Medlab
Medlab has appointed experienced pharmaceutical executive Mohit Gupta to the board as it progresses plans to commercial products and expand internationally.
Gupta has more than 20 years’ experience, holding several roles in a number of geographies, including the US. He spent the last decade in commercial roles in Australia and Switzerland, including at Viatris Pharmaceuticals.
Medlab chairman Michael Hall said Gupta’s global focus, including in the US pharmaceutical industry, will be “invaluable as we embark on the next stage of our journey”.
“This is an important appointment that broadens the board’s skill set and is aligned with our strategic focus to commercialise novel pharmaceutical products and expand further into overseas markets,” he added.
Canopy Growth
Increasing sales of medicinal cannabis to Australia helped Canopy Growth report a 73% lift in international revenue in its first quarter financial results.
In an otherwise dismal three months to the end of June, international sales revenues jumped to C$13.8m (A$15.4m), up from C$8m (A$8.9m).
The Canadian firm said the result were primarily due to “bulk cannabis sales by Supreme Cannabis into the Israel medical cannabis market and increasing global medical sales including to Australia.”
The results did not disclose a breakdown of Australia specific sales.
The improved international picture could not mask a dire Q1 performance which saw overall revenue fall 19% to C$110m (A$122m). Medicinal cannabis revenue fares even worse, down 29% to C$66m (A$73m).
Net losses hit C$2,088m A$2,316m) against a profit of A$390,000 (A$434,000).
Epsilon Healthcare
Cannvalate’s representative on the board of Epsilon Healthcare, Dr Rob Jenny, has stepped down with immediate effect.
He resigned as an executive director for personal reasons, with Epsilon indicating it has no plans to replace Dr Jenny with another Cannvalate representative.
He joined the board in August 2021 as part of Epsilon’s plans to explore a broader strategic alignment between the two comnpanies.
“Dr Jenny’s resignation was for personal reasons and not indicative of any shift in the Company’s relationship with Cannvalate,” Epsilon chief operating officer Sonny Didugu said.
He added that Epsilon was still in negotiation with Valens over “the best way forward” for their existing partnership.
“Dr Jenny’s resignation is not expected to negatively impact that, and we look forward to announcing finalised agreements with Valens soon,” Didugu said.
