Statins are a class of drugs often prescribed by doctors to help lower cholesterol levels in the blood. By lowering the levels, they help prevent heart attacks and stroke.
The size of the statin market worldwide, predominantly comprised of tablets, is significant and has been estimated at US$12 billion in 2018.
Medlab’s research to date indicates that a more direct oral spray will enable smaller doses and by reducing dosage, remove much of the statin side effects, reported by about one-third of patients.
The testing of Medlab’s atorvastatin oral spray has been promising, but an independent study is expected to provide objective evidence for those pharma companies which have shown interest.
Medlab’s study agreement is with Zenith Technology Corporation of Dunedin New Zealand, a certified research organisation which does clinical trials and analysis.
Incidentally, Medlab is also completing the final steps to start Australia’s first clinical trial using cannabis for oncology patients suffering intractable pain.
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 company’s share price has more than doubled during the past six months, last trading at $0.84.