Medlab Clinical (ASX:MDC) has executed a Heads of Agreement with Canadian pharmaceutical company, Pharmascience, for the further development and global distribution of NanaBis.
The company said the terms of the agreement provide for both parties to negotiate various research, regulatory and commercial milestones involving potential global territories for NanaBis.
Pharmascience was founded in 1983 and is the fourth largest generic pharmaceutical company in Canada. It is a privately-owned company, employs 1,500 people worldwide and is headquartered in Montréal.
NanaBis is a purified CBD/THC proprietary blend using Medlab's patented sub-micron delivery platform (NanoCelle). It is a side of cheek spray currently in the second stage of an Australian advanced cancer pain trial.
According to Medlab CEO Dr Sean Hall, “NanaBis is in an exciting stage of its development as the Company looks to fast track global drug approval pathways. This Heads of Agreement signifies real intent and interest for a true global pharmaceutical company to enter legitimate science as it relates to cannabis that has been research focused into a serious condition: cancer pain.”