Medlab Clinical is ready to start shipping its proprietary cannabinoid formulation NanoCBD to the UK, subject to final importation approval from the British government.
CEO Dr Sean Hall said: “NanoCBD is our first cannabinoid to enter the UK under an approved compassionate [scheme]. Our UK partners WEP Clinical have all licences in place to distribute and supply under the Named Patient Program.”
Medlab head of pharmaceuticals Tony Potter added UK prescribers are already seeking approval for use in anticipation of the product’s arrival in the country, with pricing expected to be around £130 per unit. Training on it started two months ago.
NanoCBD will be closely followed by Medlab’s other cannabinoid product, NanaBis, renamed NanaDol due to naming conventions associated with exporting non-approved pharmaceutical agents from Australia.
The NanaBis/NanaDol program is in manufacture with heightened chemistry to improve its non-refrigeration shelf life.
NanoCBD is currently available in Australia through the Special Access Scheme.
Meanwhile, Medlab’s operating revenue for the quarter ending March 31, 2022 was A$1.3 million.
The company ended the period with $8.6m cash in the bank, with a $2.7m cash burn for the quarter.
It told the ASX it expected the future monthly cash burn rate to be less than $1m as it optimises savings from the divestment/licensing out of its AU nutraceuticals business.