A medicinal cannabis company with a Tasmanian supply deal is cashed up as it moves towards commercialising its products.
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Perth-based AusCann Group Holdings Limited had a cash balance of about $26 million at the end of the December, its latest half-year report said.
"The company remains well funded to reach its key milestones and will focus its capital on its core R&D (research and development) program, including clinical evaluation, product manufacturing and commercialisation," the report said.
It said AusCannn was focusing on four key objectives.
They were:
- Introducing reliable, stable and standardised cannabinoid-based pharmaceutical products to the market;
- educating "a select group of prominent physicians and medical opinion leaders" in Australia about the "unique and stable characteristics" of its products;
- gathering detailed results from clinical evaluation and feedback from doctors about the health outcomes of its treatment; and
- publishing the results to build clinical evidence supporting "the unique benefits" of its capsules.
AusCann said finalising the development, manufacturing and testing of its hard-shell capsules in December was a major milestone.
"The testing of the capsules was completed according to standardised validated protocols used across the pharmaceutical industry to ensure product quality, dose reliability and consistent performance through the shelf life of the product," it said.
The company completed construction of its product development facility in Perth during the half-year.
It said $4.5 million had been spent to date on the facility, with more spending for R&D equipment scheduled from within the original $6 million project budget.
It said it strengthened its supply chain by signing two key contractual agreements.
They were:
- A raw material supply agreement with Westbury-based Tasmanian Alkaloids involving "high quality, cost-effective" cannabis resin; and
- a packaging services supply agreement with Aspen Pharmacare.
