Avecho Biotechnology is pressing ahead with its phase III clinical trial as part of its effort to register a schedule 3 over-the-counter product with the Therapeutic Goods Administration (TGA).
The trial is evaluating Avecho's Tocopheryl Phosphate Mixture-enhanced soft gel capsule as a treatment for insomnia, with recruitment currently active across Melbourne, Sydney, Central Coast, Brisbane and Perth.
Participants will be divided into treatment groups receiving either 75mg or 150mg, compared against a placebo. The first patients received doses in May.
Chief executive Paul Gavin cautioned that progress will take time.
"Patience is key," he said. "Recruiting the right number of appropriate patients takes time, resources and determination. We continue to monitor emerging cannabidiol trials from around the world, as results from these studies could inform the timing of our next data milestone, the interim analysis."
He added that the company is continuing to pursue opportunities with strategic commercial partners both in Australia and internationally.
Avecho also said it is looking at potential partnerships as a way to bring down the cost of the trial to the business.
For the six months to June, the company posted a net cash operating deficit of $628,000. Its balance sheet received a boost in Q2 from a $1m government grant for the year ending December 31, while R&D costs came to $1.2m.
Cash receipts from customers during the first half totalled $399,000.
Bioxyne
Bioxyne, the parent company of Breathe Life Sciences, bounced back to growth in the fourth quarter of FY24, recovering from a decline the prior month that was caused by product delays.
The company recorded sales of $3.1m in the three months to June, bringing its 12-month total to $9.43m — 25% above the $7.5m in aggregated revenue from the year prior.
Q3 revenue had slipped to $1.6m, down from $2.56m in Q2 and $2.1m in Q1.
Net cash used in operating activities reached $759,000 in Q4, pushing the full-year figure to just over $4m.
The company said it has identified cost savings of $890,000, with a commitment to "drive further improvement into FY25".
Chief executive Sam Watson said: "In the last 12 months, BXN has significantly restructured its cost base to focus on its highest growth business segments. The business is now in a strong position to deliver positive cashflows and EBITDA going forward."
Elixinol
Elixinol posted revenues of A$3.7 million in the second quarter — $3.2m of which came from Australia — a 118% increase on the same period the previous year and 17% ahead of Q1.
However, cash used in operating activities rose sharply from $1.8m in the prior quarter to $3m, which the company put down to one-off spending tied to corporate transactions, business integration and additional product purchases.
Elixinol said it will maintain "strict control" over costs as it targets break-even EBITDA in the second half.
The company said its Australian operations brought in $5.8m in first-half revenue, with the acquisitions of The Sustainable Nutrition Group and Ananda Food having a "meaningful impact on sales".
Total first-half revenue reached $6.8m, nearly double the figure recorded in H1 FY23.
In the US, sales remain subdued, though Elixinol noted that its online business grew 10% compared to Q1.
IDT Australia
Pharmaceutical manufacturer IDT Australia posted unaudited FY24 revenue of $13.5m, a 92% increase on the prior year that also exceeded the top end of its previously issued guidance of $13.4m.
The result was supported by a strong final quarter, with Q4 revenue climbing 87% to $4.6m.
IDT's specialty oral division, which covers medicinal cannabis manufacturing, grew 6.7% against Q4 FY23, despite what the company described as the "oversupply of old medcan products that has weighed on the Australian medcan market".
The $0.9m unaudited figure was up 165% and 40% on Q2 and Q3 respectively.
Melodiol Global Health
Melodiol Global Health has secured $1.1m in fresh capital through an equity placement and a new loan, as the company disclosed unaudited first-half revenues of $9.3m, up 33% on H1 FY23.
The placement involved 181.7m shares priced at $0.00292c per share, raising $530,000, while a further $600,000 was drawn from a $2m loan facility that shareholders approved at Melodiol's annual general meeting in May.
The company recently announced a plan to sell its Mernova facility for up to $14.2m in order to eliminate its debts.
Zelira Therapeutics
Zelira Therapeutics recorded a net cash operating deficit of $3.5 million for the year to June, a considerable improvement on the $6.1m deficit in FY23, as the company continued pursuing registration of its HOPE products in the US.
Customer receipts for the year came to $198,000, driven primarily by HOPE sales in Australia, and down from $374,000 in FY23.
The company cut spending throughout the year, with staff costs dropping from $2.2m to $1.2m and advertising and marketing expenditure falling to $226,000 from $1m in the prior year.
At the end of June, Zelira held $586,000 in available cash.
