Commencement of R&D with Yissum
Perth, Feb 3, 2015 AEST (ABN Newswire) - PhytoTech Medical Limited (
ASX:PYL), the Australian owned Medical Grade Cannabis (MGC) company and the first MGC company to list on the Australian Stock Exchange, today announces that the research and development into its delivery systems for administering Medical Grade Cannabis (MGC) based therapeutic products has now commenced.
The oral capsule technology demonstrated in pre-clinical studies enhanced bioavailability of THC or CBD. This is achievable by several mechanisms, including suppressing or inhibiting the first pass metabolism. PYL considers that its in-licensed technology will be able to overcome the effects of first pass metabolism, which markedly decrease the oral absorbance of current oral cannabinoid-commercial products.
The Company intends to test this technology in human clinical trials against Sativex(R), an oral spray Cannabinoid (CBD/THC) medicine for the treatment of spasticity due to multiple sclerosis. Sativex(R) is owned by GW Pharmaceuticals, a company listed on both the NASDAQ Global Market (GWPH) and on AIM (LON:GWP), a market of the London Stock Exchange.
It has a market capitalisation in excess of $1bn. We expect our oral capsule to be easier to administer, while not causing side effects such as mouth ulcerations and pain, and having no adverse taste, both associated with Sativex(R). We also believe that our oral product will be low cost, with long room temperature shelf life.
The buccal product under development consists of a flexible, mucoadhesive patch and will potentially provide continuous delivery of THC and CBD for 4 - 6 hours. The product is anticipated to allow for better dose control, easy application, no adverse taste and cost effectiveness.
This technology is included in the exclusive license the Company received from Yissum and is currently the subject of a patent application.
PhytoTech is looking at utilising Yissum's state-of-the-art technologies to develop THC and/or CBD based products for variety of highly potential safe and efficacious therapeutic indications.
Boaz Wachtel, Managing Director of PhytoTech Limited comments:
"The Medical Cannabis market is growing rapidly and there is significant opportunity and demand in the market for our company to develop and acquire new drug delivery systems. The oral capsule, with its revolutionary formulation, and the buccal device, which will be developed by PhytoTech, are highly innovative - advancing the methods of administering MGC and creating a new mainstream method of treatment for various medical conditions.
Israel is considered a world leader in Medical Cannabis research and we are excited to partner with researchers from the prestigious Hebrew University of Jerusalem to help us achieve our goal of commercialising Medical Cannabis delivery systems."
The team at the Hebrew University brings significant experience with extensive experience. This team includes Professors Avraham Domb and Amnon Hoffman, both experts in formulation and pre-clinical drug development.
Israel was one of the first countries to launch a National Medical Cannabis Program (NMCP) and expertise and knowledge in the Medical Cannabis industry in Israel makes the country the number one choice for our R&D operations.
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
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