On 9 January 2019, Medlab Clinical Ltd (ASX: MDC) announced that it has successfully analyzed the results of the NanoStat™ bioequivalence trial from Zenith in New Zealand.
Although the price of the scrip is trending down from past six months falling by almost 25% (AUD 0.535 on 9 July 2018), but after the announcement, the price soared by 2.5%. The stock is currently trading at AUD 0.410 (as at 2:34 PM AEST) as compared to the previous close of AUD 0.410.
Medlab Clinical is a biomedical company engaged in clinical research and development of innovative biotherapeutics for the treatment of early to moderate stage chronic diseases. The company is involved in developing nutraceutical and pharmaceutical medicines based on bacterial metabolites and medicinal cannabinoids, for the management of pain associated with cancer, HIV/AIDS, chronic kidney disease, obesity, depression and anti-aging.
Medlab conducted the trial at the central laboratory in Alexandria. The trial results suggest significant improvement in NanoStat™ (1 mg x 4 sprays) when compared to the oral ingested 20 mg tablet, Atorvastatin. Evidence indicates more than two times better blood level of free atorvastatin as compared to oral ingested Atorvastatin.
Further, NanoStat™ reflects faster peak blood concentrations of free Atorvastatin, in approximately 30 minutes, as previously compared to 53 minutes on the oral 20 mg tablet of Atorvastatin. These developments are focused on modifying the way Atorvastatin is metabolized in the human body.
The work concluded that Atorvastatin used in brands like Lipitor® consists of two Atorvastatin molecules bound to a Calcium salt, which was the biggest challenge. With the clinical trial, Medlab formulated a structured way whereby the Calcium salt is slashed off from the Atorvastatin molecules before absorption with the body, metabolizing free “NanoCelled™” Atorvastatin. The successful results of substantial improvements in free Atorvastatin in the blood were observed.
The study intended to analyze and devise the potential for a lower dose of statin delivered as an oral spray, like the effects of a stronger tablet. Given the clinical observation, Medlab is looking forward to being involved in further product development and searching for potential new patents.
Medlab CEO, Dr. Sean Hall stated that “Atorvastatin possess inherent characteristics that would test the NanoStat™ competencies beyond most generic drugs and the company’s cannabis programmes. These results further show the potential capabilities of the NanoStat™ delivery platform.”
As announced on 10 October 2018, Medlab completed Stage 1 human cancer clinical study of NANABIS™ at Royal North Shore Hospital (RNS). MEDLAB also reported obtaining approval from the Data Safety Monitoring Board for commencing the Stage 2 trial. Both NANABIS™ and NANABidial™ got permitted for supply through the Government’s Special Access Scheme this year. The doctor prescribing NANABIS™ is a positive achievement for the company.
The annual financial results of Medlab reflect a 25% increase in revenue to $5.5 million. The company completed a share placement of $22.68 million during the year. An increase of 47% in cash receipts from customers was recorded for the year. The company received a Research & Development Fund of $927K from the Australian Government. EBIT loss decreased by 21% for the year. Cash balance for the company stood at $20.332 million as on 30 June 2018. The Balance Sheet reflected Net Assets of $21.9 million.
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