Medical technology company Rhinomed Limited is underway the completion of licensing deal with US-based leading medical marijuana operator, Columbia Care LLC. With this agreement both the medical sector companies aim to jointly develop patented cannabis-based nasally administered medicines to cover consumer and clinical health need in United States.
In June this year Rhinomed inked a non-binding term sheet with Columbia Care which underlined the terms for licensing of the Rhinomed nasal platform technology which will enable both the interested parties to jointly develop commercial solutions for nasally delivered medical cannabis along with cannabinoid compounds, analogues and derivatives.
Rhinomed has stated that while negotiations are on the verge of completion, the final agreement is likely to be signed before the end of September 2018.
Australian nasal respiratory company Rhinomed released Over The Counter (OTC) sales growth US market data for the 12 Months to June 2018. The company told that during this period sales of Nasal Strip category has turned over US$115 million underpinned by more than 80,000 retail outlets across USA.
The data revealed that Rhinomed’s sleep snoring technology ‘Mute’ has flagged the fastest growth in Nasal strip category. Mute has shown 299% sales growth during the period, which makes it sit to number 5 in the category. Rhinomed’s tremendous success in ‘Mute’ places the company to widen its scope in sleep and snoring market across the world.
Along with releasing sales data update, the company has also confirmed its global distribution expansion across the US, Canada and the UK region. Rhinomed said following the new distribution agreements it has started receiving initial stock orders from several pharmacies and grocery chains in the USA and Canada as well as from major airport based convenience store retailer in the UK.
Confirming more than 200% sales growth in ‘Mute’ and significant progress in licensing agreement with Columbia Care, Rhinomed Limited stock moved up on ASX. The share price of Rhinomed has edged up by 1.961% to $0.260 on 20 September 2018. The stock has seen a performance change of +41.67% over the past one year.
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