Rua Bioscience said it delivered record sales in March despite a supply shortage impacting sales in Germany.
Without divulging revenue figures, the New Zealand company reported its highest monthly sales in its home market and said its brand presence in Australia was “deepening” following record flower sales.
“Rua continues to view Australia as a strategically important growth opportunity and is investing in strengthening its commercial footprint,” the firm said in an update to the New Zealand Stock Exchange.
However, while reporting “high demand” in Germany, Rua admitted sales are being “temporarily limited by a supply shortage”.
It said it expects growth to resume as supply chain capacity is restored in the next quarter.
“The German market remains a core focus for the company’s international expansion strategy,” the firm told the NZX. “Rua’s continued focus on quality, accessible products is resonating with patients and prescribers alike.
“With new product launches planned in the coming months, Rua is well positioned to maintain and accelerate this growth trajectory.”
Zelira Therapeutics
Zelira Therapeutics has negotiated access for up to $1m in standby equity over the next 12 months under an agreement with Securities Vault.
The capital management company, which, according to its website, promises access to capital and liquidity “the modern way”, has received 550,000 Zelira shares which it can be asked to sell at a time of Zelira’s choosing to raise funds for the ASX-listed firm.
Zelira, which is working towards clinical trials for its Hope product targeting autism, said the arrangement provides the company with flexibility to access capital “as needed”.
The People’s Plant
Queensland cultivator The People’s Plant finished its second Birchal crowdsource funding raise with commitments of almost $1.4m from 798 investors.
Proceeds from the raise will fund a drying room, post-harvest activities, storage room and a laboratory to go alongside a greenhouse and insect mesh that were constructed following an earlier Birchal campaign which raised $1.03m.
While initially focused on white-label contract growing, The People’s Plant said it will launch its own brand once B2B operations are up and running and producing revenue.
Offtake agreements have been struck with Canngea, Medibis, Rua Bioscience and Australian Natural Therapeutics Group (ANTG).
Co-founder Ben Risby-Jones said the cultivator was focused on being in market within 12 months.
“We do not want to waste time,” he said. “We want to get this business up and running.”
Neurotech International
Neurotech International has announced the resignation of executive director Dr Thomas Duthy after four-and-a-half years “to pursue other business interests”.
Duthy’s resignation is effectively immediately and will see him step down from both his executive and board duties.
Non-executive chairman Mark Davies said: “Tom has provided outstanding service to Neurotech as it evolved from a prospective, early-stage business into an advanced drug-development company focused on paediatric neurological disorders with significant commercial potential.
“On behalf of the board I want to thank Tom for his tireless contribution to the company and wish him all the best moving forward.”
Argent Biopharma
Argent Biopharma’s flagship product, CannEpil, has been approved for prescription in Germany in what it described as a “major milestone” in its ambitions for European expansion.
The cannabinoid-based drug, which treats refractory epilepsy, will be available to be prescribed under the country’s special access scheme.
Establishing a foothold in the market “paves the way for broader penetration into other EU markets with similar regulatory pathways”, Argent said.
“Beyond geographical growth, this milestone underscores the increasing acceptance of cannabinoid-based medicine for central nervous system disorders,” the company said in a statement to the ASX.
It said approximately 816,000 people in Germany have been diagnosed with epilepsy, a “substantial portion” of whom suffer from drug-resistant forms.
Cann Group
Cann Group will supply 11 Chemist Warehouse pharmacies in Queensland with its Botanitech range of products under an agreement announced this morning (Thursday).
The products will be supplied on request when the outlets are presented with prescriptions issued under the Special Access and Authorised Prescriber schemes.
Cann Group chief executive Jenni Pilcher said it marked the beginning of a “promising relationship”.
“We look forward to working closely with Chemist Warehouse and their network of franchisees to drive mutual success and growth,” she said.
