New Zealand-based Rua Bioscience has entered the Australian market with its first product built on genetics developed on home soil across the Tasman.
Rua chief executive Paul Naske described the launch of the dried flower product, Rua Rau Hiwa, as a significant milestone, saying the company had "fulfilled our commercial model focused on the two ends of the value chain: genetics and international distribution".
"We are proud to offer Rua's medicinal cannabis genetics, sourced from New Zealand's legacy market to thousands of patients across Australia," he said. "We continue to prioritise R&D and genetic discovery."
Naske said the legalisation of medicinal cannabis has allowed the expertise of illicit growers to flourish in a legal setting.
"For more than 50 years, growing cannabis in New Zealand has been about back-door expertise that's been developed illicitly. Now, we have an opportunity for this expertise to flourish, supported by our scientists and our own legacy growers who deeply understand how premium cannabis plant genetics can form effective medical solutions," he said.
"This is the competitive advantage we have on the global stage, with Australia being the first of a number of countries that will receive our genetics."
Rua, which holds agreements with four Australian distributors, plans to turn its attention to bringing New Zealand genetics into the German market over the coming year.
Avecho
Avecho Biotechnology recorded a loss of A$2.17 million in the half year to June 30, as revenue dropped 30% to $312,187.
The company, currently running a phase III clinical trial for its proprietary CBD soft-gel capsule, attributed the revenue decline to weaker sales of its skincare ingredient Vital ET.
The interim loss was 2.2% higher than the H1 FY23 result.
Net cash used in operating activities over the six-month period rose 57% from the prior corresponding period to $628,000.
Research and development expenses increased 75% to nearly $2m, while admin and corporate costs fell 33% to $1.15m.
Avecho held $4.8m in available funding at the end of June, compared with $5.5m at the end of December.
The company said its insomnia trial is now running at full capacity across five centres in Melbourne, Sydney, Central Coast, Brisbane and Perth.
Bioxyne/Breathe Life Sciences
The production of gummies at its Brisbane facility is the most likely explanation for a sharp jump in Bioxyne's share price and unusually elevated trading volumes, the company told the Australian Securities Exchange (ASX).
More than 27 million Bioxyne shares changed hands on Friday, well above typical volumes, with the share price reaching $0.017, up from $0.011.
The movement prompted an ASX inquiry into whether undisclosed information had entered the market and driven the sudden spike.
Bioxyne said the trading activity was most likely tied to its August 21 announcement revealing the successful delivery of "Australia's first pharmaceutical cannabis gummies manufactured under GMP licence".
Shares in Bioxyne were trading down 8% on Monday morning.
iX Biopharma
Medicinal cannabis sales grew 8% at iX Biopharma in FY24, but the gain was not enough to stop the company from posting a wider loss.
The Singapore Stock Exchange (SGX)-listed firm saw its deficit grow to S$10.8 million (A$12.2m) for the 12 months to June, a 12% increase on the prior year.
Total revenue edged up 1% to $5.95m, with $5.26m of that figure coming from sales of its CBD and THC wafers.
Nutraceutical revenue fell 32% to $508,000.
Ecofibre
Ecofibre posted an after-tax loss of A$39.2 million for the year ended June 30, 2024, a marginal improvement on the $39.9m loss recorded in FY23.
The company said the figure included impairments and one-off income and expense items totalling $31.3m recognised during the financial year.
Revenue from ordinary activities, including discontinued operations, declined 9% from $32.5m in FY23 to $29.7m in FY24.
The group closed the year with $6.7m in cash available to fund operations and ongoing investments.
Zelira Therapeutics
Zelira Therapeutics posted an after-tax loss of A$36.74 million for the year ended June 30, 2024, a 486% increase on FY23's $6.27m deficit.
Earnings before interest, tax, depreciation and amortisation (EBITDA) also deteriorated, moving from a $5.65m loss in FY23 to $35.52m in FY24.
The company said the loss "mainly reflects the impairment of goodwill of the group as well as research and development, employee and administration costs".
Net cash outflow from operating activities was $4.39m, down 39% from FY23's $7.25m.
The company ended the financial year with cash and cash equivalents of $586,161.
Chairman Osagie Imasogie has since agreed to loan the company US$1.4m (A$2m), with the funds earmarked for working capital and to support the firm's clinical trial of its HOPE medicine in the treatment of autism.
