Avecho Biotechnology (ASX:AVE) has expanded its clinical program being undertaken alongside leading Australian research group for cannabinoid therapeutics, the Lambert Initiative.
The company says the expansion will bring in a series of clinical trials to examine new clinical indications for cannabidiol (CBD) utilising Avecho’s CBD soft-gel capsule.
These trials will be undertaken to examine novel indications that may be treatable using lower doses of cannabidiol, with the studies expected to take place in Q3 2023 following the completion of preparatory work which is currently underway.
Speaking on the expansion of the clinical program, Avecho Biotechnology Chief Executive Officer (CEO) Dr Paul Gavin said: “While our company remains principally focused on the upcoming phase III trial of our oral CBD soft-gel product, it has always been our intention to allow others to examine further clinical applications of our formulations in other indications of value and interest.
The Lambert Initiative are Australia’s foremost experts in cannabinoid research, and we have learnt much about the clinical potential of cannabinoids through our interactions. Their decision to use Avecho’s CBD product in their own studies is testament to the clinical relevance of the work we’ve conducted over the last three years on product development in the cannabinoid space.”
The company also notes that while it focuses its efforts on its pivotal phase three clinical trial testing the CBD soft-gel capsule in an insomnia indication, the Lambert Initiative trials will seek to test the product on a series of novel candidate indications not previously associated with CBD therapy.
It is reported these candidate indications have emerged following pre-clinical and early stage clinical studies conducted by Lambert researchers and its colleagues, and represent attractive indications for future CBD products registered as over-the-counter (OTC) medicines with the Therapeutic Goods Administration (TGA).
With the addition of further Lambert Initiative studies, it is reported up to 7 different clinical trials using Avecho’s Tocopheryl Phosphate Mixture (TPM) technology enhanced products are scheduled to be undertaken in 2023.
As of 4:30pm AEST, Avecho’s share price had increased by 22.222%.
Avecho is an ASX-listed innovation-led biotechnology company based in Melbourne, Australia that develops and commercialises innovative Human Health and Animal Health products, using its proprietary drug delivery system called Tocopheryl Phosphate Mixture.