Health care and preventative medicine firm PreveCeutical Medical Inc (CSE:PREV, OTCQB:PRVCF) has seen a big leap forward with one of its programs in recent days - the Sol-Gel nasal delivery work.
The group has received key permits to allow cannabis - flowers and oils - to be imported into Australia from major pot group Aurora Cannabis Inc (TSE:ACB) and used for the group's research led by Preveceutical's chief research officer Dr Harendra Parekh.
The aim is to apply the Sol-gel technology to cannabinoids (CBDs) to develop therapies for a range of symptoms, including pain, inflammation, seizures and neurological disorders
Recently, Parekh and chief executive Stephen Van Deventer told Proactive they had received interest from leading hospitals about trialling the formulations, when ready.
Three permits were granted by the Australian government, Department of Health. They were granted to the Pharmacy Australia Centre of Excellence (PACE) at the University of Queensland (UQ), where the research will be carried out.
The firm has also now announced that it has opened a subsidiary in Australia to allow PreveCeutical to better access expertise and partnerships for its drug development programs,
Parekh said the hope is that in around 18-14 months, clinical trials will be able to start - focusing on using the treatment for palliative care.
"We see an important market for cannabis-based products that are more narrowly targeted at specific therapeutic areas but that are higher value add and being involved with initiatives such as PreveCeutical's is part of our strategy to gain access to these types of products," Aurora, which will supply the cannabis, said.
It comes as the legal cannabis market continues to grow, notably in Canada. But the Preveceutical team sees this as a global opportunity.
"The cannabis market is growing fast as more states and countries legalize its use for both medical and recreational purposes," said a recent article on NetworkNewsWire.
"This is allowing companies to invest heavily in cannabis research to develop drugs and other products for this growing market. Research and design is becoming increasingly important."
The news service has also said: "Driven by a growing need for pain mitigation and increased awareness of potential health benefits, the global market for CBD is growing at a 39% compound annual growth rate."
Plenty of other irons in fire..
Apart from the Sol-gel platform for nose-to-brain delivery, PreveCeutical also has other R&D (research and development) programs.
These are: a dual gene therapy for curative and prevention therapies for diabetes and obesity. It is also working on developing non-addictive analgesic peptides as a replacement to highly addictive analgesics such as morphine and fentanyl, and has a therapeutic product for treating athletes who suffer from concussions.
PreveCeutical Medical shifting the dial in pain management solutions, suggests article
Last month, PreveCeutical entered into a research and option agreement with the University of Queensland (UQ) and UniQuest, the university’s main commercialisation company - the fourth agreement the pair has signed over the past 12 months, to develop the non-addictive pain killers.
The global market for pain management drugs exceeded $62 billion in 2016 and is estimated to surpass $88 billion by 2025, according to one report.
PreveCeutical will own all intellectual property (IP) and UniQuest, the IP and research commercialization company of the University of Queensland, will receive payments for development milestones and sales-based royalties.
Interestingly, the company is also working on a program related to Caribbean Blue Scorpion venom, which has been shown to impact aggressive cancers, such as breast and brain.
In January this year, the firm said its peptide research and development program was progressing on schedule through the first of three phases.
The team is working to sequence the extracted peptides and proteins to determine their amino acid fingerprint.
So there looks to be plenty of newsflow coming for investors in 2018 and beyond from this emerging company.