Little Green Pharma
Little Green Pharma has signed a three-year agreement with distribution firm Sana Life Sciences to supply a range of oil and flower products in the UK.
An exclusive deal has been struck for LGP’s 10:10 Classic oil and equivalent ratio oils, while non-exclusive terms have been struck for a number of other LGP-branded products.
LGP predicted the exclusive arrangement could deliver revenue of A$1.44 million by year three.
“This agreement represents a key step in LGP’s twin strategy of selling its own LGP-branded product in the UK and EU while developing and supplying client-specific white-label strains for clients across Europe.”
The agreement came as LGP reported revenue growth of 30% in the three months to March 31.
Plant-based product specialist Live Verdure has reported sales of A$558,000 as the company progresses plans to launch its hemp seed oil skincare brand in Australia.
Sales for the three months ending March were 285% ahead of the same period last year and 8% above the previous quarter.
Meanwhile, the ASX-listed firm confirmed plans to launch its 8 Seeds range in Australia during the September quarter, with a pre-production run of four products underway.
A second dermaceutical line targeting acne, eczema, psoriasis and rosacea, and a third, anti-inflammatory product range aimed at sensitive skin are also under development in preparation for an Australian launch.
More acquisition opportunities are presenting themselves in the cannabis sector, and Creso Pharma is keen to take advantage, according to its chief executive.
Will Lay said the company has “noticed an increase in the number of opportunistic, strategic M&A possibilities in the market over the quarter”.
“[We] continue to carefully assess additional opportunities for accretive transaction,” he said.
The comments came as ASX-listed Creso reported record group revenues of A$2.75 million in the three months to March 31, a 35% lift on the previous quarter and 93% ahead of the same period last year.
Revenues from acquisition target Sierra Sage Herbs, which were not included in the quarter figures, hit $2.07m while cultivation and sales division Mernova generated income of $1.49m, an increase of 31% from the previous quarter and almost double the same period last year.
Botanix Pharmaceuticals has acquired a dermatology gel medication that targets excessive underarm sweating in a move it said will hasten its ambitions to generate revenue.
Sofpironium Bromide gel 15%, a chemical entity created by NASDAQ-listed Brickell Biotech, underwent “successful studies” late last year in its treatment of primary axillary hyperhidrosis, a condition that is said to effect 15 million people in the US.
Botanix will submit a New Drug Approval (NDA) for Sofpironium Bromide in the second half of the year with US Food and Drug Administration (FDA) approval anticipated 12 months later.
Brickell will receive US$3m in an upfront payment from Botanix and a further $2m if a positive “day 74” letter is received from the FDA after the NDA application.
Other payments will also be made by Botanix based on certain conditions and milestones.
Botanix president and executive chair Vince Ippolito described Sofpironium Bromide as the “first and only” chemical entity developed for primary axillary hyperhidrosis.
“Having demonstrated statistically significant efficacy in pivotal studies we are well advanced in preparing Sofpironium Bromide for FDA approval in the second half of this year,” he said. “[We] look forward to accelerating Botanix into a commercial dermatology company much sooner than we originally expected.”