AusCann cannabinoid medicines one step closer to market

AusCann cannabinoid medicines one step closer to market

AusCann's (ASX: AC8) long awaited medical cannabis product is on its way to pharmacy shelves following the completion of an important medical trial.

The listed cannabis company has now announced a successful pilot study of an optimal final dose form for its cannabinoid medicines.

This clinical study has been ongoing for the last 10 months, with the company hoping its product will solve the stability problem facing medical cannabis products currently on the market.

With the trial completed, AusCann now hopes its first proprietary medicines will be released to the market in the first half of 2019.

The Australian group has been working closely with experts in the legal-weed capital of the US, Colorado, to develop modelling and laboratory scale proof of concept work of the new drug.

The new cannabidiol medicine is different from current medical cannabis products on the market. Medical grade cannabis is currently administered via oral liquids, liquid sprays, hard or soft-shell gelatin capsules, or purely inhaled from the dried cannabis material.

AusCann says it has developed a "unique" oral dose form which "provides consistent and stable dosages of the active cannabinoids with reliable bioavailability".

The pharmaceutical company has lodged a patent in respect to the drug it has developed.

AusCann managing director Elaine Darby says the new product is like nothing else on the market.

"AusCann has developed something truly unique in the world of cannabinoid medicines," says Elaine.

"Delivery of consistent and stable products has been an issue that plagues the cannabis medicine industry. The new hard capsule will be a game changer for doctors and patients as it is easy to use and will give consistent treatment outcomes every time. We are thrilled with the success of this study and look forward to releasing these new pharmaceuticals next year."

In July 2018, AusCann announced it had raised $33.4 million to fund its research and development phase. The company says this money raised will now go towards releasing the product to the market in 2019.

AusCann has also earmarked the funds for several key developments including clinical studies, expansion of manufacturing facilities, establishment of a new facility in Chile and crucial R&D into cannabinoid pharmaceuticals.

Shares in AusCann are up 10.43 per cent to $0.90 per share at 10.04am AEST.

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