Three new sites for Avecho Biotechnology’s low-dose CBD insomnia trial are expected to begin patient recruitment drives following the licensing deal struck with pharmaceutical firm Sandoz in early March.
Regulatory preparations are almost complete at two sites in Sydney and a third on the Gold Coast, with recruitment expected to start early this month.
Each of the sites has its own database of insomnia patients, “providing an immediate and valuable pool of prospective participants”, Avecho said.
So far, 70 patients have received Avecho’s soft-gel medication with the trial targeting a further 140 to enable interim analysis to be carried out. Avecho said it aims to complete the dosing this calendar year.
Chief executive Dr Paul Gavin said a US$3 million (A$4.8m) upfront payment from Sandoz as part of a 10-year deal has provided the funds to accelerate ongoing research and commercial activities.
“With ample capital to complete our phase III trial through to interim analysis, our primary focus is to advance the study to this key inflection point as swiftly as possible,” he said.
Avecho is aiming to become the first company to receive registration from the Therapeutic Goods Administration for an over-the-counter, low-dose CBD product.
Meanwhile, the company reported revenue in the three months to March of $560,000 following the production of Vital-ET, a personal care product, for its US partner Ashland.
Cann Group
Cann Group has received A$836,000 in advance of its FY25 research and development tax incentive.
The funds will be provided by Radium Capital, and repaid by Cann Group after it receives its R&D refund later in 2025.
Cann Group chief executive Jenni Pilcher said the advance will “support Cann’s strategy of supplying the medicinal cannabis market with unique products developed through the R&D activities of the company”.
