Australian life sciences company Medlab Clinical (ASX: MDC) has been granted a licence to export cannabis relating to the development of its NanaBis and NanaBidial cancer pain management medications.
Awarded by the national Office of Drug Control, the licence allows Medlab to legally supply cannabis overseas and will help progress the companyâ€™s trade discussions with foreign partners.
â€śThe licence is a welcome addition to our other approvals,â€ť said chief executive Dr Sean Hall.
â€śIt will allow us to research, manufacture, trial and supply our products within Australia, as well as to foreign markets pending the right partners,â€ť added Dr Hall.
Medlab is involved in the research and development of patented cannabis-based therapies for diagnosed chronic diseases such as pain management, depression and obesity.
NanaBis is a whole plant 1:1 extract of cannabidiol (CBD) and delta-9-trethydrocannabinol (THC) while NanaBidial is a whole plant extract of THC and predominantly CBD.
Both products utilise Medlabâ€™s patented NanoCelle platform which has been designed to deliver nanoparticles of active pharmaceutical ingredients into the side of the cheek rather than via traditional gastrointestinal/hepatic and ingested routes.
This method of administration aims to improve the ease of delivery as well as the speed and rate of absorption into the bloodstream.
Earlier this month, Medlab announced preliminary results received from the University of Sydneyâ€™s Nano Institute within the School of Pharmacy validating the science behind the NanoCelle technology.
The research concluded positively that molecules of NanaBis (1:1 CBD:THC) and NanaBidial (18:2 CBD:THC) showed a consistent uniform pattern in nanoparticle form.
NanaBis is used to improve symptoms relating to intractable pain in cancer patients who do not respond well to, or have severe side effects from, traditional opioid analgesics.
The product is administered via spray bottle to deliver an active dose of 2.4mg CBD and 2.6mg THC to the patient.
Intractable pain is defined as pain which is â€śexcruciating, constant, incurable, and of such severity that it dominates virtually every conscious moment, produces mental and physical debilitation and may produce adverse mental psychosis which can lead to self-harm for the sole purpose of stopping the painâ€ť.
NanBidial is indicated for chemotherapy-induced nausea and vomiting, with a secondary endpoint in patients suffering seizures.
NanaBidial was developed alongside NanaBis and Medlab aims for both products to be made accessible to general practitioners and oncology and pain management specialists to under the Therapeutic Goods Administrationâ€™s Special Access Scheme.
In November, Medlab estimated the annual finished product commercial value of its allowable importation of cannabis material to be approximately $30 million from a domestic market of approximately $250m.
At midday, Medlab shares were trading 11% higher at $0.50.