Company News: ANTG; MGC Pharma; Medlab Clinic; Bod; Creso Pharma; InhaleRx; Inannex
Australian Natural Therapies Group
Australian Natural Therapeutics Group (ANTG) has received a grant of AU$600,000 from the NSW Regional Job Creation Fund to expand manufacturing at its Armidale plant and create 30 local jobs. Working on the ABC Can site is expected to cost $1.76 million.
ANTG chief operating officer James Gaskell said the growing demand for medical cannabis products is a significant economic opportunity for New South Wales and Australia.
He added: “The ANTG expansion plan supports the 20-year economic vision for the NSW region’s key objectives, contributing to the growth of regional advanced manufacturing capabilities, driving high productivity and making the region a ‘Armidale an attractive alternative to city life.
“Advanced manufacturing has been identified as a key emerging opportunity for growth in the NSW region, with job creation and affordable energy identified as key drivers. This project supports both.
MGC Pharma has signed a binding share purchase agreement to acquire 40% of ZAM Software Limited, owner of the ZAM medical data application.
In July, MGC Pharma announced that it was launching the artificial intelligence data collection application in a joint venture with software development firm Caba Tech. Under the deal, it will issue £700,000 of MGC shares in consideration for the acquisition, with the balance held by Caba Tech.
The app will allow patients to record their medical history and monitor medication usage, provide instructions on how and when to take medication, measure treatment progress, and allow a trained physician to prescribe alternatives after consultation.
Following a closed launch phase during which data will be collected from 100 patients enrolled through MGC Pharma’s Australian telehealth business, MCC, a second release phase will be announced in Q3 2022.
Meanwhile, the company has entered into a US$10 million financing agreement with US-based Mercer Street Capital Partners, the company’s largest shareholder, to help execute its go-to-market strategy.
Co-Founder and Managing Director Roby Zomer said, “This US$10 million deal is a testament to the progress we’ve made over the past 18 months.
“Partnering with Mercer will allow us to accelerate our commercial and clinical activities and advance our company’s growth strategy.”
UPDATE (August 4, 2022): MGC Pharma has received the first tranche of funding of US$1.2 million and will now proceed with the issuance of 1.32 million convertible bonds with a nominal value of 1 $ each and 21,511,545 common shares to Mercer Street under the terms of the agreement.
Medlab Clinical reported customer receipts of A$500,000 for the June quarter, with full year cash operating income of $6.2 million.
The company’s cash position as of June 30, 2022 was $5.2 million, excluding an R&D grant of $3.5 million expected in September/October and licensing revenue from potential partnership agreements in next quarter, with royalties expected in November.
Meanwhile, at an extraordinary general meeting on July 28, more than 99% of shareholders voted in favor of the company’s plan for a dual Nasdaq listing.
Medlab has also entered into a collaborative lab space rental agreement with UNSW Sydney, providing it with “significant savings on operational expenses and new research development capabilities and opportunities.”
Bod reported customer revenue of A$1.07 million in the June quarter, up 65% from the third quarter of fiscal 2022, but down from the prior corresponding period where the figure was $2.25 million. He attributed the difference to increased inflows during the fourth quarter of fiscal 2021.
Total sales for the quarter also reached $944,000, up 46% from the third quarter, but down from $1.17 million in the prior corresponding period.
Bod said the quarter-over-quarter growth was supported by higher inflows from H&H Group, as well as sales of medical cannabis products.
He said the year-over-year decline was the result of his focus on delivering his R&D pipeline which he said would “unlock a number of growth initiatives in the coming months, provide to Bod a suite of underlying intellectual assets and would present the future”. income-generating opportunities”.
Creso Pharma reported group revenues of A$1.57 million for the June quarter, driven by continued international expansion and growth in recreational cannabis sales. Group unaudited revenue for the first half of FY22 was $4.3 million, up 42% from the prior corresponding period.
The figure excludes contributions from Sierra Sage Herbs which generated $1.1 million in gross revenue during the first quarter of 2022.
Net cash used in operating activities was $2 million, down 45% from the prior quarter.
Subsequent to the end of the quarter, Creso secured firm commitments to raise $7 million through an equity round and additional debt financing of $25 million was offered by New York-based Obsidian Global Partners. York, by execution of a non-binding term sheet.
On July 29, the company announced that it had signed a non-binding term sheet to acquire medicinal cannabis distributor Health House International in an all-equity deal valued at A$4.6 million.
InhaleRx updated the market on the progress of its inhaled cannabinoid therapies, reporting “very promising” initial stability results for its panic disorder drug formulation and ongoing work on its regional pain syndrome drug.
White-label sales of its Medihale vape device continue, and the company said it has experimented with other delivery devices to gain preference information.
Cash reserves as of June 30, 2022 were A$1.89 million, while net cash used in operating activities in the June quarter was A$608,000.
Earlier this year, the company was licenses granted of the Victorian government to store and sell controlled substances, including medical cannabis.
Incannex has engaged contract research, development and manufacturing company Curia Global to further develop and manufacture GMP-grade IHL-216A, its inhaled cannabinoid-based combination drug treatment for concussions and injuries. traumatic brain.
Curia will also generate data on the quality and stability of IHL-216A to support future regulatory filings, including a State Food and Drug Administration (FDA) New Drug Pre-Investigation (IND) filing. States and a subsequent IND application.
The first cGMP batch manufactured at Curia will be used in a Phase 1 clinical trial beginning once the FDA receives feedback on the proposed IHL-216A development plan at a pre-IND meeting that Incannex aims to hold in third quarter of 2022.
Chief Scientific Officer, Dr. Mark Bleackley, said, “Scaling up cGMP manufacturing of IHL-216A is an exciting step in our product development and represents a critical milestone for the delivery of an inhaled drug.
“Its manufacture will facilitate the investigation of the product in the well-controlled clinical trials we are designing, with FDA feedback, to assess safety and therapeutic benefits in patients with traumatic brain injury.”
IHL-216A was shown to have a strong neuroprotective effect in a rodent model of sports concussion.