Roby Zomer
MGC Pharma co-founder and managing director Roby Zomer

MGC Pharma

MGC Pharma has signed a deal with US drug import and distribution company AMC Holdings worth a minimum US$24m over three years.

Under the agreement, MGC Pharma will supply phytomedicine products CannEpil, CogniCann and CimetrA for use in clinical trials.

MGC co-founder and managing director Roby Zomer said the “important milestone” will provide the company with “access to the largest healthcare market in the world”.

He added: “The ability to add new sites to our current clinical trials programs for CannEpil and CogniCann will greatly enhance the ongoing process for both.”

Meanwhile, the company reported revenue rose 43% to A$2.6m in the year ending June 30, 2021, largely due to phytocannabinoid sales which were up 69% to $2m.

Sales of natural supplement ArtemiC accounted for $705,000 of revenue, with the rest derived from consulting services.

Emyria

Emyria has signed an agreement with North American preclinical contract research company Calvert Labs in support of its Therapeutic Goods Administration and US Food and Drug Administration registration programs.

Emyria MD Dr Michael Winlo

Calvert Labs will conduct a range of preclinical and animal pharmacokinetic, bioavailability and toxicology studies to help rapidly optimise Emyria’s novel, synthetic cannabinoid drug platform.

The first study is expected to start in October, and will help Emyria finalise dose formulation prior to commencing EMD-003 pivotal trials.

Managing director Dr Michael Winlo said: “This preclinical work will help strengthen Emyria’s intellectual property relating to our synthetic cannabinoid platform. Importantly, this work will help guide the novel formulation, delivery, and dosing strategies of our platform as we prepare our drug-development programs for pivotal clinical trials.”

Emyria recently teamed up with Altasciences to “deliver a range of proprietary, synthetic cannabinoid-based capsules utilising a unique drug-delivery approach”. Calvert is an Altasciences company.

ECS Botanics

ECS Botanics has signed a four-year, $1.75m deal to supply GMP-manufactured medicinal cannabis products to New Zealand distributor MW Pharma.

The products will be whitelabelled across existing brands and sold through MW Pharma’s pharmacy network relationships, with supply starting in early 2022 following successful registration.

Nan-Maree Schoerie

The move marks the company’s entry into New Zealand and builds on its international expansion initiatives.

Managing director Alex Keach said: “There is strong underlying demand for medicinal cannabis across [New Zealand] and a favourable competitive landscape for our product suite.”

Executive director Nan-Maree Schoerie added: “We see New Zealand as a key growth market, and given its long history of medicinal cannabis use dating back to GPs in the country prescribing cannabis tinctures for migraines up until 1955, we expect additional opportunities to arise in the jurisdiction.”

Rua Bioscience

NZX-listed Rua Bioscience has recorded a loss before tax of NZ$6.17m for FY21, up from $3.6m in FY20, a result the company described as being in line with expectations.

The company invested $1.9m in R&D (up from $1.29m in FY20) while total other income received was $450k (down from $730k in FY20).

Cash and investments at June 30 2021 were $16.4m (up from $3.94m in FY20) while total investment in property, plant and equipment was $6.17m (up from $5.66m in FY20).

Hamish White

Rua listed on the NZ stock exchange in October 2020 and raised $20m in an initial public offering.

Chief financial officer Hamish White said: “We continue to focus on the development of our product portfolio and the associated systems and processes in both our cultivation and manufacturing operations.

“The IPO in October 2020 was a significant milestone for the company and has provided the funding to continue our momentum as we begin to transition into commercialisation in FY22.”

In June, Rua announced a two-year research program with the University of Waikato to investigate the application of hyperspectral technology to the cultivation and assessment of medicinal cannabis.

AusCann

AusCann has reported a net loss of A$8.64m for FY21, up 22% from $7.08m in FY20. Revenue was up 7% to $1.8m, largely due to a $1.56m refund under the Government’s R&D tax incentive program.

The company said excluding one-off costs associated with its acquisition of CannPal in FY21, net cash used in operating activities reduced by 45% to $5.76m (compared to $10.55m in FY20).

AusCann CEO Layton Mills

It attributed the saving to reductions in statutory expenses, shared resources, operational efficiencies, and a streamlined organisational structure as a result of the acquisition and a restructuring of the AusCann business.

R&D expenses of $2.95m accounted for 51% of net cash operating cash outflows for FY21 which it said related to “core value-generating activities” for the company’s lead medicinal cannabis programs.

It added in a statement to the ASX: “AusCann remains well funded with net assets of $44.43m and a net cash position of $13.68m. The company is heading into the new year with an improved cost-base, a restructured organisation, and a heavy focus on the development of differentiated, high value cannabinoid-based pharmaceuticals for registration in human and animal pathways.”

Cannasouth

NZX-listed Cannasouth has reported an operating loss of NZ$ 1.99m for the six months to June 30 2021, up from $1.45m in the previous corresponding period.

The company said the result was in line with its business plan and investment strategy, adding it has an agreement with an Australian supplier to import three medicinal cannabis products.

Cannasouth CEO Mark Lucas

It added: “This agreement is an important step for Cannasouth to make available pharmaceutical-grade medicinal cannabis products to New Zealand patients as soon as possible, prior to producing its own manufactured products.

In August, Cannasouth raised NZ$4.5m to help fund the purchase of the remaining shares in its cultivation and manufacturing joint venture businesses.

Cronos Australia

Cronos Australia has reported revenue of $1.69m in FY21, up 1,267% from $124k in FY20. Losses were up 2.8% on FY20 to $4.05m.

As at June 30 2021, the group’s consolidated cash and cash equivalents stood at $9.47m, down from $14.69m at the end of FY20.

Althea

Althea subsidiary Peak Processing Solutions has signed a five-year, US$3.42m deal with the Boston Beer Company (BBC) to launch a new range of non-alcoholic, cannabis-infused beverages in Canada.

josh fegan
Althea CEO Josh Fegan

Under the binding agreement, Peak will research and develop various formulations and recipes for the new line of BBC cannabis products.

BBC will provide Peak with funding of up to US$2m for capital improvements associated with the development of the project, while Peak will also receive a minimum of US$285,000 for each year of the term of the agreement (totalling US$1.42m).

Peak is the exclusive manufacturer of all cannabis beverages produced or sold in Canada under BBC branding for the duration of the agreement while WeedMD, a subsidiary of Entourage Health Corp, will supply the cannabis input materials required for production. 

Peak has first right of refusal at act as BBC’s exclusive provider outside of Canada, including the US.