Earlier this year Medlab (ASX: MDC) raised $24 million to bring its cannabis-based medicine to the market.
Now, the company has been given the green light to export its buccal spray products NanaBis and NanaBidial overseas.
NanaBis is used as an alternative to opioids in the treatment of cancer related pain, while NanaBidial is used to alleviate chemotherapy induced nausea and vomiting as well as seizures.
Both drugs are still in the clinical trial phases and on Tuesday morning Medlab announced it has been granted a license by the Office of Drug Control to export cannabis as it relates to the creation of these two medicines.
Medlab CEO Dr Sean Hall says the export license allows the company to engage in more formal overseas trade conversations, knowing that its supply chain is legal.
"The license is a welcome addition to our other approvals, allowing Medlab to research, manufacture, conduct research trials, supply within Australia and now, pending the right partner, foreign markets," says Hall.
Read more about Medlab on The Cannabis Index
Last week, independent research conducted by the University of Sydney validated Medlab's delivery system NanoCelle, the spray which delivers tiny particles of medicine to the side of the cheek in both the NanaBis and NanaBidial products.
Hall says the positive independent review confirming NanoCelle's efficiency was reassuring for the company.
"These results provide a significant level of confidence in Medlab's NanoCelle platform and further confirms specific proposed functions for Medlab's cannabis medicines," he says.
"These results in conjunction with the early positive feedback from doctors prescribing NanaBis under the Therapeutic Goods Administration's Special Access Scheme, gives Medlab great confidence in its NanoCelle research."
The $24 million capital raising Medlab completed earlier in the year primarily supported its NanaBis product.
At the time, Hall said it would accelerate the drug's commercialisation by up to 18 months ahead of schedule under the Special Access Scheme.
MDC shares previously closed at $0.45.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
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