- Cann Group (CAN) and Emyria (EMD) mutually agree to drop a deal for the proposed registration of a Schedule 3 cannabidiol (CBD) product
- The deal signed in March had sought to progress an over-the-counter medicine with the TGA using Emyria’s EMD-003 program and Cann’s Gelpell technology
- The two companies will now pursue registration of a Schedule 3 CBD product independently
- Emyria has already signed an agreement with North American contract drug manufacturer Altasciences
- Shares in Cann Group are up 3.33 per cent to $0.31 while Emyria is up 7.89 per cent to $0.20 per share at 11:00 am AEST
Cann Group (CAN) and Emyria (EMD) have mutually agreed to drop a deal for the proposed registration of a Schedule 3 cannabidiol (CBD) product.
Announced at the end of March this year, the agreement between the two cannabis-focused companies sought to progress an over-the-counter medicine with the Therapeutic Goods Administration (TGA) by using Emyria’s EMD-003 drug development program and Cann’s proprietary Gelpell microsphere technology.
Following a detailed review, however, the two companies have elected to terminate the arrangement and instead plan to independently pursue registration programs for a Schedule 3 CBD product.
After acquiring the patented Gelpell technology through its acquisition of Satipharm in March, Cann is now looking to resume an internal development program with the aim of securing TGA approval for a Schedule 3 CBD product by the end of 2022.
Cann Group CEO Peter Crock said of the products: “Satipharm CBD capsules were one of the first medicinal cannabis products available to approved patients in Australia (under the Special Access Scheme) and have been successfully used in a variety of medical conditions since 2017.
“Satipharm CBD products are currently sold over-the-counter at major pharmacies and health food retailers in the UK and Cann is in discussions with major healthcare companies in relation to global distribution rights to the product.”
Meanwhile, Emyria has wasted no time in signing a deal with Altasciences, under which the North American contract drug manufacturer will develop a range of synthetic cannabinoid-based capsules using Emyria’s EMD-003 over-the-counter program.
Michael Winlo, Managing Director of Emyria, said the clinical trials and investment required to obtain TGA registrations would also support the company’s Food and Drug Administration (FDA) registration plans, which will in turn bring forward Emyria’s US expansion plans “significantly”.
“Emyria will also have complete ownership over our Australian and US drug development programs, reducing our reliance on third-parties and allowing us to move rapidly towards TGA registration and sales in pharmacies where there is already a great deal of patient and commercial interest,” Mr Winlo added.
Shares in Cann Group were up 3.33 per cent to $0.31 while Emyria was up 7.89 per cent to $0.20 per share at 11:00 am AEST.