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Cannpal Animal Therapeutics director shows confidence in company’s cannabis-derived animal medications

Non-executive director Max Johnston has acquired shares on-market valued at more than $9,000.
Increasingly high stacks of coins
The company is developing cannabis-based pharmaceuticals for cats, dogs and horses

CannPal Animal Therapeutics Ltd (ASX:CP1) director Max Johnston has demonstrated his confidence in the company’s cannabis-derived medications for animals by acquiring shares on-market.

Johnston, a non-executive director, has acquired almost 64,400 shares with a total value of more than $9,000.

This takes the total number of shares held in indirect interest to almost 164,400 shares.

READ: CannPal Animal Therapeutics’ sponsor fee for lead animal drug candidate waived by US FDA

CannPal was recently granted a second US Food and Drug Administration (FDA) sponsor fee waiver for its lead drug candidate CPAT-01, an innovative cannabis-derived pain control for cats and dogs.

The waiver was granted under the significant barrier to innovation provision of the FDA’s Animal Drug User Fee Act (ADUFA) of 2003.

The waiver covers the current US$75,150 FY18 ADUFA sponsor fee which can be renewed each US fiscal year.

FDS waiver applies to CPAT-01

CannPal may also be eligible for reductions in other fees such as the drug application fee which can cost in excess of US$300,000.

The company was initially granted a fee waiver for an osteosarcoma pain treatment under the Minor Use/Minor Species (MUMS) pathway in 2017 which is a pathway that applies to diseases that affect a minor number of patients every year.

This new waiver under the barrier to innovation pathway is applicable to much broader indications, which allows CannPal to apply the waiver to CPAT-01D, which is being developed as a pain control in dogs.

READ: CannPal Animal Therapeutics commences dog pain control study

CannPal is undertaking a phase Ib study for CPAT-01D with 48 beagles and foxhounds of both sexes in wide weight and age ranges enrolled after clinical screening and examination.

The live phase of the study is expected to be completed late in this quarter.

CannPal was founded by a team of experienced executives to establish a new standard of care in animal health by providing veterinarians with regulatory approved, Cannabinoid-based pharmaceuticals.

The company has identified an opportunity to develop first-in-class medicines for cats, dogs and horses, derived from the cannabis plant.

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