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  • Biotech company Medlab (MDC) has executed a non-binding Heads of Agreement (HoA) with Arrotex Australia Group to develop distribute NanoCBD to Australian Pharmacies
  • The HoA is the first partnership between a pharma and a biotech investigating medical cannabis in Australia
  • The agreement will allow the company to fast track the clinical package required for final lodgement of an application via the Therapeutic Goods Administration
  • It is expected that the definitive agreement including commercial terms will be concluded by July 2021
  • Medlab are up 1.54 per cent, trading at 33 cents

Biotech company Medlab (MDC) has executed a non-binding Heads of Agreement (HoA) with Arrotex Australia Group for the development and distribution of NanoCBD for Australian Pharmacies.

The development and distribution of the company’s proprietary cannabinoid formulation NanoCBD is used for treating chronic pain.
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The HoA is the first partnership between a pharma and a biotech investigating medical cannabis in Australia.  The agreement will allow the company to fast track the clinical package required for final lodgement of an application via the Therapeutic Goods Administration (TGA).

Arrotex is Australia’s largest generic pharmaceutical and private label of over-the-counter medicines company, with extensive experience in the TGA application process.

The business supplies the medicine that makes up 85 per cent of all prescriptions written by Australian doctors, found in every Australian pharmacy.

Medlab is in a unique position to deliver the pharmaceutical standards of safety, stability, dose specifics and consistency that is a pre-requisite of delivering pharmacist only medicines schedule approval.

“This is a major milestone for both the Australian market and the budding partnership between Medlab and Arrotex,” said CEO of Medlab, Dr Sean Hall.

“Unlike many CBD producers, Medlab can deliver to the pharmaceutical standards required for TGA approval and this partnership will now enable direct application into clinical practice through Arrotex’s extensive network. There is a clear alignment within both companies to deliver a superior, approved CBD product to Australian patients.”

It is expected that the definitive agreement including commercial terms will be conclude by July 2021.

Shares are up 1.54 per cent, trading at 33 cents at 3:03 pm AEDT.

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