Cann Group this morning requested a trading halt ahead of an announcement regarding its financial restructure.
The firm said it should be in a position to update the market on developments by Monday morning at the latest.
It told the ASX the announcement is related to its “debt restructure and capital raising activities”.
Avecho Biotechnology
Avecho Biotechnology has raised A$2.5 million through a share placement as it looks to accelerate preparations to commercially manufacture an over-the-counter CBD capsule – should it prove efficacious.
The ASX-listed firm is in the midst of a phase III clinical trial to test its capsule for the treatment of insomnia. Recruitment is almost complete for its first cohort of patients with interim results expected in the first half of 2026.
Chief executive Dr Paul Gavin said the funds will help with future planning.
“This includes finalising activities with our manufacturing partner to demonstrate long term product stability and complete the remaining regulatory manufacturing documentation,” he said.
“We have chosen to fast track these activities to enable a TGA submission as soon as possible following the successful completion of the phase III trial.”
InhaleRx
InhaleRx (IRX) chief executive Darryl Davies has agreed to take company shares instead of cash for his salary, as the firm directs spending towards its cannabinoid drug development programs, IRX211 and IRX616a.
The company said it made a similar arrangement for Davies’ 2024 salary to help conserve funds. He received roughly 4.5 million shares, priced at $0.033 each, in place of his $149,850 salary.
The firm is on track to begin dosing its phase two trial of IRX-211, an inhaled THC therapy for breakthrough cancer pain, while its second program, IRX-616a, a synthetic CBD inhaler for panic disorder, is moving toward a phase one start following ethics approval.