CannPal to collaborate with CSIRO on cannabis research

CannPal to collaborate with CSIRO on cannabis research

Animal therapeutics company CannPal (ASX: CP1) has entered into an agreement with the CSIRO to conduct research into the potential of medicinal cannabis.

As part of the CSIRO's Kick-Start initiative CannPal will receive dollar-matched funding to contribute towards a collaborative research project with CSIRO researchers.

The two will undertake research into the use of food production technologies to enhance the delivery of CannPal's cannabis-derived therapeutic formulations in animals.

The listed company hopes to develop new delivery systems to create proprietary formulations of CannPal's therapeutic products.

CannPal founder and managing director Layton Mills says the collaboration will put them in a great position as they move towards becoming a leader in medicinal cannabis.

Earlier in 2018 CannPal announced it had secured key export permits from the Canadian government to receive cannabis formulations in Australia.

The oils will be used in clinical trials for CannPal's lead drug candidate CPAT-01.

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.

The Cannabis Index: A complete guide to cannabis stocks on the ASX

CannPal founder and managing director Layton Mills says the global market for pain treatment in companions is worth more than US$1.4 billion, one which his company is now closer to cornering.

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.

Shares in CannPal closed at $0.19 per share on Wednesday afternoon.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Subscribe Now!
Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

HMC Capital enters private credit market with $127.5m purchase of Payton Capital

HMC Capital enters private credit market with $127.5m purchase of Payton Capital

After more than a year of due diligence and amidst plans to lift it...

Cost of living elevates salaries and perks as key drivers of employee retention in 2024

Cost of living elevates salaries and perks as key drivers of employee retention in 2024

The cost of living is making salaries and perks just as important a...

Enterprise roll-out "one of the biggest launches in Canva's history" as ARR hits $2.2b

Enterprise roll-out "one of the biggest launches in Canva's history" as ARR hits $2.2b

Sydney-headquartered graphic design and visualisation tool giant Ca...

The Star unsuitable to hold a casino licence, final Bell Inquiry submissions claim

The Star unsuitable to hold a casino licence, final Bell Inquiry submissions claim

The Star Entertainment Group (ASX: SGR) has been declared unsuitabl...