Queensland-based Medibis has secured A$736k through its second Birchal crowdfunding campaign, drawing contributions from more than 600 investors.
Dr Janet Schloss and Dr Andrew Cashin at Southern Cross University will lead a clinical trial examining the company's cannabis formulation as a potential treatment for anxiety and other symptoms linked to Autism Spectrum Disorder (ASD).
Dr Schloss said: "People living with Autism Spectrum Disorder often experience severely debilitating anxiety in day-to-day life. While ASD is a lifelong condition that cannot be cured, its associated anxiety can be mitigated.
"Early studies in Israel indicate cannabis products can help people living with ASD and associated mental health conditions and have the potential to become an alternative treatment to conventional pharmaceuticals that can have crippling side effects.
"This is why we are confidently advancing to a clinical trial here in Australia."
Medibis said the funds raised will go toward its clinical trials, broadening its product range and expanding distribution. The company previously raised $1.8m through Birchal in 2021.
Althea
Althea Group Holdings (AGH) has entered into an exclusive three-year distribution deal with Just Brands International covering Vessel-branded hardware in the UK.
The company said Vessel's product range is aimed at the expanding pool of medical cannabis dried flower and vape cartridge patients across the UK.
AGH intends to drive sales through both B2B and B2C channels, including via its MyAccess Clinics subsidiary.
AGH told the ASX: "Althea will not be required to carry any inventory costs; instead, orders will be generated and dispatched directly to patients and pharmacies. This efficient model eliminates the need for inventory management and enhances order fulfilment speed.
"Additionally, with no financial investment or infrastructure required, the company stands to generate accretive revenue and increased profitability by selling ancillary products."
Last week, the company confirmed the conclusion of a staff restructure projected to deliver A$1.5 million in annual savings, with additional cost reductions still to follow.
Elixinol
Elixinol Wellness Group CEO Ron Dufficy has departed the role after the company completed its acquisition of hemp food and animal products business Ananda Food from Ecofibre.
A search for a new CEO to lead the enlarged group is now underway.
Dufficy took on the CEO role in 2022 following the departure of Oliver Horn, with a mandate to shift the firm away from its CBD-heavy portfolio toward plant-based wellness products. He had previously held the position of global chief financial officer.
Marketing executive Natalie Butler will join the Elixinol board, while non-executive directors David Fenlon and Pauline Gately will take on additional responsibilities until a new CEO is appointed.
The board acknowledged Dufficy's contribution and welcomed Kieren Brown and the Ananda Food team to the group.
"Kieren brings significant hemp and food industry experience to the team," Elixinol said.
Ecofibre has received A$2 million from the sale, with a further $1m payment contingent on the value of cat litter product sales between April 1, 2024 and June 30, 2025.
InhaleRx
InhaleRx has agreed to enter a A$500,000 convertible loan facility with Peak Asset Management to help finance a phase II clinical trial of its synthetic THC drug IRX211.
CEO Darryl Davies said the capital would allow the company to continue advancing preparatory work ahead of the trial, for which breakthrough cancer pain has been chosen as the primary area of focus.
A phase I trial of the drug, which is inhaled in a fixed dose, has already produced "pleasing preliminary results" in pharmacokinetics, safety and tolerability among patients experiencing acute episodic bursts of breakthrough pain, the company said.
Ecofibre
Ecofibre has announced that non-executive director Mark Bayliss has resigned with immediate effect.
Bayliss joined the board as a non-executive director and chair of the Audit and
Risk Committee in September 2022. The board said it would update the market once a replacement committee chair has been confirmed.
Chair Vanessa Wallace praised Bayliss for his "important contribution to the company
over the past 18 months, a period of time in which the business has had to face a number of challenges at the same time as grasp the growth opportunities presented where Ecofibre was truly differentiated".
Aura Therapeutics
Endoca Australia has finalised its transition to the Aura Therapeutics name and broadened its offering with a new dried flower range now available through the special access scheme.
The company first revealed the rebrand in October 2023, after moving away from the Europe-originating Endoca supply brand.
Aura said the rebrand "signifies our dedication to being Australian-owned and operated. Aura Therapeutics will now offer a wider selection of medicines curated to Australian patients."
AusCann
AusCann has posted a loss for H1 FY23 of A$52k, with research and development costs of $47k making up 8% of total expenses for the period. Interest revenue contributed $510k in income. The company holds net cash of $3.65m, having used $314k in operating activities over the half year.
AusCann's shares have been suspended from trading on the ASX since August 2022.
WA-based Eurocann, the owner of Dortmund-based manufacturer and distributor HAPA Pharma, is reported to be planning a back-door listing through a merger with AusCann, its strategic partner.
In its half-year financial report, AusCann said it has been examining potential transactions "which may include strategic acquisitions or mergers".
It added: "The company continues to progress due diligence in relation to the proposed transaction and AusCann will provide the market with further updates… in due course."
