Medlab Clinical signs HoA with Pharmascience Inc for NanaBis

  • Mar 05, 2019 AEDT
  • Team Kalkine
Medlab Clinical signs HoA with Pharmascience Inc for NanaBis

Medlab Clinical Limited (ASX: MDC), established in 2012, is an Alexandria, Australia-based medical life science company engaged in research and development of nutraceutical products and therapeutic pathways for diagnosed chronic diseases such as pain management, depression and obesity. It also sells nutritional products in Australia and the United States.

Recently on March 5th, 2019, the company announced to have signed a Heads of Agreement with the Canadian pharmaceutical company, Pharmascience Inc. for further developing and distributing NanaBis™ on a global scale.

The terms of agreement enable both units involved to negotiate on research, regulatory and commercial milestones involving potential global territories for NanaBis™. Moreover, this Agreement follows the previously announced positive discussions held with the Federal Drugs Administration (FDA) and European Medicines Agency (EMA).

Medlab has a growing patent portfolio of products which now includes cannabis-based medicines. Its patented sub-micron delivery platform, Nanocelle™, is being utilised in the formulation of the highly purified CBD/THC NanaBis™ and also in other medicines, nutritional products, off-patent drugs like statins. As of late, NanaBis™ is in the second stage of an Australian advanced cancer pain trial, available for use only under the Australian Government’s Special Access Scheme and currently under review with several Regulatory Agencies for potential fast track drug approval pathways.

As for Pharmascience Inc., it is a leading Canada-based privately owned generic pharmaceutical company with over 35 years of experience in developing quality products for patients and healthcare professionals in more than 60 countries worldwide.

Medlab is expected to benefit immensely from the collaboration with a global pharmaceutical leader as it can leverage on the opportunities to follow and execute a quicker expansion of NanaBis™ in global territories including the United Sates and Canada.

The company recently released its report for the half-year ended December 31st, 2018, posting the loss of the consolidated Group after income tax and non-controlling interest payments at $ 3.67 million as compared to the $ 2.27 million recorded in the previous financial year. Besides, the Group’s total assets amounted to around $ 20.22 million and total liabilities were valued at ~$ 2.13 million.

The operating activities amounted to cash burns of around $ 3.7 million on account of payments given to suppliers and employees. The investing and financing activities also contributed to net cash outflows of around $ 40.7k and $ 471.3k respectively. Despite the extensive expenditure, the net cash and cash equivalents with the company at the end of the financial half-year stood at $ 16.12 million on account of excess cash at the beginning of the period retrieved from the proceeds from borrowings and issue of shares in the prior corresponding period ended December 31st, 2017.

Medlab Clinical has a market cap of AUD 73.85 million and approximately 208.02 million outstanding shares. At the end of the market session on March 5th, 2019, the MDC stock last closed at AUD 0.380, edging up by 7.042%, indicating an intra-day gain of AUD 0.025.


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