Company News: Emyria; Cann Group; Creso Pharma; Chronos; MGC Pharma
Emyria has begun dosing participants in a Phase 1 clinical trial evaluating the safety and bioavailability of its ultra-pure oral CBD formulation EMD-RX5 versus Epidyolex.
The company has previously said the dosage form has the potential to support multiple TGA and FDA registration programs, including in Australia as an over-the-counter (Appendix 3) CBD treatment for symptoms of psychological distress.
In a recent animal study, the formulation demonstrated a higher peak concentration and improved bioavailability compared to the 24-hour equivalent dose of Epidyolex.
Once the Phase 1 study is complete, contract research company Clinitrials will help coordinate a Phase 3 trial at five to six sites across Australia.
Chief Executive Officer Dr. Michael Winlo said, “Our Phase 1 clinical trial, now underway, will directly compare the safety and bioavailability of EMD-RX5 to Epidyolex.
“Our first ultra-pure cannabidiol formulation compared to the only CBD oil registered and successfully reimbursed on the world market.”
Shares of Cann Group jumped 15% today (Thursday) after the official start of commercial cultivation in its Mildura greenhouse.
The company said 4,000 cuttings had been transferred from its southern factory and the crop is expected to be harvested in June.
Meanwhile, the company launched its first GMP dried flower product from the south Melbourne factory.
“Demand for the dried flower form remains high and Cann has increased production of its high-THC cultivars to help meet this demand,” he said. “Cann is well positioned to increase the volume of this product form with the goal of gaining greater market share.”
The company also said that Satipharm is now manufactured in Mildura to support its S3 registration process.
The trio of announcements saw shares surge to $0.41c, its highest level since July 2021.
Creso Pharma’s acquisition target, Sierra Sage Herbs (SSH), has expanded its distribution network in the United States, with 20,000 new outlets in physical stores across the country.
SSH now has over 110,000 outlets for its Green Goo products in the United States.
Creso CEO and Managing Director, William Lay, said: “Once the acquisition is complete, we will have the opportunity to leverage these outlets to drive sales of our own established product line, while benefiting from the continued sale of SSH products.
The purchase of SSH by Creso is expected to be finalized in May 2022.
Cronos Australia chairman and director Shane Tanner has stepped down after three and a half years to pursue private investment.
Tanner joined the board in October 2018 as inaugural chairman and led the company through its initial public offering and subsequent listing on the ASX in November 2019. He also played a key role in negotiating the acquisition of CDA Health late last year.
Dr. Marcia Walker will act as interim chair while a permanent replacement is sought.
MGC Pharma’s chief financial officer, Daniel Kendall, has stepped down, with the company’s chief executive and CEO, Roby Zomer, assuming the role on an interim basis.
Due to the growth of its manufacturing and research activities in the European Union and Israel, the company has decided to appoint a London-based CFO in the future. Zomer will also be settling there soon.
The ASX-listed company has been dual-listed on the London Stock Exchange since early 2021.