Impression HealthCare Limited (ASX: IHL) provides new ways for consumers to access high-quality, personalized, dental health products. It aims at disrupting the way Australians access quality, custom-fit mouth-guards and also making them approachable for individuals, schools and sports clubs across the nation.
The company today on 21 March 2019 announced that it had entered a collaboration with Cannvalate Pty Ltd after it has executed a binding agreement. The collaboration includes two conditions including a full-service wholesale purchase and distribution agreement for the sale of cannabis medicines into the growing network of medical professionals of Cannvalate, and the undertaking of four clinical trials leveraging Impression’s existing intellectual property and profile within the dental industry and sporting communities. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
Cannvalate has the largest network of medicinal cannabis prescribing clinics across Australia and accounts for more than thirty per cent of all medicinal cannabis prescriptions in Australia.
The CEO and co-founder, Dr. Sud Agarwal, is a specialist in anesthesia and also the medical director of Cann Group Limited (ASX: CAN) previously. Cannvalate has a medical advisory board including nine medical professionals who have significant medical expertise with a strong and has quickly developed network including more than 1000 doctors and 600 pharmacies capable of prescribing and dispensing medicinal cannabis products.
This network also helps Cannvalate to get information about the medicinal cannabis needs of the community. Cannvalate has established the Swinburne-Cannvalate Medicinal Cannabis Research Collaboration, additionally, to significant distribution capability. This is Australia’s first Cannabis-only Contract Research Organization producing commercially-focused, cost-effective clinical trials on novel cannabinoid-based drugs in clinical settings.
A diverse team of illicit drug research professors, eleven medical specialists and a further twelve post-docs, research assistants and ancillary staff lead the trials. Cannvalate has proposed four separate random clinical trials, which will be completed on behalf of Impression HealthCare Limited, to progress medicinal cannabis products to open new markets.
The Phase 1 trial has been designed to collect data from thirty participants over a period of approximately ninety days each, enabling the medical practitioners, governments and patients on efficacy and safety to get informed. The commercial application with the Therapeutic Goods Administration for the creation of specific products and product sales under the Special Access and Authorized Prescriber schemes will be justified once the outcomes from the completion of the trials are successful. Impression will then supply Cannvalate with these products for distribution.
The proposed trials represent in excess of $3M worth of expenditure with Impression’s cash contribution limited to $80,000 additionally with GST per trial, to be paid following notification of each trial being accepted for registration through the Australian New Zealand Clinical Trials Registry. Impression expects to receive the R&D rebate for its expenditure as well.
Recently IHL had signed an agreement with RespireRx. More details on this could be read here.
Now let us quickly have a look at the performance of the stock of Impression HealthCare Limited and the returns it has produced over the past few months. The stock closed the trading day at $0.020 decreasing by almost ~13.043%, with a market capitalization of $12.6 million. The stock opened at $0.025 which is the day’s high as well, however it touched a day low of $0.020. It has a 52-week high price of $0.041 and a 52-week low of $0.011, with an average trading volume of ~2.90 million. The company has generated a YTD return of 43.75%, with a return of 26.22% during the last six months.
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