After securing key export permits from the Canadian government, CannPal Animal Therapeutics (ASX: CP1) has received its first batch of cannabis oil formulations in Australia.
The oils, which will be used in clinical trials for CannPal's lead drug candidate CPAT-01, arrived in Sydney and are currently in transit to a purpose-built research facility.
CPAT-01 is a cannabis-derived medicine which is being developed as a treatment for pain in companion animals, an alternative to non-steroidal anti-inflammatory medications which often incur a long list of side effects.
CannPal is set to test the drug in two phases, with a total of 59 dogs enrolled for treatment beginning on April 2.
CannPal founder and managing director Layton Mills says the global market for pain treatment in companion is worth more than US$1.4 billion, one which his company is now closer to cornering.
"CannPal is delighted to have successfully imported the oils for our first clinical trial for CPAT-01," says Mills.
"With the oils now in Australia and the dog selection complete we are all set to commence the live phase of our clinical research.
"Our study is the first of its kind in Australia and is one that we hope will result in the creation of a safe, efficacious pain treatment for companion animals that will meet full regulatory approval."
The company aims to treat common conditions in animals including arthritis, cancer and tumours, using safe solutions to alleviate symptoms including nausea, loss of appetite, depression and internal bleeding.
At the beginning of 2018, CannPal received its medical cannabis import license from the Office of Drug Control in Australia.
The company listed on the ASX in late October 2017 and has since gained small-medium enterprise (SME) status by the European Medicines Agency.
This opens the company up to administrative and financial assistance for the development of its drugs in Europe.
At the time of writing (11:03am AEST) CannPal shares dipped a slight 3.9 per cent to trade at $0.24.
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Business News Australia