Queensland-based Medibis has raised A$736k from more than 600 investors via its second Birchal crowdfunding campaign.
A clinical trial of its cannabis formulation as an effective treatment for anxiety and other symptoms associated with Autism Spectrum Disorder (ASD) will be led by Dr Janet Schloss and Dr Andrew Cashin at Southern Cross University.
Dr Schloss said: “People living with Autism Spectrum Disorder often experience severely debilitating anxiety in day-to-day life. While ASD is a lifelong condition that cannot be cured, its associated anxiety can be mitigated.
“Early studies in Israel indicate cannabis products can help people living with ASD and associated mental health conditions and have the potential to become an alternative treatment to conventional pharmaceuticals that can have crippling side effects.
“This is why we are confidently advancing to a clinical trial here in Australia.”
Medibis said proceeds from the raise will fund its clinical trials, expand its product range and increase distribution. It raised $1.8m via Birchal in 2021.
Althea
Althea Group Holdings (AGH) has signed an exclusive, three-year distribution agreement with Just Brands International for Vessel-branded hardware in the UK.
The firm said Vessel’s range will cater for the growing number of medical cannabis dried flower and vape cartridge patients in the UK.
It plans to drive sales through both B2B and B2C channels, including its MyAccess Clinics subsidiary.
AGH told the ASX: “Althea will not be required to carry any inventory costs; instead, orders will be generated and dispatched directly to patients and pharmacies. This efficient model eliminates the need for inventory management and enhances order fulfilment speed.
“Additionally, with no financial investment or infrastructure required, the company stands to generate accretive revenue and increased profitability by selling ancillary products.”
Last week, the company announced the completion of a staff restructure expected to save A$1.5 million per year, with further cost-cutting measures to come.
Elixinol
Elixinol Wellness Group CEO Ron Dufficy has stepped down from the role following the completion of the acquisition of hemp food and animal products business Ananda Food from Ecofibre.
The search for a new CEO of the expanded group is underway.
Dufficy has served as CEO since 2022, following the departure of Oliver Horn, with a brief to reduce the firm’s reliance on its CBD portfolio in favour of plant-based wellness products. He was previously the group’s global chief financial officer.
Marketing executive Natalie Butler will join the Elixinol board while the company’s other two non-executive directors, David Fenlon and Pauline Gately, will undertake extra duties until the appointment of a new CEO.
The board thanked Dufficy for his contribution and welcomed Kieren Brown and the Ananda Food team to the group.
“Kieren brings significant hemp and food industry experience to the team,” Elixinol said.
Ecofibre has received A$2 million in relation to the sale with a further $1m payment subject to the value of cat litter product sales between April 1, 2024 and June 30, 2025.
InhaleRx
InhaleRx has resolved to enter into a A$500,000 convertible loan facility with Peak Asset Management to help fund a phase II clinical trial of its synthetic THC drug IRX211.
CEO Darryl Davies said the funds would allow the company to continue progressing work in preparation for the commencement of the trial, for which breakthrough cancer pain has been selected as the key area of focus.
A phase I trial of the drug, which is delivered via inhalation in a fixed dose, has already demonstrated “pleasing preliminary results” for pharmacokinetics, safety and tolerability for patients with acute episodic bursts of breakthrough pain, the firm said.
Ecofibre
Ecofibre has announced the resignation of non-executive director Mark Bayliss, effective immediately.
Bayliss joined the board as a non-executive director and chair of the Audit and
Risk Committee in September 2022. The board said it will update the market once a new committee chair is confirmed.
Chair Vanessa Wallace praised Bayliss for his “important contribution to the company
over the past 18 months, a period of time in which the business has had to face a number of challenges at the same time as grasp the growth opportunities presented where Ecofibre was truly differentiated”.
Aura Therapeutics
Endoca Australia has completed its rebrand to Aura Therapeutics and extended its product offering to include a new dried flower range available via the special access scheme.
The firm first announced the rebrand in October 2023 after transitioning away from using Endoca supply, a brand originating from Europe.
Aura said the rebrand “signifies our dedication to being Australian-owned and operated. Aura Therapeutics will now offer a wider selection of medicines curated to Australian patients.”
AusCann
AusCann has reported a loss for H1 FY23 of A$52k with research and development costs of $47k accounting for 8% of the company’s total expenses for the period. Income of $510k came from interest revenue. The firm has net cash of $3.65m, with $314k used in operating activities during the half year.
AusCann shares have been suspended from trading on the ASX since August 2022.
WA-based Eurocann, which owns Dortmund-based manufacturer and distributor HAPA Pharma, is understood to be planning a back-door listing by merging with AusCann, its strategic partner.
In its half-year financial report, AusCann said it has been exploring potential transactions “which may include strategic acquisitions or mergers”.
It added: “The company continues to progress due diligence in relation to the proposed transaction and AusCann will provide the market with further updates… in due course.”
