BOD (ASX:BOD) shares gain attention on quarterly update

April 29, 2022 04:15 PM AEST | By Samta

BOD (ASX:BOD) shares gain attention on quarterly update — Image source: © Miluxian | Megapixl.com

Highlights

BOD Australia has made solid progress towards the commencement of clinical trials and product commercialisation.

Cannabis sales increased by 2% from the previous quarter.

The company secured Clinical Trial Authorisation from the UK’s Medicines & Healthcare Products Regulatory Agency.

The shares of cannabis-focused drug development and product innovation company Bod Australia Limited (ASX:BOD) are gaining attention following its Q3 FY2022 update.

BOD shares traded flat at AU$0.170 per share at 3:36 PM AEST today.

As per the release, the company has made solid progress towards the commencement of clinical trials and product commercialisation. On this note, let’s have a look at its Q3FY2022 report.

Financial overview

Receipts from customers for the quarter declined to AU$647,000 from the previous quarter on receipts from large orders from Health and Happiness Group Limited collected in Q2 FY2022.
While total sales for the quarter dropped 8% from the previous quarter, medical cannabis sales increased by 2%.
The Group is well funded with AU$4.47 million cash at the bank as of 31 March 2022, reflecting financial flexibility to progress its clinical trials and product commercialisation pathway.

Net cash used in operating activities decreased from AU$1,216,000 to AU$290,00 during Q3 FY2022 from the previous quarter.

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Operational overview

The company has achieved a significant milestone in securing its Clinical Trial Authorisation from the UK’s Medicines & Healthcare Products Regulatory Agency (MHRA) to commence its planned open-label clinical trial associated with Drug Science UK.

The clinical trial will support the effectiveness of Bod’s medicinal cannabis product MediCabilis® 5% on symptoms associated with the long-term impact of SARS-CoV-2 or long-COVID. Meanwhile, BOD has already commenced its patient recruitment.

The company also achieved an ethics approval for phase IIB clinical trial for Schedule 3 CBD product for the Australian market.

Bod’s Novel Food Application is now accepted by UK Food Service Agency (FSA) for its exclusive CBD extract.

BOD share price movement

The stock seems to witness some strong selling pressure as it has lost 31% on YTD and has dropped 13% in the last 3 months.

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