, the founder and director of Perth-based Merchant Group, is also a non-executive director of Eurocann, the unlisted Australian company which owns HAPA Pharm, a German-based manufacturer and distributor.
The appointment of Chapman further grows the already-close links between Eurocann and AusCann after the firms struck a strategic alliance in April 2022.
AusCann shares remain suspended from the ASX pending the announcement of a proposed transaction.
Wellnex Life
Wellnex Life has appointed Chemist Warehouse director Mario Tascone as non-executive chair following the completion of its Pain Away Australia acquisition.
Chemist Warehouse is Wellnex’s sixth largest shareholder and the companies have two joint ventures together.
Tascone said: “I am really looking forward to taking on the role of Wellnex Life chairman, and being involved in the next phase of growth of the business.”
Wellnex managing director Zack Bozinovski added: “We are excited to have such a high-calibre individual with a long history of success in Mario Tascone joining Wellnex as chair.”
Meanwhile, the ASX-listed firm’s pro-rata, non-renounceable entitlement offer has raised approximately A$3.2 million from eligible shareholders. All of Wellnex’s directors participated in the offer, along with its largest shareholder, Homart Pharmaceuticals.
Approximately 382 million new shares not taken up by eligible shareholders under the entitlement offer have been offered to sophisticated and professional investors.
The results of the shortfall offer are expected to be announced tomorrow (Tuesday).
UPDATE (December 8, 2023): Post the entitlement offer, Wellnex has received firm commitments for the shortfall of approximately $10.4m bringing the total raised to $13.6m. The funds will be used to complete the Pain Away acquisition and for additional working capital.
Neurotech International
Neurotech has received Human Research Ethics Committee (HREC) approval to extend its current Phase II/III clinical trial in Autism Spectrum Disorder (ASD) to adults.
The approval will allow participants who turn 18 years of age to remain on treatment during the extension phase of the trial for up to 54 weeks of total treatment.
The current HREC approval covers treatment with NTI164 in a paediatric population of ASD.
Executive director Dr Thomas Duthy said: “I am delighted with the progress of this large double-blind, placebo-controlled clinical trial and we remain steadfastly committed to developing NTI164 as a first-line treatment for level two-three patients with autism where the market need for new therapies remains significant.
“Importantly, with recruitment into the trial to complete during the current quarter, we are on track to report results during the first quarter of calendar year 2024 (Q3 FY24).”
MGC Pharma
MGC Pharmaceuticals has appointed Daniel Robinson as a non-executive director of the company effective immediately.
Robinson has more than 20 years’ experience in stockbroking, corporate advisory, investor relations and governance roles and is a member of the Australian Institute of Company Directors.
Meanwhile, Dr Stephen Parker and Dr Ross Walker will be stepping down from the MGC board to pursue other opportunities.
Stenocare
Danish firm Stenocare is launching its second medicinal cannabis oil in Australia in the first quarter of 2024.
The balanced 25:25 oil will be available under the Special Access Scheme and follows the successful introduction of a 12.5:12.5 oil in 2022.
CEO Thomas Skovlund Schnegelsberg said: “We are constantly seeking ways to scale our business and have been pleasantly surprised by the sales performance of the first Stenocare oil product in Australia.”
Stenocare currently sells 11 oil products in Denmark, Sweden, Norway, the UK, Germany and Australia – which Skovlund Schnegelsberg tipped to become the firm’s second-best-performing market.
