Eqalis/Novachem
New Zealand medicinal cannabis producer Eqalis has secured a deal with Australian distribution firm Novachem that will open the Australian market to its products.
Both finished medicines and active pharmaceutical ingredients (API) are expected to become available later this year, pending minimum quality standard verification from NZ's Medicinal Cannabis Agency.
Eqalis managing director Greg Misson said the Novachem agreement positions the company with "first-mover advantage" in Australia.
"Our focus is on creating better health outcomes for patients through our suite of innovative products and technologies covering cultivation, extraction and manufacturing," he said.
"The intellectual property behind our GMP-certified facility in Katikati, with its sophisticated manufacturing and extraction capabilities, enables us to set up for further international expansion."
Misson indicated that "several" additional export agreements are expected to follow in the months ahead.
"As more countries legislate for medicinal cannabis products, we are gearing up to provide our API and finished products to patients across the world," he added.
Novachem cannabis products and business development manager Andrew Heath said: "Australian regulations… restrict distribution companies [from] sourcing finished products for wholesale supply. Our ability to sponsor and provide the Eqalis product for patients in Australia is a win-win trans-Tasman partnership."
Separately, Eqalis is pressing ahead with its planned merger with fellow NZ company Cannasouth, with Misson saying it will "improve patient access".
"Currently, the most significant barrier to the widespread uptake of medicinal cannabis is affordability for patients," he said.
"The creation of the merged company, with true vertical integration, will bring diversification to the industry, without duplication – with the result being a substantial lowering of costs to patients."
Cann Group
Cann Group has wrapped up the first phase of its sale of the Southern cultivation and manufacturing facility to Sativite, following an agreement reached between the two parties late last year.
The land and building component of the transaction has now settled for A$3.1 million, with Sativite granting Cann a lease that allows it to keep operating at the site.
Beyond the land and building assets, the deal covers the licensing of certain Cann genetics and the provision of services from Cann to Sativite to support the handover of commercial operations.
Documentation for the second stage of the transaction is being finalised. Once concluded, the full deal will be valued at close to $5.5m.
Vitura Health
Vitura has appointed board director Dr Simone Scovell as its new independent chairman, taking over from Dr Marcia Walker, who had served in the role on an acting basis for nearly a year.
Dr Scovell, a former director of the Royal Australasian College of Physicians (RACP), joined the Vitura board in September.
Dr Walker will stay on as an independent, non-executive director.
Incannex Healthcare
Incannex has launched a phase II clinical trial to assess the safety and effectiveness of its IHL-675A CBD/hydroxychloroquine (HCQ) combination drug in rheumatoid arthritis patients.
The trial follows a successful phase I study in which IHL-675A was found to be well tolerated, and animal studies in which it reduced inflammatory disease scores more effectively than HCQ alone.
The study will involve 120 eligible patients across eight to ten sites in Australia and New Zealand, managed by contract research organisation Avance Clinical, and will form a critical component of future new drug applications.
Incannex chief scientific officer Dr Mark Bleackley described it as a "key milestone" in the drug's development program.
He added: "We are excited to continue the development of this drug product to determine whether the remarkable preclinical efficacy we observed for IHL-675A in an animal disease model for arthritis is also seen to a similar extent in humans."
Having reviewed the prior results, Incannex said it considers the drug a multi-use candidate with potential applications in rheumatoid arthritis, inflammatory lung conditions, and inflammatory bowel disease.
Lyphe Group
UK medicinal cannabis company Lyphe Group has announced plans to pull back from "non-core markets" including Israel, while maintaining its Australian operations, which it believes hold the potential for a "significant bottom-line contribution".
Lyphe opened a telehealth clinic in Australia in August 2022.
The company has also revealed a new capital raise backed by existing investors, and the completion of an internal restructure that will see CEO Jonathan Nadler depart. A replacement CEO has been identified and will be named shortly.
The restructure was overseen by company founder Rob Reid, who returned to the business two months ago.
Lyphe has also walked away from its previously announced plan to acquire European-focused medicinal cannabis processor and distributor Materia.
Reid said: "We have undergone an extensive restructuring with the support of our existing investors.
"We continue to maintain a 30% market share in the UK, have entered the high-growth Australian market and now look forward with new leadership, a robust and reliable supply chain, and a genuine patient-first approach.
The next chapter of our growth is set to bring many exciting and accretive opportunities."
