ECS Botanics
ECS Botanics (ECS) posted revenue of A$4.56 million for the three months ending December 31, a 94% increase on the prior quarter.
Customer cash receipts rose 51% to $3.86m, and the company hit the "significant milestone" of cashflow positivity, generating net cash from operating activities of $170,000 — achieved despite additional costs arising from recent flooding near its north-western Victoria facility.
First-half FY23 revenue already accounts for 96% of the $7.18m the company recorded across the entirety of FY22.
Chairman Jeremy King said: "It is pleasing to see the high levels of demand for medicinal cannabis products that the company has been experiencing begin to translate to financial performance.
"Having successfully refocused and streamlined the business over the last six months, we look forward to continued growth and expansion."
Over the quarter, ECS directed more than $1m toward expanding and upgrading its cultivation and manufacturing facilities to keep pace with sustained demand for dried flower.
The company installed and commissioned two new protective cropping enclosures and began work on a further four, which are scheduled to be finished next month.
It also wrapped up the sale of its Tasmanian business and associated assets to US-based pet nutrition company Blue Buffalo for $3m.
Emyria
Emyria has received an R&D tax refund exceeding A$2m, adding to its financial position after a $3m placement completed late last year.
The strengthened cash position will allow the company to complete a Phase III clinical trial aimed at supporting registration of its EMD-RX5 cannabinoid medicine as an over-the-counter treatment with the Therapeutic Goods Administration.
The funding will also allow Emyria to launch US-focused drug-registration programs for high-strength, ultra-pure cannabinoid dose forms and push forward with preclinical screening of its MDMA-inspired drug-discovery program.
The refund of $2,094,701 covered research activity carried out during FY22.
Managing director Dr Michael Winlo said: "This substantial refund reflects the scale of Emyria's research and development investment during the last financial year.
"Combined with our recent strategic placement, this… bolsters Emyria's capacity to accelerate the registration of our unique ultra-pure cannabinoid dose forms as well as drive further expansion and preclinical screening of our first-in-class, MDMA-inspired drug-discovery program."
Medlab Clinical
Medlab has announced encouraging interim findings from an observational study examining the safety, tolerability, and effectiveness of its low-dose cannabinoid-based medicine NanaBis for pain management.
The study involved 244 doctors treating 1,172 Australian patients, with data gathered monthly over a period of up to one year.
Findings showed a 55% improvement in pain relief, a 31% improvement in quality of life, and a 75% reduction in opioid use among patients. Non-serious adverse reactions were reported by 12.4% of participants, while 1.3% experienced a serious adverse reaction.
The average treatment duration was 5.4 months, with at least 77 patients continuing to use NanaBis beyond the end of the study.
Medlab CEO Dr Sean Hall said: "It is encouraging to see both patients and prescribers wanting to continue past the 12-month mark… the interim data demonstrates a good safety, tolerability and sustainability profile for NanaBis."
The complete results of the study are expected to be released in July 2023.
