Zelira Therapeutics
ASX-listed Zelira has unveiled a licensable technology called Zyraydi, which the company says will help accelerate mainstream adoption of cannabinoid medicines.
The proprietary technology works by substantially encapsulating cannabis distillate within a free-flow powder matrix, boosting the rate at which the compound dissolves.
The release is part of the company's broader goal to "create new, innovative ways to produce pharmaceutical-grade cannabinoid oral dosage forms like capsules and tablets".
CEO Dr Oludare Odumosu said the technology "solves two key issues holding back wider acceptance of cannabinoid medicinal products – the difficulty in formulating solid oral dosage drugs with distillate, and the low rate of dissolution in the body from capsules and tablets".
He added: “We strongly believe that the cannabinoid-based medicine market will scale up significantly when the ability to consistently formulate, validate and commercialise dosage forms that closely resemble current pharmaceutical drugs becomes available.”
Hygrovest
ASX-listed specialist investment firm Hygrovest (HGV) has taken another step toward broadening its holdings beyond cannabis, extending its agreement with Canadian asset manager Parallax Ventures.
The company, previously trading as MMJ Group Holdings and listed on the ASX since 2015, has pushed its investment management arrangement with Parallax to June 30, 2023, with an option to renew for a further two years.
In HGV's FY22 annual report, chairman Peter Wall told shareholders the move was central to the firm's plan to "transition the portfolio from its current concentration in cannabis businesses to a broader range of investment opportunities in sectors such as healthcare, the digital economy and natural resources".
Wall added the board viewed Parallax's asset management expertise and knowledge of HGV's existing cannabis investments, which still comprise 62% of its portfolio, as "valuable in executing HGV's stated aim to diversify away from the underperforming sector".
As part of its ongoing efforts to reduce cannabis exposure, HGV is also working with Canadian producer Weed Me — its largest single investment at A$11m — toward a "liquidity event" during 2022.
Epsilon Healthcare
After inquiries from the Australian Securities and Investments Commission (ASIC), Epsilon has revised its financial report for the half-year ended June 30, 2022.
The company recorded a write-down of $6.08m against the value of goodwill and plant and equipment in its medicinal cannabis division.
The revisions follow ASIC's review of Epsilon's financial report for the year ended December 31, 2021, during which the regulator raised concerns about the carrying value of goodwill and the free cash flow projections underpinning the company's impairment model.
ASIC conducts reviews of ASX-listed companies and other significant public interest entities through its financial reporting surveillance program, selecting entities on a risk basis.
The program is designed to lift the standard of financial reporting and ensure compliance with the law, with the aim of supporting investor confidence and the integrity of Australia's markets.
