A Tasmanian-linked medicinal cannabis company will look into the potential of helping people with spinal cord injuries.
AusCann Group Holdings Limited said it had started the design phase for a clinical discovery trial to evaluate its cannabis-based formulations for people suffering the symptoms of spinal cord injury.
"The global market for treatments associated with SCI (spinal cord injury) is estimated at over $US6 billion and cannabinoids have been shown to be beneficial for symptoms such as spasticity, sleeplessness, pain and anxiety," Perth-headquartered AusCann told the ASX.
"AusCann's medical advisory board, led by renowned pain specialist Dr Marc Russo, will play a key role in shaping the design of the trial, with the design phase expected to be completed in early 2022.
"The company's key medical advisors have seen encouraging benefits in patients with spinal cord injury after use of the company's Neuvis THC/CBD oral capsules and will play a key role in shaping the design of the discovery program."
The company in 2019 signed a three-year cannabis resin supply deal with Westbury-based Tasmanian Alkaloids (now Extractas Bioscience).
AusCann is also working towards getting registration to sell cannabinoid-based medicine called DermaCann, intended for anti-inflammatory and immune support for dogs with skin conditions.
During the September quarter, it started a review of its research assets for the development of new cannabinoid-based drug candidates for "registration pathways" for human use.
It also continued a cost cutting and efficiency drive after a merger with merger with medicinal cannabis for dogs company CannPal.
"The revised company structure and cost base will support continued progress for the business, allowing for more resources to be allocated to core revenue generating activities for the company's lead human and animal health programs, including the commercialisation of DermaCann in early 2022 and new human drug development opportunities," AusCann said in its September quarterly report.
It had $12.5 million in net cash as at September 30.