Bod Science is prepared to move swiftly into international markets with its CBD soft gel capsule if its clinical trial targeting sleep disorders produces favourable results, according to chief executive Jo Patterson.
Addressing an investor webinar focused on the company's growth strategy, Patterson said a successful outcome would place Bod among only two companies worldwide to have registered a cannabis product, with Jazz Pharmaceuticals' Epidyolex being the other.
Top-line findings from Bod's Can-Rest clinical trial for insomnia are due next month following the completion of treatment by the last of 198 participants.
Patterson told shareholders the company "expects to deliver the first over-the-counter product for the Australian market".
She added that a positive result would also open the door to commercial opportunities beyond Australia's borders.
"If successful we'll have first mover advantage in a very significant market in Australia, along with other opportunities to utilise this body of work in other market markets," Patterson said.
"One of the important things is that, while it will be very exciting to get ARTG registration through the TGA, once we report on the efficacy [of the CBD product] we'll look at immediate commercial opportunities in other markets because it doesn't require us to wait for ARTG registration to explore those opportunities."
Patterson did, however, point to difficulties in the UK, where the CBD market has stalled due to delays within the Food Standards Agency's (FSA) regulatory scheme.
"Unfortunately that UK market has been quite slow to grow and limited by the novel food regime," she explained. "Bod….has received validation for its submissions for novel foods registration, but unfortunately we are still waiting for the registration to come through the FSA.
"Without that registration you can't introduce new products to market so it's a slow market that has been burdened by the regulatory landscape."
Separately, Patterson said Bod intends to broaden its medicinal cannabis product range, calling the move a "near term value driver".
