The powder will be incorporated into a proprietary sublingual wafer delivery solution (WaferiX®) developed through Bod’s pharmaceutical partner iX Biopharma (SGX:42C).
Following the formulation of the wafer, Bod will commence its phase I clinical trial to determine the safety, tolerability and pharmacokinetics of the wafer, which will be administered to healthy volunteers.
Bod is expecting the trial to officially commence by May 2018.
Medical cannabis market to reach US$55.8 billion by 2025
Upon completion of the trial, Bod will have exclusive access to a proprietary product that includes a globally unique extract, as well as a patent protected delivery method.
The company can either distribute it or licence it to major pharma companies globally – giving access to the estimated global medical cannabis market of about US$55.8 billion by 2025.
Sales in Australia through special access scheme
In addition to the CBD extract powder, Bod expects receipt of Linnea’s proprietary 5% CBD in MCT oil in country imminently.
Both products will be made available to approved prescribers and patients under the Therapeutic Goods Administration’s (TGA) Special Access Scheme.
Sales of these products will potentially add another revenue stream to the company’s growing revenue profile (nutritional and skin care products).
Bod chief executive officer Jo Patterson said: “This is another major achievement for the company and we are excited to have received the necessary materials to finalise our sublingual wafer with iX Biopharma.
“Upon completion of the formulation, the company will begin its phase I clinical trial and following, begin to develop a range of products that leverage the uniqueness of this product, along with licence opportunities that may arise.”