Shares in ASX-listed Emerald Clinics surged yesterday on news it had inked a deal with Spectrum Biomedical UK (SBUK), the UK subsidiary of the world’s largest cannabis company Canopy Growth, to develop a Real-World Evidence system.
Under the agreement Emerald will design and deliver a Real-World Evidence asset focused on the safety and clinical outcomes for cannabis-based medicines produced by SBUK.
Emerald will collect specific data points including de-identified patient information, use of concomitant medicines, prescribed usage and diagnoses, and a range of patient-reported outcome measures. The data will be provided to SBUK to guide and strengthen their treatment development programs.
Emerald CEO Dr Michael Winlo said: “We are honoured to embrace this opportunity to work with Spectrum Biomedical UK and the Canopy Growth team to realise the potential for a Real-World Evidence asset which will help to progress the commercialisation and regulatory acceptance of its medicinal cannabis products.”
“The evidence and data gathered by Emerald is of exceptional quality and depth, and therefore relevant to licensed producers, regulators, prescribers and importantly, the end patient. We expect to generate more deals with corporate partners to deliver on our IPO goals and to expand our unique RWE model globally.”
Under the deal, Emerald will receive a design and development fee of £150,000 (circa A$270,000) upfront, plus £300 (A$542) per patient. Total fees for the initial contract are capped at £400,000 (A$723,000) and Emerald will have 24 months to deliver on it.
Emerald will maintain independence in how it delivers clinical care to patients, enabling it to establish a UK-based clinic or partner with existing services.
Industry analysis from Prohibition Partners has forecast the UK medicinal cannabis market could reach almost £1 billion by 2024 with more than 340,000 patients accessing cannabinoid-based medicines.
Shares are currently trading at 0.06c.