Cann Global
Cann Global has sought a further extension to its voluntary ASX suspension while awaiting a "definitive announcement" on a planned acquisition in Thailand.
The listed company, which has not traded on the ASX since September 2022, said it has continued to advance "detailed due diligence" on a deal the board considers a "major opportunity" for the business.
Cann Global said it has put submissions before the ASX regarding the proposed transaction and, contingent on lodging its overdue financial reports, intends to meet the requirements needed to finalise the deal and return to trading on the exchange.
Though not yet in a position to make a "fully detailed acquisition announcement," Cann Global said it anticipates being able to do so by January 31, 2024.
The company added: "It is the board's view that Thailand is currently one of the best-placed countries in the world to produce mass amounts of high-quality cannabis products at a competitive price point that is lower than other countries.
"The board views the proposed acquisition opportunity as a way to enable the company to distribute cannabis products to the growing, large Thailand market and subsequently into European markets and Australia."
Cann Group
Cann Group's chief financial officer (CFO) and company secretary Deborah Ambrosini has stepped down for personal reasons, with her departure effective December 22, 2023.
Head of legal and regulatory affairs Steven Notaro will take on Ambrosini's company secretary duties, while the company searches for a new CFO.
CEO Peter Koetsier said: "Deborah has made an outstanding contribution to Cann having served as the Group's CFO for more than two years and company secretary for the past year. She leaves a strong legacy and we wish her well in the future."
InhaleRx
InhaleRx has administered doses to the third and final cohort in a Phase I clinical trial examining the safety and pharmacokinetics (PK) of its novel inhaled cannabinoid formulation IRX211, which targets breakthrough or acute pain symptoms.
The study evaluated the PK, safety and tolerability of single escalating doses of IRX211 in healthy participants. Its findings will shape the design of Phase II and subsequent pivotal trials, along with the regulatory approach for submitting a New Drug Approval application to the US Food and Drug Administration.
No serious adverse events were recorded, and the InhaleRx board said it was "delighted with the insights provided by the study."
IRX211 is a cannabinoid drug (dronabinol) administered via inhalation in a fixed dose, designed to deliver rapid relief for patients experiencing episodic bursts of breakthrough pain.
CEO Darryl Davies said: "This is a significant milestone for the company and we are looking forward to delivering on the next stages of the clinical development program for IRX211.
"The drug-delivery efficiency data coupled with the low side-effect profile is particularly exciting… as we pursue the goal of providing a safe, effective and fast-acting, non-opioid drug to the market."
The trial was originally designed to include four cohorts of eight participants in a double-blind, randomised, placebo-controlled, single-ascending-dose study.
InhaleRx said, however, that data from the first three cohorts proved sufficiently conclusive for the company to determine dosing strength for a Phase II trial without the added cost and time of running a fourth cohort.
The clinical study report for the completed Phase I trial is expected to be ready in March/April 2024.
AusCann
Todd McGrouther has stepped down as chairman of AusCann, with Andrew Chapman — head of the company's largest shareholder — taking over the position.
Chapman, the founder and director of Perth-based Merchant Group, also holds a non-executive director role at Eurocann, the unlisted Australian company that owns HAPA Pharm, a Germany-based manufacturer and distributor.
Chapman's appointment deepens the already close ties between Eurocann and AusCann following the strategic alliance the two companies formed in April 2022.
AusCann shares remain suspended from the ASX pending the announcement of a proposed transaction.
Wellnex Life
Wellnex Life has named Chemist Warehouse director Mario Tascone as non-executive chair following the completion of its Pain Away Australia acquisition.
Chemist Warehouse is Wellnex's sixth largest shareholder, and the two companies have a pair of joint ventures in place.
Tascone said: "I am really looking forward to taking on the role of Wellnex Life chairman, and being involved in the next phase of growth of the business."
Wellnex managing director Zack Bozinovski added: "We are excited to have such a high-calibre individual with a long history of success in Mario Tascone joining Wellnex as chair."
Separately, the ASX-listed company's pro-rata, non-renounceable entitlement offer raised approximately A$3.2 million from eligible shareholders. All of Wellnex's directors participated in the offer, as did its largest shareholder, Homart Pharmaceuticals.
Around 382 million new shares that were not taken up by eligible shareholders under the entitlement offer have been made available to sophisticated and professional investors.
The outcome of the shortfall offer was expected to be announced the following day (Tuesday).
UPDATE (December 8, 2023): Post the entitlement offer, Wellnex has received firm commitments for the shortfall of approximately $10.4m bringing the total raised to $13.6m. The funds will be used to complete the Pain Away acquisition and for additional working capital.
Neurotech International
Neurotech has been granted Human Research Ethics Committee (HREC) approval to expand its ongoing Phase II/III clinical trial in Autism Spectrum Disorder (ASD) to include adult participants.
The approval permits participants who turn 18 during the trial to continue receiving treatment throughout the extension phase, covering up to 54 weeks of total treatment.
The existing HREC approval covers treatment with NTI164 in a paediatric ASD population.
Executive director Dr Thomas Duthy said: "I am delighted with the progress of this large double-blind, placebo-controlled clinical trial and we remain steadfastly committed to developing NTI164 as a first-line treatment for level two-three patients with autism where the market need for new therapies remains significant.
"Importantly, with recruitment into the trial to complete during the current quarter, we are on track to report results during the first quarter of calendar year 2024 (Q3 FY24)."
MGC Pharma
MGC Pharmaceuticals has brought on Daniel Robinson as a non-executive director, effective immediately.
Robinson brings over 20 years of experience across stockbroking, corporate advisory, investor relations and governance, and is a member of the Australian Institute of Company Directors.
In other board changes, Dr Stephen Parker and Dr Ross Walker will both be departing the MGC board to pursue other opportunities.
Stenocare
Danish company Stenocare plans to bring its second medicinal cannabis oil to the Australian market in the first quarter of 2024.
The balanced 25:25 oil will be accessible through the Special Access Scheme, following the well-received rollout of a 12.5:12.5 oil in 2022.
CEO Thomas Skovlund Schnegelsberg said: "We are constantly seeking ways to scale our business and have been pleasantly surprised by the sales performance of the first Stenocare oil product in Australia."
Stenocare currently offers 11 oil products across Denmark, Sweden, Norway, the UK, Germany and Australia — a market Skovlund Schnegelsberg predicted will become the company's second-best performer.
