Medlab Clinical has released its results for H1 FY21. Revenue from ordinary operations was A$4.5 million, up 77.4% on the corresponding period in FY20, and the company reported a net loss after tax of $5.3 million, a decrease of 25.4% compared to H1 FY20’s $7.1 million loss.
During the period, early revenue from Special Access Sales sales of NanaBis and NanoCBD continued to increase, with 3,033 bottles of NanaBis dispensed, up 6% on the prior corresponding period.
Medlab said sales from its nutraceutical business recovered during the period, following a dip in bricks-and-mortar sales in the early days of COVID-19, supported by the launch of digital sales and marketing channels and telehealth services prior to the period.
Nutraceutical sales were up 75% compared to H1FY20. The company said it continues to evaluate the strategic direction of its nutraceutical business.
Medlab held a cash balance of $6.9 million as of December 31, 2020, with assets of $13.6 million and total liabilities of $5.6 million.
Medlab managing director Dr Sean Hall said the company had achieved many significant milestones, especially in relation to NanaBis, its lead drug candidate for the treatment of cancer-induced bone pain.
“The grant of IND status for NanaBis by the US FDA places Medlab in a leading position given that [it] is the only cannabinoid-based drug candidate under development ready to start a Phase III trial.
Hall added: “Medlab’s announcement this month that the company has executed a Heads of Agreement with Arrotex, Australia’s largest supplier of generic and over-the-counter drugs, to develop and distribute [proprietary cannabinoid formulation] NanoCBD for Australian pharmacies is yet another example of the positive momentum across the company’s various activities.”