The March 2020 quarter also achieved sales in volume of more than 2,000 bottles of NanaBis™ for the first time.
As pleasing as this progress has been, it was despite being negatively impacted by supply restrictions, which the company expects will be resolved during the current quarter.
As of March 31, Medlab had $6.39 million cash in the bank.
RNSH clinical trial
The company received results for the Royal North Shore Hospital (RNSH) clinical trial for cancer pain during the quarter where all primary and secondary endpoints were met.
In addition, it was found the total cohort had meaningful pain reduction, a specific patient subset being breast or prostate cancers with bone metastasis having an average of 40% improvement from the baseline.
Chronic disease research program
Medlab’s research program in chronic diseases, including advanced cancer pain management and depression, continues to progress well.
Both programs represent significant global earning opportunities.
MDC's research in cannabis-based medicine (NanaBis™) through the recently completed SAD/MAD trial at Royal North Shore Hospital and the recently launched ethics approved Observational Study, continues to make material progress in delivering clinical trials evidence with an end goal of drug registration in cancer pain management.
The result was a robust trial that delivered strong results allowing Medlab to focus on Phase 3 designs, specifically in the patient group, metastatic bone pain where breast or prostate are the primary cancers.
During the quarter, the company’s depression trial at Queensland University of Technology was completed with 150 participants to follow-on from previous trials
The focus for the trial is an adjunct (to depression) treatment which is globally estimated to be $864 million USD market in 2015 and is expected to reach $1.2 billion USD by 2041. Overall, the global depression market is estimated to be $15.6 billion USD, growing at 2.4% CAGR.2
Novel pain management alternative
While Medlab remains focused on the opportunity to deliver a novel pain management alternative to opioids in the form of drug registration (NanaBis™), the parallel commercial activities in Nutraceuticals and Medical Cannabis/Pharmaceuticals continue to deliver solid progress.
On March 18, the company announced the launch of a unique first, a free online clinical service offering advice and connecting the Australian public to doctors, specialists, naturopaths and pharmacists.
Medlab’s Virtual Clinic is for people seeking advice on how nutraceuticals may be used for supportive health/medical care.
This initiative builds stronger and closer ties between the Medlab brand and end-users.
Medlab’s complementary healthcare practitioners are educated and audited by the company’s medical team to ensure a standard of care, confidentiality and ongoing training consistent with other healthcare professionals, this includes offering unbiased advice.
Since launch, the service now also have pharmacists available to offer medication advice.
The next short-term period continues to be very exciting for Medlab with release of the depression trial results, continued preparation of the NanaBis Phase 3 trial protocols for the US and Australia as well as FDA IND application.