PreveCeutical Medical Inc (CSE:PREV) (OTCMKTS:PRVCF) revealed Tuesday that its Sol-gel drug delivery research and development (R&D) program is set to be boosted as the firm has received approval to acquire human nasal tissue for the final phase of testing the technology.
The company said PreveCeutical's research team at the University of Queensland has been granted the necessary approvals from a local hospital's human ethics committee.
Investors cheered the news, sending the stock up nearly 22.3% to $0.056 in the OTC Markets.
READ: PreveCeutical Medical applies to acquire human tissue for next phase of Sol-gel technology testing
The health-sciences group is developing the first, sustained-release, Sol-gel program for nose-to-brain delivery of medical compounds including cannabinoids aimed at providing relief for pain, inflammation, seizures and neurological disorders.
"Getting approval to acquire and use human mucosal tissue for this final phase of the Sol-Gel program allows us work on a proof of concept for Sol-Gel delivery in a laboratory setting," said the company’s Chief Science Officer Dr Mak Jawadeka in a statement.
Sol-gels are taken via the nose and rapidly gel upon contact with mucosal tissue.
Using an adult human nasal cast, PreveCeutical earlier demoed that the company's cannabinoid-based Sol-gel is delivered and retained directly at "the target tissue," high in the nasal cavity when administered with a Sol-gel applicator device.
Preveceutical currently has five research and development programs.
These are for dual gene therapy for curative and prevention therapies for diabetes and obesity, the Sol-gel program, Nature Identical peptides for treatment of various ailments.
It is also advancing non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone, and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
In July 2018, the firm launched its CBD division, which focuses on finding treatments for various ailments using CBD, which can be administered through the Sol-gel delivery system. The Sol-gel delivery system uses a sustained-release nose-to-brain delivery system, designed to be universally-patient friendly, meaning that formulations could be used in both children and adults.
Contact Uttara Choudhury at [email protected]