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MEDLAB CLINICAL (ASX: MDC) has become the ASX's newest licensed cannabis supplier after winning its regulatory approval from the Victorian State Government.
The company, which is currently in clinical trials for its NanaBis and NanaBidial products, is now allowed to sell medical cannabis in several Australian states.
Medlab produces its trademarked NanaBis drug in Melbourne, a buccal spray product which is designed to alleviate cancer pain and provide an alternative to opioid treatment.
Chief executive Sean Hall said his company now turns its focus to building confidence within the medical fraternity, which is responsible for prescribing NanaBis, as well as other industry stakeholders.
"This licence to sell, combined with the recently renewed import licence, gives Medlab a significant advantage in being able to assist the medical community in treating advanced cancer pain," says Hall.
"We are seeking to make our medicines distinctive, giving medical practitioners, Government and industry stakeholders such as the Australian Medical Association confidence in prescribing our products."
Medlab expects NanaBis will hit the market by late February, controlled by the Therapeutic Goods Administration's Special Access Scheme to patients with specific needs.
Shares in the company soared following the announcement on Wednesday, increasing 27 per cent to reach a record high of $1.15 before closing at $1.03.
Medlab Clinical is a Sydney-based medical science company with a certified biological research facility in Alexandria and a sales arms in Australia and California.
Its research relates primarily to health areas including obesity, chronic disease, depression, pain management, ageing and muscular skeletal health.
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