Health House International, the acquisition target of Creso Pharma, recorded customer receipts of nearly A$6 million for the three months ending in March, a 9.5% increase on the prior quarter.
That figure brought its nine-month total to $16m, which is 46% above the equivalent period a year earlier.
The company posted a net cash loss of $255,000 for the quarter, bringing its financial year-to-date loss to $2.2m.
The distributor described sales as strong, particularly across Australia, in spite of regulatory shifts, supply shortages, and funding pressures.
Health House said it was in discussions with prospective new suppliers to bring "innovative products into Australia", and confirmed it is on track to meet the new TGA GMP requirements ahead of the July 1 deadline.
The company also confirmed that a shareholder meeting to consider the proposed Creso acquisition is scheduled for May 2. Both companies have signed a scheme implementation deed.
“We continue to work with Creso towards the integration following the proposed merger,” Health House chairman David Wheeler said. “We remain optimistic what the combined group will be able to achieve.”
Little Green Pharma
Little Green Pharma (LGP) has completed its first delivery of high-THC flower to German wholesaler Ilios Santé, fulfilling obligations under a commercial agreement reached between the two parties last year.
The two-year deal requires Ilios to purchase minimum volumes valued at approximately A$2.3 million, with more than three quarters of the strain to be dispatched from LGP's Danish facility during the contract's second year.
This is the second consignment LGP has shipped to Germany from Denmark in recent weeks. In February, the company exported 30kg of high-THC flower to Demecan.
LGP attributed the extended gap between finalising commercial terms with Ilios Santé and delivering the first shipment to the stringent quality regulations governing flower exports to Germany.
Incannex Healthcare
Incannex Healthcare has brought on bioanalytical firm Quest Pharmaceutical Services (QPS) to oversee clinical trials for its addiction and skin disease treatments.
QPS is preparing pre-investigational submissions to both the European Medicines Agency and the US Food and Drug Administration for Incannex's CannQuit and ReneCann products.
CannQuit is a chewing gum combining CBD and nicotine that Incannex believes will outperform existing nicotine-only gum products designed to help people stop smoking.
A second product, CannQuit-Opioid, pairs CBD with an opioid antagonist in a chewable tablet format intended to address opioid addiction.
ReneCann is a cannabinoid formulation combining CBG and CBD developed for the treatment of dermatological conditions arising from immune system disorders.
Incannex managing director Joel Latham said: “QPS is the perfect fit for us to develop these products across the globe. Not only will QPS assist us in conducting clinical research, it has been engaged to advise upon the quickest route to commercialising the products in different regulatory jurisdictions.”
Emyria
Emyria and psychiatrist-led medical practice PAX Centre have announced plans to build a care model for psilocybin-assisted therapy, extending their existing collaboration on an MDMA-assisted therapy care model.
The partnership aims to address the “substantial overlap” between depression and PTSD symptoms — conditions affecting a growing number of patients — by broadening the treatment options available to those living with one or both conditions.
Psychiatrist, MDMA researcher and recently appointed teaching faculty member at Mind Medicine Australia Dr Ben Sessa has been engaged to deliver therapist training covering both MDMA and psilocybin.
Emyria is working to build a network of trained therapists and psychiatrists to provide MDMA-assisted therapy to appropriately diagnosed patients from July 1, 2023, through ethics-approved clinical trials and the Authorised Prescriber scheme.
The company said partnering with a psychiatrist-led practice would strengthen patient safety outcomes and allow the collection of real-world data to support continued care innovation and drug development.
Managing director Dr Michael Winlo added: “We are excited to extend our collaboration with the experienced trauma specialists at the PAX Centre to develop a psilocybin-assisted therapy model for major depression to complement our MDMA-assisted therapy that is already well advanced.
“The generalist training provided by Dr Ben Sessa supports our mission to create innovative and effective mental health care models within community psychiatry as well as our goal to generate high-quality clinical data.”
