In line with a commercial agreement executed in January, NanaBis™ production and analytical services have been transferred to TASALK.
This allows for manufacturing to be ramped up, increases overall product quality and supports a stronger manufacturing compliance for the Australian Therapeutic Goods Administration, US Food and Drug Administration and the European Medicines Agency.
"Continues to grow"
Medlab chief executive officer Dr Sean Hall said: “With the recent launch of the Observational Study and successful completion of the Phase 2 Advanced Cancer Pain Trial at Royal North Shore Hospital, demand for NanaBis™ continues to grow.
“Being able to partner with TASALK is very exciting and allows Medlab to increase production capacities drastically over the short-term and therefore to meet increased demand.”
The company reported that March quarterly revenue was achieved for NanaBis™ with an increase of approximately 26% over the previous quarter and more than 2,000 bottles were dispensed.
This increase in demand, along with supply chain limitations during COVID-19, resulted in the need to ration stock and this saw the product being out of stock for the month of May.
All backorders have now been fulfilled.
Shares have been as much as 5% higher to 21.5 cents intra-day.