- Medlab Clinical (MDC) has been awarded research and development approval from AusIndustry for a program to develop its cannabis-based pain treatment drug
- The company was granted an “advanced and overseas finding” for the development of NanaBis as part of the Australian Federal Government’s R&D Tax Incentive program
- Medlab says the approval will significantly extend the company’s cash runway, as well as its overall financial performance
- The investment is said to de-risk the financial commitment associated with the last stages of its development
- Medlab Clinical was up 3.23 per cent, trading at 16 cents at 1:50 pm AEDT
Medlab Clinical (MDC) has been awarded research and development approval from AusIndustry for a program to develop its product NanaBis.
NanaBis is Medlab’s patented lead drug candidate, developed for cancer bone pain as a viable alternative to opioids. The company said its data suggests the product may be equally effective in non-cancer neuropathic pain.
The company was granted an “advanced and overseas finding” for the development of the cannabis-based pain treatment drug by a division of the Australian Government’s Department of Industry, Science, Energy and Resources as part of the Australian Federal Government’s R&D Tax Incentive program.
Medlab says the approval will significantly extend the company’s cash runway, as well as the overall financial performance.
The total expenditure for NanaBis development in Australia and overseas for the three-year period is expected to sit at more than $26.9 million.
Medlab CEO Dr Sean Hall said the investment de-risks the financial commitment associated with the last stages of its development.
“This outcome will directly support the company’s go-forward program for NanaBis with a 43.5 per cent cash rebate expected on the overseas expenditure in the Advanced Overseas Finding,” said Dr Hall.
“The approximate $27 million expenditure is allotted over an anticipated three years with the outcome taking 2023 into account.”
Medlab Clinical was up 3.23 per cent, trading at 16 cents at 1:50 pm AEDT.