The company’s efforts have been supported by the federal government’s recent announcement to facilitate faster supply of medicinal cannabis products.
Medlab recently obtained clearances from Australian health departments and is awaiting a final shipment clearance from Canadian health authorities to import cannabis material from Canada.
The cannabis material is a combination of the two most active cannabis ingredients, formulated by Medlab and being supplied by Canadian licenced producer of medical marijuana, Aphria Inc.
Medlab has arranged the delivery of the cannabis material to a contractor in Melbourne, licenced for controlled substance manufacture.
The cannabis material will be incorporated with Medlab’s small particle medicine delivery system, Nanocelle™, to be readied for the trial.
In conjunction with the manufacturer, Medlab has established a drug manufacturing method that will be the prescribed template for future production.
Prerequisites for trial commencement are ethics approval from Royal North Shore Hospital, which is progressing well, and the issue of a clinical trial number from Therapeutic Goods Administration.
Importantly, the supportive government attitude towards cannabis is encouraging for the future prospects of Medlab’s initiative with cannabis.
The company’s share price has more than doubled during the past six months, last trading at $0.755.
Medlab is well funded with a cash balance of $4.3 million as at 31 December 2016.