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Australian cannabis company Medlab (ASX: MDC) has teamed up with Canadian pharmaceutical company Pharmascience to develop and distribute a medicinal cannabis product aimed at treating pain in cancer patients.
The two companies will research and develop NanaBis, a cannabis based drug that uses Medlab's proprietary spray delivery system.
Nanbis is a side of cheek spray currently in the second stage of an Australian advanced cancer pain trial, available under the federal special access scheme and currently before several agencies for fast track approval.
CEO of Medlab Sean Hall says the partnership will speed up the development and distribution of the new drug not just in Australia but around the world.
"NanaBis is in an exciting stage of its development as the company looks to fast track global drug approval pathways," says Hall.
"This 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."
The partnership will first see Medlab able to get into the US and Canadian markets faster, following on from success in Australia.
Pharmascience is the fourth largest generic pharmaceutical company in Canada with over 1,500 employees worldwide.
Based in Montreal the company distributes and develops products to patients and healthcare professionals in more than 60 countries.
Medlab was named the number four top cannabis company in Australia by Business News Australia in 2018.
Shares in Medlab are up 15.49 per cent to $0.41 per share at 10.07am AEDT.
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Business News Australia
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