Australian medical life sciences company, Medlab Clinical (ASX:MDC) has executed a Heads of Agreement with Thai listed pharmaceutical company, Mega Lifesciences, for the further global distribution of NanaBis.
Medlab said the terms of the Heads of Agreement provide for both parties to negotiate various commercial terms involving potential global territories for NanaBis.
Established in 1982 and headquartered in Bangkok, Mega Lifesciences is involved in the distribution of nutritional and herbal supplements, OTC and ethical products. The company has a presence in 33 countries.
NanaBis is a highly purified CBD/THC proprietary blend using Medlab's patented sub-micron delivery platform (NanoCelle).
NanaBis is a buccal (side of cheek) spray currently in the second stage of an Australian advanced cancer pain trial, available for use under the Australian Government’s Special Access Scheme and currently before several regulatory agencies for potential fast-track approval.
Medlab CEO Dr Sean Hall said, “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.”
Dr Hall further continued, “being able to collaborate with global pharmaceutical companies like Mega allows MDC the opportunity to expand NanaBis quicker in global territories”.
This latest agreement follows a previously announced Heads of Agreement with Canadian pharmaceutical company, Pharmascience.